View more on these topics

MPs vote themselves big pension rise

MPs have voted themselves a hefty raise to their pension schemes this week.

They will now be able to accrue pensions at the rate of one fortieth of their £55,118 salaries each year instead of the current one fiftieth.

In a committee vote, MPs of all parties voted 14 to one in favour of the increase to pensions. Over the long run, MPs themselves will pay for the increase, but for the next two years the Treasury will foot 40 per cent of the bill.

The vote comes despite the fact both Chancellor Gordon Brown and Conservative leader Iain Duncan Smith urged MPs not to approve the increase.

Recommended

FSA to look into short selling

FSA chairman Howard Davies has announced that the regulator is to consult on the controversial practice of short selling in early October.Short selling, the practice of selling shares that you do not own, has been blamed for contributing to the slide in the markets.Speaking in Manchester this morning, Davies said: “I should make it clear […]

Talkback

“Yes. Maybe there ought to be changes to the rules, bearing in mind what has gone on. There is perhaps too much investing in each others&#39 trusts.”Alastair Cameron, The Cameron Consultancy“Yes. I think the general public is not that aware of how investment trusts work and some people may take advantage.”Richard Peasley, Churchill Securities & […]

&#39£1m stakeholder lottery could boost pension savings&#39

The Government should introduce a stakeholder lottery paying out £1m a month to encourage low and middle-earners to save through a pension, according to a senior economic adviser to the Government.Dr Ros Altmann says stakeholder has failed to penetrate its target market and the Government needs to take drastic action to increase its take-up.But she […]

&#39Sandler puts firms between a rock and a hard place&#39

The 1 per cent world of stakeholder-style products proposed by Sandler will leave providers between a rock and a hard place, warns Norwich Union.The country&#39s biggest life company says economics dictates a sliding scale of charges as writing low-premium business is more expensive but to call for higher charges for poorer consumers would court negative […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com