The body in charge of setting MPs’ salaries and pensions has launched a public consultation on whether MPs are giving the public value for money.
The Independent Parliamentary Standards Authority has already introduced a pay freeze for MPs and a 1.85 per cent increase in their pension contributions for 2012/13.
IPSA chair Sir Ian Kennedy says: “How we remunerate MPs is a statement about the place they have in our society so we have to move carefully and thoughtfully. We cannot do this on our own, nor should we. Nor can we do it just by listening to political insiders in the Westminster Village. We need to get as many views as possible.”
MPs earn £65,738. The consultation asks how much they should be paid, whether it is useful to compare their remuneration to legislators in other countries or in other professions and whether it should relate to previous experience or take account of outside earnings.
MPs currently contribute between 5.9 and 11.9 per cent into their pensions. IPSA says this is more than most public sector workers but they also get more generous benefits than most.
Cheshire House Financial Planning IFA Ian Cooper says: “MPs are public servants so their pensions should be in line with the public sector.”