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Members' Pension Scheme

Volume 450: debated on Thursday 19 October 2006

To ask the Leader of the House what the annual savings would be from increasing the employee contribution rate of the hon. Members' pension scheme by one per cent.; and if he will make a statement. (93546)

The net cost of the Parliamentary Contributory Pension Scheme is met by the Exchequer after taking into account the contributions made by Members of Parliament and the fund’s investment income. An increase in the contribution rate by Members of 1 per cent. of their parliamentary salary would result in a net increase to the fund of approximately £383,000 per annum from this source, which would lead to a corresponding decrease in the Exchequer contribution.