Thursday 20 November 2008

Paul Rowen (Rochdale):  

To ask the Leader of the House, how many hon. Members have chosen to exercise each of the options available under the hon. Members' pension scheme.

Chris Bryant:

Members have two principal options in relation to the pension scheme.

The first is whether to remain in the scheme or, to opt out.  This option is available upon election to the House and at any time prior to ceasing to serve as a Member of Parliament.  The second is to decide whether to pay contributions at 10 per cent of pay and build up pension at the rate of 1/40th of final salary, or to opt to pay the lower 6 per cent contribution rate and build up pension at the rate of 1/50th of final salary.  There is currently no opportunity for Members to change the contribution rate they pay.

586 Members have their pension calculated on the 1/40th pension rate.  55 have their pension calculated on the 1/50th pension rate.