Convert MPs Pensions to Money Purchase Scheme

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Convert MPs Pensions to Money Purchase Scheme

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Currently many firms are scrapping final salary pension schemes, this will become a time bomb for the future, with many struggling when they get to retirement. MPs should also switch to a money purchase pension scheme, typical provided within industry 2% employee contribution and 8% employer contribution. This may make them realise the uncertainty this type of pension scheme gives. If changes are introduced, encouraging firms to re-instate final pension schemes via tax incentives for instance and take up of these sorts of schemes improves, the MPs can have their generous pension back.

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