The Minister for the Cabinet Office and Paymaster General (Mr Francis Maude)
Today a new pension scheme for Ministers is being laid and is available in the Libraries of both Houses. The scheme will apply to all Ministers after the general election in 2015.
The scheme is consistent with the principles and design parameters of other new public service pension schemes which will apply to Members from April 2015—aside from older Members with transitional protection.
The key features of the scheme are:
An accrual rate of 1.775% (about 1/56)
Normal pension age linked to state pension age
A Member contribution rate of 11.1 %
Revaluation of accrued benefits in line with prices
There are also amendment schemes being laid for the current ministerial and civil service pension schemes to cover protection of survivor benefits.
The amendments do not make any provision in relation to an accrued right which puts—or might put—a person in a worse position than the person would have been in apart from the provision.
The details of the new scheme have been laid in the Libraries of both Houses, along with a copy of the response to the consultations from the chairman of the Parliamentary Contributory Pension Fund Trustees.
It is also available online at: http://www.parliament.uk/writtenstatements