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Parliamentary pensions recommendations |
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Thursday, 29 May 2008 |
MSPs and other office holders would be able to retire earlier but with less of their pensions according to recommendations made by a Scottish Parliament committee charged with looking at the issue of pensions and grants for MSPs.
The Scottish Parliamentary Pension Scheme Committee released its report today, which would update many of the features of the current scheme.
One key recommendation is that the qualifying period of 15 years actual Parliamentary service before early retirement – at 55 - can be taken should be removed and that members who are no longer serving MSPs should be able to retire from 55, albeit with an “actuarially neutral” reduction to their pension for each year below age 65.
The Committee also recommended that trustees should be brought in to manage and administer the funded pension scheme, changing the current situation where the Scottish Parliament Corporate Body is both employer and trustee. This would bring the Scottish Parliament into line with the Welsh Assembly and Westminster.
Other recommendations include allowing an MSP to exchange 25 per cent of their pension for a lump sum and closing the existing arrangements for the First Minister and Presiding Officer to new incumbents and instead, bringing those offices under the same arrangements as exiting office holders.
Committee Convener Alasdair Morgan MSP said:
“Our Committee has set out detailed proposals and a draft bill to implement these changes. The next step is for Parliament to debate the report and its associated bill.”
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Last Updated ( Thursday, 29 May 2008 )
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