Pay rise or not, why don’t MPs have to have their pension with Nest or is it not good enough for the likes of them?

Intriguing that in the MPs’ salary debate, a move to a career average system from a final salary one, is seen as something MPs would concede in return for more money. That sounds okay but it also involves them contributing substantially less (teachers take note). Anyway I made the following argument today wearing a journalistic hat for a consumer audience on Mindful Money. I suggested that since MPs are currently debating pension legislation which will see most people in DC of some form, that perhaps they should be in DC too.

Having mulled this a little further and given the news about the lifting of Nest restrictions and the fact the OFT is now worrying away at AE pensions set up under commission, perhaps MPs should automatically be entered into Nest, and quite obviously with no advice attached unless they were prepared to pay for it.

The ultimate in alignment of interests between elected and electorate. And it could be in return for a pay rise obviously if everyone else in the UK gets a pay rise too. Fair enough surely?

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