Anger over rise in MPs' pensions

MPs came under fire for their gold-plated pensions today after it emerged that the cost of their retirement had soared by 25 per cent.

Figures showed that the amount taxpayers have pumped into the Parliamentary scheme has rocketed by nearly a quarter over five years, up from £9.8 million in 2003 to £12 million.

An MP with 20 years' service can now expect to receive a pension of around £30,000 a year at today's prices, according to a ministerial answer to Liberal Democrat Work and Pensions spokesman Paul Rowen.

A further £15 million of taxpayers' cash was spent over the past year helping to plug a £100million black hole caused by the Treasury taking a "contributions holiday" from the scheme between 1989 and 2003.

Mr Rowen said: "This extravagance is an insult to hard-pressed taxpayers and should be reviewed. MPs need to tighten their belts too."

Former Treasury pensions adviser Ros Altmann said: "MPs are the ultimate example of the public-sector pensions aristocracy.

"Their scheme is the most generous in the land."

An extra £250,000 of overpayments from the MPs' pension fund has also been written off.

Chris Bryant, Labour MP and Deputy Commons Leader, said there had been a "significant number of pension payment errors" by the Parliamentary Contributory Pension Fund (PCPF) over a period of 10 years.