Portcullis Pension Plan Problems?

If you work in the Commons, and I know many of Guido’s readers do, this will worry you. 1,500 staff, but not MPs, who were strong-armed into the Portcullis pension scheme managed by Norwich Union and Axa may be worse off as a result – particularly if you are near to retirement. Tory MP Howard Flight has contacted the Financial Services Authority with his concerns…

On the other hand if you are a judge, lucky you! Lord Falconer, the PM’s former flatmate and fellow barrister has persuaded Tony that including judges in the controversial pensions cap plan could discourage wealthy barristers from joining the bench. They will now not be affected by the new rules, announced in this year’s budget, that allow individuals to claim tax relief only up to a cap of £1.5m of their pension savings. Handy if Cherie becomes a judge, eh?

Fatty Falconer argued that the cap on pensions could otherwise discourage barristers, who take a big pay cut to join the bench and cannot return to their former work after joining the judiciary to increase their earnings near retirement.

John Prescott, spoke out against the plan on behalf of the working classes, arguing it would be unfair and politically controversial to exempt well-paid namby-pamby lawyers from rules that apply to the rest of society. David Willetts, the Tory pensions spokesman, also criticised the move as “one rule for part of the public sector and one different one for everyone else”.




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Quote of the Day

Theresa May tells Bercow:

“Mr Speaker-elect, can I congratulate you on your re-election. At least someone got a landslide.”

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