Prescott was on the Today show this morning complaining about Fred the Shred’s pension “rewards for failure”. How ironic that this is in fact an area of particular expertise for Prezza.

When he was sacked as Deputy PM, for generally being an embarrassing incompetent, he kept hold of his pension perks – including additional pension contributions from taxpayers even though he wasn’t working for them. Blair even let him keep two grace-and-favour homes, while stripping him of his departmental responsibilities. At the time opposition politicians railed at Prezza’s “rewards for failure”.

Lord Oakeshott, the LibDem pensions spokesman, said at the time: “First it was two Jags, then two pads. Now it seems we have two pensions Prescott. No fat-cat director in the private sector would dream of awarding himself such a generous pension for a part-time job.”

Chris Grayling accused Blair of misusing taxpayers’ money by keeping Prescott in government, said: “Just this extra pension cost to the taxpayer of keeping John Prescott in his position could have paid for four additional nurses. That is without other trappings such as his official residence and his ministerial car.”

Even Labour MPs like Geraldine Smith were stunned; “I think it is outrageous that the Deputy Prime Minister loses his department but keeps his position, his salary and the perks of the job. It seems absolutely astonishing.”

Prezza’s pension pot makes him a multi-millionaire, courtesy of the taxpayers.

UPDATE : It is satire that writes itself to know that Lord Myners of Short Selling chaired what was known as the Treasury’s “Myners Review” into the good governance of pensions.