Anger over rise in MP pensions

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

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, Rochdale MP 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. This is unacceptable, most private sector pensions have lost up to 30% of their value in the last few weeks yet that of MPs is copper bottomed and guaranteed regardless of economic circumstances."