Lavish MP pensions may be halved under government plans revealed last night

MPs could lose £15,000 a year from their generous pension plans under reforms unveiled by a government review board yesterday. Retirement packages may be altered to mirror the current pension amount that workers in the private sector receive. The Senior Salaries Review Board said that the taxpayer contribution to MP pensions should be reduced to 10.5 per cent of their total salaries - half of the current figure. If plans are put into effect an MP elected this year would see their annual pension drop from £37,240 to £22,579.