UK/EUROPE - British MEPs are exploiting a loophole in the European legislative system which lets them claim an additional government-funded pension in retirement.
A number of MEPs with UK-funded pensions have bought into a second EU pension scheme. This could effectively double their pension pot at the expense of the taxpayer.
All British MEPs should receive the same pay and benefits that MPs receive – £57,000 salary and a pension of two-thirds of their final salary after 27 years’ service.
An MEP claiming both a UK and a European pension could retire on two-thirds of a salary equivalent to £114,000.
The EU state scheme open to MEPs is subsidised with European taxpayer’s money which amounts to around £6m each year.
Among those taking advantage of an additional EU pension is the Labour Party leader in Europe Gary Titley, who has pushed for the UK parliament to reform its spendthrift image.
The Next Generation Pensions Committee is on a mission to promote and encourage younger voices in the industry. Kim Kaveh looks at its key objectives
This week's top stories included an analysis finding the cost of equalising guaranteed minimum pensions in schemes could hit FTSE 100 profits by up to £15bn.
Employers whose dividend to deficit recovery contribution (DRCs) ratios fall outside the "normal range" should expect to see higher regulatory scrutiny, although no fixed ratio will be set.
Investment consultants and fiduciary managers should expect a final decision on the investigation into the market to be published by the end of the year, the competition watchdog says.