Monday, 8 December 2008

The speaker's nest egg

Christopher Hope has a theory as to why the Speaker may be staying on,his pension?

the £1.5million pension which is lying in wait for him when he removes his white silk stockings for the final time.
The Speakers' pension is one of the last major perks in British public life, after changes to the Lord Chancellor's and Prime Minister's entitlements earlier this year.
The first £38,000 of his pension comes from his right to half of his final £76,000 salary as Speaker, payable on the day that he leaves office, regardless of age.
The second is for his right to two thirds of his final salary as an MP - by coincidence, also £38,000 a year - due on the day he quits as an MP, as long as he is over 65.

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