§ Mr. Churchill
asked the Chancellor of the Duchy of Lancaster what is the current percentage of an hon. Member of Parliament's salary deducted as a contribution towards his index-linked pensions; and what is his best estimate of the contribution that would be required to obtain equivalent pension rights on commercial terms.
§ Mr. St. John-Stevas
Six per cent. In addition, there is an Exchequer contribution of 16.2 per cent., of which 6.2 per cent. is in respect of deficiencies in the Parliamentary Contributory Pension Fund. The total contribution rate of 22.2 per cent. of salary has been set on the basis of the Government Actuary's last valuation of the fund. The basis of this valuation is well in line with normal commercial practice.