“The Tory minister ruthlessly slashing the pensions of millions of public sector workers could be in line to pocket a £731,000 retirement pot,” reports the Daily Mirror. “Francis Maude, 58, is among a number of Government ministers amassing vast, taxpayer-funded nest eggs. But while the millionaire can look forward to a potential £43,000-plus a year income in his old age, he is cutting schemes for nurses, teachers and public sector workers.
The shocking sum is almost eight times the average £5,600 civil service employee’s pot. Union chiefs yesterday branded Cabinet Office Minister Mr Maude and his well-to-do colleagues shameless hypocrites. Len McCluskey, of Unite, which calculated the figures, said: “A typical public sector worker would have to work almost three lifetimes to get a pension like many of the ministers who are attacking our public services.
“Unite supports good pensions for all workers including MPs. What we don’t support is a cabinet of millionaires attacking the pensions of the men and women who care for our sick, teach our children and keep our streets safe. It’s another example of how out of touch the Government is.” Mark Serwotka, of the civil service PCS union, added: “They’ll be completely untouched by their cuts.”
MPs can grow their pension pot by up to one 40th of their final salary – currently £65,738 – each year in return for putting in 11.9% of their wage packet. Senior ministers, who earn more, can also pay in at the same rate and receive one 40th of their total frontbench earnings on top of their Parliamentary pension.