MPs – CARE
IPSA introduced a new MPs’ Pension Scheme on 7 May 2015, following the General Election. All newly elected MPs entered into the new scheme along with any re-elected MPs who were younger than 55 years on 1 April 2013. If you served as an MP prior to 2015, you will also have benefits built up in the Final Salary Section.
If you are in the CARE (career average revalued earnings) Section, the benefits you receive at retirement are calculated based on accumulated proportions of your pensionable earnings over each year of your scheme membership.
If you are appointed as a Select Committee Chair, members of the Chairman’s panel or as the holders of a qualifying office you would build up additional benefits as an office holder in this section.
Important note: within one month of joining the CARE Schemes you may exercise the following options:
- Purchase Added Pension (AP). You can buy additional pension credits to increase your retirement benefits.
- Change your Effective Pension Age (EPA). You make additional contributions to reduce your Normal Retirement Age by up to three years to a minimum limit of 65 years old.
After one month of joining the Scheme, you may only purchase AP or EPA once a year, in April. You can find more details about these and other options in your Member guide, below.
Take control of your pension planning.
It is important to be proactive when it comes to your pension planning and consider your individual requirements and the options available to you as early as possible. As you would with any other financial arrangement, it is a good idea to periodically review your pension and keep up to date with any changes that may affect you.
It is important that you understand how your pension works, the options you have and limits that might apply, to make sure you are getting the most from it. Your Member guide is an invaluable source of information to help you learn about your Scheme membership.
In the sections below, you will find useful information to help you manage your pension effectively.
Consider your loved ones
Complete your Death Benefit Nomination form to inform the Trustees of your wishes.
Stay informed
Keep up to date with the latest pensions news and hot topics.
Have any questions?
Click here to view our FAQs.
Keep in touch
If there are changes to your circumstances or address, please let Gallagher know.
WELCOME GUIDE
A quick look at the key features of your membership.
YOUR MEMBER GUIDE
Your Member guide contains information to help you understand your pension and get the most from your membership.
FORMS TO MANAGE CHANGE
Forms and information you need to manage your membership.
DEATH BENEFIT NOMINATION FORM
The Death Benefit Nomination form is one of the first things you should consider completing as a member. You should also update it if your wishes change over time.