We need more MPs to solve pensions crisis

Whilst David Blunkett wrestles with the pensions crisis, I have a novel solution. We should all become MPs. The Telegraph reports that two ex MPs, Stephen Twigg and Melanie Johnson, who lost their seats at the General election can look forward to pensions of £12,500 and £15,000 respectively when they retire. That's an excellent pension for only eight years work. There is also very little risk of their pension provider going bust or making poor investment decisions as we pay for their pensions through our taxes. In addition, they also receive a "resettlement grant" worth 50% of their £59,000 salaries.

Tony Blair can look forward to retire on £76,000 a year when he leaves office compared to the £68,000 I estimate he will pay in income tax this year, excluding personal allowances and assuming the higher rate tax of 40% on all his earnings on his £178,000 salary. If I could also look forward to retiring on a pension higher than the income tax I pay, I wouldn't have a pensions crisis either!!