The National Assembly for Wales’s independent Remuneration Board has today published consultation proposals to reduce taxpayer contributions to Assembly Members’ pensions following the next National Assembly election in 2016.
The proposed pension changes are in line with similar changes that have taken place across the public sector.
Board Chair Sandy Blair said: “The Independent Remuneration Board’s aim in reviewing pensions for Assembly Members is to put in place future arrangements that are fair in terms of risk sharing and total cost, and affordable to the taxpayer and to Assembly Members.
“Arrangements for Assembly Members should reflect the changes which are happening across the public and private sectors and affecting the people of Wales. Over time such changes should deliver cost savings for the taxpayer while still ensuring those who are elected to the Assembly receive appropriate provision for their retirement.”
The Board will develop its final scheme following this public consultation and is encouraging Assembly Members, candidates for future elections and other stakeholders to share their views. The new pension arrangements will be in place from the start of the next Assembly in May 2016. All benefits accrued before May 2016 under the existing scheme will be protected.
Mr Blair added: “The Independent Remuneration Board is currently reviewing all aspects of the remuneration and support available to Assembly Members in time for the Fifth Assembly. Our work on pensions is part of that bigger picture.
“This consultation document is the latest stage of our consultation on future pension arrangements for Assembly Members. This is a complex area, and we are keen to develop a scheme that is robust, fair and fit for the long term.”
The Board is committed to finalising all aspects of Assembly Members’ remuneration by May 2015, in order that anyone standing for election will know what they can expect to receive in the Fifth Assembly.