MEPs get their pension from the age of 63

The European Parliament is known to have a fairly attractive pension scheme for candidates who win election.

But Brexit has raised questions about what will happen to MEPs’ pensions after Britain leaves the EU and whether any candidates from the May elections will benefit.

Will new UK MEPs get a pension?

The UK MEPs who are elected for the first time this year are unlikely to be entitled to a pension from the European Union’s budget.

The rules state that MEPs can get a pension if they serve for at least a year. As the 2019 intake are only likely to serve for about four months – the parliament’s mandate will begin on 2 July and the Brexit date is 31 October – they will not have racked up enough qualifying time.

However, if Brexit is delayed again, until next July for instance, they will qualify for a pension.

How do MEP pensions work?

MEPs’ pensions are based on their salary.

The salary, which comes from the European Parliament’s budget, is €6,824.85 (£5,935.67) a month after EU tax and insurance. UK MEPs will then have to pay national tax and national insurance so the income will be further reduced. Exchange rates might also alter the final figure.

Their pension is equal to 3.5 per cent of their salary for each full year as an MEP. It is capped at 70 per cent of the full salary.

The pensionable age is 63.

What happens to MEPs’ pensions after Brexit?

MEPs like Nigel Farage will still be entitled to their European Parliament pension after Brexit. When he turns 63 (in eight years’ time) he will get a pension for his 20 years of service in the parliament.

However it will be capped at 70 per cent of his MEP salary, according to the rules.

What about end-of-service payments?

Under European Parliament payment rules, the budget allows for “transition allowance” for MEPs when their term comes to an end.

They are entitled to one month’s salary for every year they have served, capped at two years.

But only MEPs who have served at least a full year will get this. So any new MEPs elected in May are unlikely to qualify.

It has been previously reported that the cost of transition allowances for all of the UK’s 73 MEPs could cost £5.3m.

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