Tory MP Ken Clarke has given up the lucrative grace-and-favour pension pot he is entitled to as Lord Chancellor.
The benefit allows the holder of the office to 50% of their salary every year on retirement and is worth around £741,000 at today's best annuity rates, according by Hargreaves Lansdown. Official documents on the Parliament website state the Lord Chancellor's ministerial entitlement is £79,754 per year. Clarke's total salary is around £144,520 including his MP's salary of £64,766, but only the Lord Chancellor's entitlement is used to calculate the additional pension benefits. At half the Lord Chancellor's basic salary, Clarke is entitled to around £39,000 a year for life as holder of t...
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