Bercow keeps his half-pay pension 
– but holds back until he reaches 65

Under the traditional deal, Mr Bercow does not make any contributions and would have been entitled to £39,000 per annum from the day he leaves office.

However, pressure has been mounting on the MP to give up the benefit after David Cameron, Gordon Brown and Ken Clarke renounced their rights.

A statement released by Mr Bercow’s office yesterday afternoon said he had pledged not to serve more than nine years when elected in 2009.

That would mean starting to draw his half-salary pension at the age of 55.

“The Speaker does not believe that this is right,” the statement said.

“Having taken appropriate advice, he has therefore proposed before he leaves office to waive his entitlement to the Speaker’s pension until he reaches the age of 65.”

Officials insisted the move will save the taxpayer hundreds of thousands of pounds. However, it is likely to draw criticism coming on the same day as the Government publishes its Public Service Pensions Bill.

The legislation would see public sector employees contributing more to their pensions, and many currently aged in their 40s will now have a retirement age of 67.

It also formally strips future Speakers, Prime Ministers and Lord Chancellors of their entitlement to the half-salary non-contributory scheme.

Instead they will be part of the ministerial scheme.

TaxPayers’ Alliance chief executive Matthew Sinclair said: “The Speaker enjoys one of the most generous pensions in the country.

“If future Speakers, Prime Ministers and Lord Chancellors are rightly seeing their non-contributory pension deals axed, it’s difficult to justify the current occupants of those posts clinging to theirs.

“Everyone is being asked to pay more into their pensions so politicians should not be immune from the same pressures at the expense of taxpayers.”