The Object of the Bill is to provide for the payment to Members of Parliament of a pension related to the length of service devoted by them to their country and to the emoluments payable to them from time to time. The Act is intended to replace the Members of Parliament (Retiring Allowances) Act, 1966, under which Members of Parliament can receive only fixed allowances related to the cost of living prevailing in 1966 and which has consequently become completely inadequate to-day and will become even more so as time passes.

The Act also implements in respect of Members of Parliament the policy of the Government that a person should not receive pension totaling in the aggregate more than two-thirds of the salary currently payable for the post he occupied on retirement.