The UK's MPs should have their generous pensions cut, according to the professional mathematicians who calculate the costs of retirement benefits, but they want this combined with a more far-reaching review of all the country's public-sector pensions, which they worry will prove unaffordable in the long run.

As a first step, the Association of Consulting Actuaries wants MPs' pensions to move to a so-called "career average" structure, according to a statement released today, meaning the pension would be based on the member's average earnings throughout their lifetime instead of on their final salary, as at present.