Members of the House of Lords would have to retire at the age of 75 under a proposed new law aimed at reducing the size of the chamber.
Currently, no formal retirement age exists for members of the Lords, but peers can voluntarily retire under the terms of 2014 legislation.
Conservative MP Jerome Mayhew (Broadland) insisted further reform is needed as the Lords is "too large", adding there is also "public anger" over the cost of the attendance allowance.
Peers are able to claim tax-free allowances of up to £323 a day for attending sittings.
Mr Mayhew has developed the House of Lords (Retirement Age) Bill in a bid to introduce changes.
He said: "The impact of this single sentence Bill would be immediate and profound. At a single stroke 40 per cent of the House would retire, reducing its overall number from 813 to 496.
"There is broad agreement that the House of Lords is too large, despite reforms to allow for the retirement of peers."
On why he is putting forward the Bill, Mr Mayhew said: "It is true that no-one ever raises constitutional reform of the House of Lords on the doorstep.
"But if we managed our politics on the basis of what is raised on the doorstep, most legislation would focus on bin collections, neighbour disputes and potholes.
"And, actually, people do raise this on the doorstep. Not in a direct way, but within the wider sense that our politics isn't working, that politics is out of touch.
"It shows itself in public anger about the cost of the attendance allowance. It feeds into the feeling that the system, that the political process, is broken.
"So how can we tackle the worst aspects of the current system without getting bogged down in legislative delay? My answer is simple: bring the House of Lords in line with the senior judiciary and bishops spiritual and say goodbye at 75."
The Public Service Pensions and Judicial Offices Bill is making its way through Parliament and seeks to increase the retirement age for judges, magistrates and coroners from 70 to 75.
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