Schedule 6: Parliamentary and other pensions
228.The current provisions in relation to MPs’ and Ministers’ etc pensions are found in the Parliamentary and other Pensions Act 1987 (“the 1987 Act”) which makes provision with respect to the Parliamentary Contributory Pension Fund (“the Fund”). The 1987 Act provides that the Leader of House of Commons may make regulations making provision with respect to the application of the assets of the Fund in relation to the provision of pensions for MPs, Ministers and certain other office holders.
229.Schedule 6 provides for the continuation of the Fund. It further provides for the IPSA to make a scheme making provision with respect to the application of the assets of the Fund in relation to the provision of pensions for MPs. The Minister for the Civil Service will be responsible for making a scheme in relation to the provision of pensions for Ministers and other office holders currently covered by the 1987 Act. The IPSA will also be responsible for making a scheme in relation to the overall administration and management of the Fund.
230.Schedule 6 largely replicates the structure of the 1987 Act but with necessary changes given the transfer of responsibility for the oversight of MPs’ pensions to a body independent of Government: the IPSA.