Overview

This bill consolidates and updates the laws governing the House of Commons Members’ Fund, a fund providing financial assistance to former MPs and their dependants. It clarifies the fund's administration, the levy on MPs' salaries that contributes to it, and the role of the Treasury.

Description

The bill establishes the continued existence of the House of Commons Members' Fund, whose purpose is to provide grants to former MPs and their dependants based on their financial circumstances and the fund's available resources. The fund is managed by up to seven trustees, appointed by the House of Commons, with at least one trustee being a former MP. Grants are discretionary and confidential.

Funding

The fund is primarily financed by a levy on the salaries of current MPs, set annually by a House of Commons resolution. This levy cannot exceed 0.2% of an MP's salary. The Treasury may also contribute up to £215,000 annually, and the trustees may return surplus funds to the Treasury.

Administration

The trustees have powers to manage the fund's investments, employ staff, and determine their own procedures, subject to maintaining the confidentiality of grant recipients. They are also required to publish accounts and reports, potentially including independent audits. The bill repeals previous legislation concerning the fund.

Government Spending

The Treasury may contribute up to £215,000 per year to the fund, with any excess funds potentially returned to the Treasury. The bill does not directly increase or decrease overall government spending, but rather clarifies the existing system for the fund.

Groups Affected

• Former Members of Parliament: May receive financial assistance from the fund based on need.
• Dependants of former Members of Parliament: May receive financial assistance from the fund based on need.
• Current Members of Parliament: Will contribute to the fund through a levy on their salaries.
• The Treasury: Will have a role in contributing to and potentially receiving funds from the fund.
• Fund Trustees: Will have responsibilities for managing the fund.

Powered by nyModel