Overview

This bill consolidates and updates the laws governing the House of Commons Members’ Fund, a fund that provides financial assistance to former MPs and their dependants. It clarifies the fund's management, the levy on MPs' salaries that funds it, and the government's role in its financial support.

Description

The bill establishes a continued House of Commons Members’ Fund, managed by up to seven trustees appointed by the House of Commons. At least six trustees must be current MPs, with the possibility of one former MP serving as trustee. Grants are made to former MPs and their dependants based on financial need and the fund's resources.

Funding

The fund is primarily funded by a levy on MPs' salaries, set annually by the House of Commons, up to a maximum of 0.2% of salary. The Treasury can also contribute up to £215,000 annually and the trustees can return surplus funds to the Treasury.

Trustee Powers and Responsibilities

Trustees have broad powers including managing investments, employing staff, and setting their own procedures. They must maintain confidentiality regarding grant recipients. The bill includes provisions for accountability through the publication of accounts and potential reports from the Government Actuary.

Legal Updates

The bill repeals previous legislation relating to the fund and updates relevant tax laws to reflect the changes.

Government Spending

The bill allows for government contributions to the House of Commons Members’ Fund of up to £215,000 annually. This figure may be amended by order of the Treasury, subject to parliamentary approval. The bill also allows the trustees to return surplus funds back to the Treasury.

Groups Affected

• Former Members of Parliament (MPs): May receive financial grants from the fund based on need.
• Dependants of former MPs: May also be eligible for financial assistance.
• Current Members of Parliament: Will contribute to the fund through a levy on their salaries.
• Treasury: Has a role in contributing to and receiving funds from the fund.
• House of Commons: Appoints the trustees and sets the level of the MPs' salary levy.

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