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 dependents. It clarifies the fund's governance, how it's financed, and the process for distributing grants.

Description

The Fund and Trustees

The bill establishes a continued House of Commons Members’ Fund to provide grants to former MPs and their dependents. The fund will be managed by up to seven trustees, who are current MPs, with the option of one former MP trustee. Trustee appointments and removals are determined by the House of Commons.

Grant Allocation

Trustees decide on grant amounts, considering recipients' financial circumstances and the fund's resources. Grants can be one-off payments or regular installments. The trustees must maintain recipient confidentiality.

Funding the Fund

The fund is primarily financed 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 per year, subject to review and potential adjustments. The bill allows the trustees to return any surplus funds to the Treasury.

Administration and Governance

The bill details the trustees' powers and responsibilities, including investment management, staff hiring, and accounting procedures. It mandates transparency with potential for the Comptroller and Auditor General to audit accounts and reports to be laid before the House of Commons. The bill also repeals previous, outdated legislation concerning the fund.

Government Spending

The bill allows for a maximum annual Treasury contribution of £215,000 to the House of Commons Members’ Fund. This figure is subject to amendment via statutory instrument approved by the House of Commons.

Groups Affected

The bill primarily affects:

• Former Members of Parliament (MPs): They may receive financial grants from the fund.
• Dependents of former MPs: They may also be eligible for financial assistance.
• Current Members of Parliament: They contribute to the fund through a levy on their salaries and may serve as trustees.
• The Treasury: Responsible for potential contributions and the potential return of any surplus funds.

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