Overview

This bill consolidates and updates the legislation governing the House of Commons Members’ Fund, a fund that provides financial assistance to former MPs and their dependents. It clarifies the fund's management, the levy on MPs' salaries that contributes to it, and its financial reporting procedures.

Description

The bill establishes the continued existence of the House of Commons Members’ Fund, detailing its purpose: providing grants to former MPs and their dependents based on financial need and the fund's resources. The bill outlines the appointment, responsibilities, and limitations of up to seven trustees, who must be current or former MPs. It specifies that a levy, not exceeding 0.2% of an MP's salary, will be deducted annually to fund the scheme. The trustees can adjust this levy or temporarily suspend deductions under certain circumstances. The bill repeals previous legislation governing the fund and clarifies the fund's tax implications. The bill also includes provisions for the trustees' powers (including investment and accepting gifts), procedures, confidentiality, indemnity, and financial reporting.

Government Spending

The bill does not directly increase or decrease government spending. The fund operates independently, financed by a levy on MPs' salaries. The bill allows the trustees to return any surplus funds from previous government contributions to the Treasury.

Groups Affected

• Former MPs: May receive financial assistance from the fund.
• Dependents of former MPs: May receive financial assistance from the fund.
• Current MPs: Will have a small percentage of their salary deducted to contribute to the fund.
• Fund Trustees: Responsible for managing the fund according to the bill's provisions.
• The Treasury: May receive a return of surplus funds from the fund.

Powered by nyModel