The MPs' pension scheme, called the Parliamentary Contributory Pension Fund (PCPF), is the pension scheme for MPs. The Fund is actually made up of two schemes – the MPs’ Pension Scheme and also a scheme for Ministers called the Ministerial Pension Scheme.
Further information about the PCPF is available on the PCPF external website.
Responsibility for oversight of MPs’ pensions and certain Ministers/Office Holders was transferred to the Independent Parliamentary Standards Authority (IPSA) on 24 October 2011. On the same date, responsibility for certain Ministers’ pensions passed to the Minister for Civil Service (MCS). However the Trustees remain responsible for the administration of the Fund.
The PCPF Trustees Board
The Trustees board is comprised of 10 Trustees, 8 of these are Member Nominated Trustees (MNTs) plus 1 appointed by each of IPSA and the MCS.
Currently the 10 Trustees are:
The Trustees hold regulary meetings throughout the year.
Statement of compliance with the U.K. Stewardship Code
The Financial Reporting Council (FRC) is the UK's independent regulator responsible for promoting high quality governance and reporting. The FRC promotes high standards of corporate governance through the UK Corporate Governance Code.
The Trustees have formally adopted The UK Stewardship Code, published in July 2010 by the FRC. Published below is the PCPF Statement of compliance with the UK Stewardship Code.
Further details can be found in the following library notes: