740. The Parliamentary Contributory Pension Fund.

(iv)     Members' Pensions

740.     The Parliamentary Contributory Pension Fund.

The pension scheme for members of Parliament as well as government ministers and certain office-holders is the Parliamentary Contributory Pension Fund1. It is a statutory defined pension scheme operating on a funded basis. The Fund is managed by Trustees in line with relevant pensions legislation and the scheme's rules2. There are ten trustees, eight of which are member-nominated, one is appointed by the Independent Parliamentary Standards Authority ('IPSA') and one by the Minister for the Civil Service3. The IPSA is responsible for oversight