Our Governance
The Parliamentary Pension Scheme is governed by a Board of Trustees appointed in accordance with the Parliamentary Pensions Act. The Board provides strategic oversight and ensures that the Scheme is managed in the best interests of its members and beneficiaries.
The Board is responsible for overseeing the administration of the Scheme, investment of members’ funds, risk management, compliance and overall performance of the Scheme.
The Board is supported in carrying out its responsibilities by specialised Board Committees, Management and professional service providers.
Composition of the Board of Trustees
The composition of the Board of Trustees is provided for under the Parliamentary Pensions Act and reflects representation from key stakeholder groups within the Scheme.
The Board of Trustees is composed of 8 members consisting of.
- The Minister responsible for finance or his or her representative.
- Two back bench Members of Parliament elected from different political parties or organisations.
- One elected backbench Commissioner.
- One member of staff elected by the members of staff of the Parliamentary Commission; and two pensioners elected by the pensioners, one of whom is a former staff of the Parliamentary Commission and the other a former Member of Parliament.
- The Clerk to Parliament.
A Trustee may serve for a period of five years but eligible to serve one other term, as provided for in the Act. They are expected to exercise their responsibilities with integrity, accountability and due regard to the interests of Scheme members and beneficiaries.