Parliamentary Contributory Pension Fund (PCPF) Member Nominated Trustees

 A vacancy on the PCPF Trustee Board has become available for a Member Nominated Trustee (MNT). If you are interested in filling the role, please read the following information, and download, print and complete the Nomination Form, above right.

If you would like to see a copy of the Trustee’s MNT nomination and selection process, or require any additional information about the role, please contact the Pensions Secretariat (T: 0207 219 2106; E: pensionsmp@parliament.uk).

What is the Trustee Board and what does it do? 

The Trustees hold regular meetings throughout the year to ensure that the PCPF is administered in line with the Rules. The PCPF is made up of two schemes, and within each scheme various sections. The MPs’ Pension scheme contains Final Salary and Career Average Revalued Earnings (CARE) sections, and also provides benefits for some Office Holders (Select Committee Chairs, Chairman’s panel and Chairman and Deputy Chairman of Ways and Means). The Ministerial Scheme provides benefits for Ministers and other Office Holders on a CARE basis. The PCPF is managed by the Trustees in line with the Scheme Rules and any relevant pension legislation. 

The Trustees are assisted by staff in Corporate Services, House of Commons, who act as the Pensions Secretariat, and third party administrators, RPMI. The Trustees also employ the services of various other professional advisers and managers, these include an actuary, legal advisers, investment consultants and various investment managers.

Further information about the PCPF and the work of the Trustees can be found in the accounts published each year. The accounts are available on the PCPF website: myPCPFpension.co.uk, in the library section, under resources.

 The Board has Ten Trustees:

  • Eight Member Nominated Trustees

  • One Trustee appointed by the Independent Parliamentary Standards Authority (IPSA), the body responsible for setting MPs’ pensions

  • One appointed by the Minister for the Civil Service, who is responsible for setting Ministers’ pensions

The Trustees appoint one of their number to act as chairman.

 Who can apply for the vacancy?

All members of the PCPF are able to nominate MNTs provided that they satisfy the eligibility criteria below, and are supported by at least two other members of the PCPF.

To nominate an individual the Nomination Form should be completed and returned in accordance with the instructions stated on the document. Only nominations received on the attached form will be considered.

To be eligible to be nominated as an MNT, a person must:

  •  Be a member of the PCPF. This includes active (most serving Members), deferred (former members who have left service but not yet in receipt of their PCPF pension) and pensioner members, but does not include anyone in receipt of dependents' benefits only (i.e. has not previously served as an MP or Minister).
  •  Be willing, able and consent to undertake the duties of an MNT;

  •  Not be convicted of any offence involving dishonesty or deception (unless the conviction is legally no longer regarded as having effect) or be the subject of any criminal proceeding involving dishonesty or deception; 

  • Not have been declared bankrupt in the last five years or be currently disqualified from being a director of a company; and

  •  Not have been disqualified from acting as a trustee or a director of a corporate trustee by virtue of section 29(1) of the Pensions Act 1995 or otherwise by the Pensions Regulator.

What skills and experience do I need?

Being a Trustee carries a significant amount of responsibility. You must be willing to learn how the Scheme works and the laws with which it must comply, and takes up a lot of your time. The role is to individually and collectively, with other Trustees, ensure that the pension scheme is run properly (ensuring the right payment is paid to the right person at the right time) and that members’ benefits are secure, acting in line with the Trust Deed and Rules and the legal framework surrounding pensions.

When considering the general suitability of candidates the selection panel will have regard, amongst other things, to the following:

  •  The candidate's experience/understanding of pension issues.
  •  Their availability/commitment to being a Trustee.

  •  Their communication skills. 

  • Their ability to be impartial/motive for being a Trustee.

The Pensions Regulator’s Trustee Knowledge and Understanding (TKU) Code of Practice requires trustees to be familiar with most areas of scheme management upon taking office. You should visit the Pensions Regulator’s website at www.thepensionsregulator.gov.uk to test your understanding of the following areas before nominating yourself for office:

  • The law, duties, responsibilities and powers of a Trustee Director

  • Scheme design and benefit structure

  • Scheme funding arrangements

  • The importance and implications of the employer covenant, along with a good understanding of corporate financial matters

  • The services involved in the management of a pension scheme

  • The role of the advisors and the approach which the scheme uses to assess their performance

  • The investment arrangements

  • Scheme communication obligations

  • Scheme documentation, including the Trust Deed and Rules, Business Plan, Report and Accounts, Statement of Investment Principles and Summary Funding Statement

  • The pressures facing pension schemes today

With good interpersonal and communication skills, you should preferably have previous experience of working as part of a decision making group, either on a board or committee in a business or voluntary environment, and be able to work as part of a term. You should also possess good, independent judgement, be confident enough to speak your mind and contribute to discussions, and challenge advice if necessary.  

What kind of time commitment would be involved?

Time commitment cannot be underestimated. You would be expected to attend all Trustee meetings wherever possible. In recent years the Trustees have met 7 times a year, comprising of 4 ordinary meetings and 3 investment meetings. Additional meetings are held if and when required. Matters are also often dealt with in between meetings via email correspondence. Attendance at training sessions and time spent reading meeting papers would also be required.

 It is important to note that while you would be able to claim reasonable expenses incurred during fulfilment of your Trustee duties, you would not be paid for your time or services to the Fund.

 Please note that once you have received your pack, applications must be received by 7 September 2017 in order to be considered.

 Further information

You can find more information about the Scheme at www.myPCPFpension.co.uk

You can find out more about trusteeship and pension schemes in general at www.thepensionsregulator.gov.uk.