MINISTERIAL SALARIES AND MEMBERS' PENSIONS ACT (NORTHERN IRELAND) 1965

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MINISTERIAL SALARIES AND MEMBERS' PENSIONS ACT (NORTHERN IRELAND) 1965 - SECT 3



3.(1) The provisions of this Part shall have effect for establishing a scheme
of contributory pensions, financed by deductions from salary and by Exchequer
contributions, for Members of the House of Commons (including Members holding
any Ministerial office or any office in that House) who cease to be Members of
that House after the commencement of this Act.

(2) For the purposes of this Part there shall be constituted a fund, to be
known as the Members' Contributory Pension (Northern Ireland) Fund (in
this Act referred to as "the Fund"), which shall, subject to the provisions of
this Part, be under the control and management of the Trustees hereinafter
mentioned and the Ministry of Finance (in this Act referred to as "the
Ministry"); and all pensions payable under this Part or other sums to be paid
by the Trustees or Ministry thereunder shall be paid out of the Fund, and all
sums received by the Trustees or the Ministry under or for the purposes of
this Part shall be paid into the Fund.

(3) Trustees of the Fund shall be appointed and may be removed by Order of the
House of Commons; and the provisions of Schedule 2 shall have effect with
respect to the number, qualification and proceedings of the Trustees, the
distribution of functions between the Trustees and the Ministry and the
administration of the Fund.

(4) The Ministry with the consent of the Trustees of the Fund may invest any
property held by it under or for the purposes of this Part, whether at the
time in a state of investment or not, in any investments whatsoever and
wheresoever and may also from time to time vary any such investments.

(5) All dividends and interest received on investments made under subsection
(4) shall be paid into the Fund.

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Northern Irish Legislation

MINISTERIAL SALARIES AND MEMBERS' PENSIONS ACT (NORTHERN IRELAND) 1965 - SECT 3