The Government of Wales Act 2006 (s.20) enables the Remuneration Board to make provision for a Pension Scheme for Members of the Senedd. In accordance with section 20 of the Act, the Board created a new Scheme, which came into effect on the first day of the Fifth Senedd, 6 May 2016.
The Scheme is governed by the Public Service Pensions Act 2013 and is administered in accordance with the requirements of the Scheme Rules.
The Remuneration Board as the responsible authority makes the Scheme Rules, and has three key areas of responsibility:
- Pension Board appointments: the Remuneration Board must nominate the independent chair of the Pension Board. They must also appoint any Trustee and may dismiss any Trustee. The Trustees acting together constitute the Pension Board;
- Overseeing the Member contribution rate
- Agree and consult with the Trustees on any proposed amendments to the Scheme Rules.
The Pension Board is made up of a professional Independent Trustee to act as Chair;
two representatives nominated by current and previous Senedd Members; and two representatives appointed by the Senedd Commission.
The Remuneration Board has formally approved the membership of the Pension Board for the Senedd Member Pension Scheme:
- Gregor Law (Independent Chair)
- Hefin David (Current Welsh Labour Senedd Member and Senedd Commission nominated trustee)
- Mike Hedges (Current Welsh Labour Senedd Member)
- Bob Evans (Senedd Commission nominated trustee)
- Nick Ramsay (former Welsh Conservative Senedd Member and Member nominated Trustee)
Further information on the Members of the Senedd Pension Scheme can be found here.