The Members of the Senedd Pension Scheme is a Funded defined benefit Pension Scheme, benefits are based on a Member’s pay and how long they have been a member of the Scheme. Members are automatically enrolled into the pension Scheme unless they choose to opt out. The Scheme provides its members with an annual pension on reaching retirement age which is based on a member’s average earnings over their period of office.
This Scheme is broadly the same as other parliamentary schemes and is managed by a Pensions Board which is made up of five Trustees. Two of these are nominated by Scheme members, two are appointed by the Senedd Commission and there is a professional independent Trustee who acts as Chair.
The Remuneration Board is responsible for determining the remuneration of Members of the Senedd including salaries, allowances and pension provision and therefore has the responsibility for setting the Rules of the Scheme and for setting the level and forms of member benefits. The Senedd Commission is responsible for providing the financial resource, by way of financial contribution to the Scheme, administering the Scheme and providing secretarial support to the Trustees.
The Commission and the Members pay monthly contributions to the Scheme, the total of these contributions is then invested by the Trustees’ appointed Investment Fund Manager. The contributions and the return on these investments form the Pension Fund from which members’ pension benefits are paid. The fund has four investment managers and six funds and the Trustees monitor the performance of the fund and how the assets of the Scheme are divided across the chosen investments.
The Scheme is required to publish the following information so that Members and interested parties know that the Scheme is being managed effectively.
The SIP sets out the policy of the Trustees on various matters governing decisions about the investments of the Members of the Senedd Pension Scheme (the "Scheme"). The SIP sets out the principles governing how decisions about investments are made and has been prepared in accordance with all relevant legislation and best practice guidelines.
An Annual Report is published each year and includes information on the Scheme’s financial position, its investments and how they have performed against Fund objectives and also in the context of the economic and market background. The Trustees also report on the governance framework and internal controls in place to manage the risks and publish information on the administration of the Scheme.
The day to day running of the Scheme is carried out by the Scheme Secretariat within the Senedd Commission’s Financial Services. Any further information required should be sent to Donna Davies, the Scheme Secretary at the following address: Members of the Senedd Pension Scheme, Financial Services, Welsh Parliament, Cardiff Bay, Cardiff CF99 1SN. Or email Donna.Davies@senedd.wales or telephone 0300 200 6523.