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The Parliamentary Contributory Pension Fund (PCPF) is a funded, defined benefit pension scheme.
The Parliamentary Contributory Pension Fund (PCPF) is a funded, defined benefit pension scheme. The costs of the provision of the PCPF is shared between Members and the Exchequer. The PCPF is made up of two schemes, the MPs’ Pension Scheme and also a scheme for Ministers called the Ministerial Pension Scheme.
Benefits in both schemes are accrued on a career average revalued earnings (CARE) basis.
The Independent Parliamentary Standards Authority are responsible for setting the rules of the MPs’ Pension Scheme. While the Minister for Civil Service is responsible for setting the rules of the Ministerial Pension Scheme.
The Trustees of the PCPF are responsible for administration of the Fund.
Further information about the PCPF can be found on the Parliament.uk page.