The Leader of the House of Commons may, with the consent of the Treasury, by regulations make provision for determining the Exchequer contribution to be paid in respect of each financial year into the Parliamentary Contributory Pension Fund under subsection (1) of section 3 of the M1Parliamentary and other Pensions Act 1987 and on the coming into force of the first regulations under this section subsections (2) to (7) of that section shall cease to have effect.

The power to make regulations under this section shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament; and no such regulations shall be made unless the trustees of the Fund and persons appearing to the Leader of the House of Commons to represent persons likely to be affected by the regulations have first been consulted about them.

Where the Leader of the House of Commons has made any proposals for the making of regulations under this section a copy of any representations made to him by the trustees of the Fund about the proposals shall be laid before the House of Commons.

In this section “the Leader of the House of Commons” means the Minister of the Crown who is for the time being designated as Leader of the House of Commons by the Prime Minister and First Lord of the Treasury.