The functions of the Independent Financial Review Panel are to make determinations in relation to the salaries and allowances payable to members of the Northern Ireland Assembly under section 47 of the Northern Ireland Act 1998 and also the pensions, gratuities and allowances payable under section 48 of that Act.
In exercising its functions, the Panel is required to:
- Ensure probity, accountability and value for money with respect to the expenditure of public funds;
- Secure for Assembly members a level of remuneration which fairly reflects the complexity and importance of their functions and does not, on financial grounds, deter people with the necessary commitment and ability from seeking election to the Assembly, and,
- Secure for Assembly members adequate resources to enable them to exercise their functions as members of the Assembly.
The Panel is fully independent and is not subject to the control of either the Northern Ireland Assembly or the Assembly Commission.
The Panel is a public authority for the purposes of section 75 of the Northern Ireland Act 1998 and the Freedom of Information Act 2000.