The Independent Financial Review Panel was established in July 2011 by the Assembly Members (Independent Financial Review and Standards) Act (Northern Ireland) 2011 to make Determinations in relation to the salaries, allowances and pensions payable to members of the Northern Ireland Assembly.
The Panel is fully independent, is not subject to the control of either the Northern Ireland Assembly or the Assembly Commission, and its objectives are to:
- ensure probity, accountability and value for money with respect to the expenditure of public funds;
- secure for Members of the Assembly a level of remuneration which fairly reflects the complexity and importance of the job, and does not, on financial grounds, deter people from seeking election to the Assembly; and
- secure for Members adequate resources to enable them to do their jobs.
The terms of appointment of the first Independent Financial Review Panel appointed in July 2011 ended on 1 July 2016. The Assembly Commission is working on the appointment of a successor Panel.