1The Corporation—
(a)shall pay to each of its members, in respect of his office as such, such remuneration (whether by way of salary or fees) and such allowances as the Secretary of State may with the approval of the Minister for the Civil Service determine in the case of that member; and
(b)in the case of any such member as the Secretary of State may with the approval of the Minister for the Civil Service determine, shall pay such pension or make such payments towards the provision of pensions to or in respect of him as the Secretary of State may with the approval of the Minister for the Civil Service determine.
2The Secretary of State shall lay before each House of Parliament a statement of the remuneration and allowances that are or will be payable to members of the Corporation under paragraph 1 above; and, if any subsequent determination by the Secretary of State under that paragraph involves any departure from the terms of that statement or if a determination by the Secretary of State under that paragraph relates to the payment of, or to payments towards the provision of, a pension to or in respect of any member of the Corporation, the Secretary of State shall, as soon as possible after the determination, lay a statement thereof before each House of Parliament.