Life Annuities.

Part of Oral Answers to Questions — Scotland. – in the House of Commons on 14th March 1922.

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Mr. YOUNG:

The Noble Lord's comparison is not feasible. The moneys received for the purchase of life annuities are by Statute applied forthwith to the purchase and cancellation of debt, the life annuity becoming a charge on the Consolidated Fund. Consequently no life annuity fund (comparable to that of an insurance company) exists, and it is therefore not practicable to present an account relating to Government life annuities in the form prescribed for life assurance companies' accounts. The mortality investigation now proceeding is undertaken mainly for the purpose of estimating the financial effect of the annuity operations, and the Report to be presented to Parliament will give the results of the examination.