Treasury Pensions Account.

Oral Answers to Questions — National Finance. – in the House of Commons on 24th November 1931.

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Photo of Sir Smedley Crooke Sir Smedley Crooke , Birmingham Deritend

70.

asked the Financial Secretary to the Treasury the total accumulated surplus in hand at the beginning of the present month from the Widows', Orphans', and Old Age Contributory Pensions Act, 1925, and the amount of interest earned by this surplus?

Photo of Mr Walter Elliot Mr Walter Elliot , Glasgow Kelvingrove

It is estimated that, after giving effect to the transfer required by Section 3 of the National Economy (National Health Insurance) Order, 1931, the balance to the credit of the Treasury Pensions Account on 31st October, 1931, is rather less than £45,000,000. This sum is not, however, properly to be described as a surplus. It is no more than a balance accumulated in the first years of the scheme, which is now diminishing and will be absorbed, together with any accumulations of interest, by the outgoings of the next 10 or 12 years. The interest earned on the investment of this balance is at present at the rate of approximately £2,000,000 a year.

Photo of Mr Frederick Macquisten Mr Frederick Macquisten , Argyll

Has it also been borrowed like the Post Office savings?