§ CAPTAIN DONELAN (Cork, E.)I beg to ask the Secretary to the Treasury whether he can state the amount that will be annually required for the purposes of the Irish National Teachers' Pension Fund under the proposed new rules, and what sum the increased premiums demanded from the teachers is estimated to yield; whether there is any, and if any what, proof that the increased contributions from this source will not exceed one-fourth of the total sum required; and what steps have been taken to ascertain precise particulars relative to the matter?
§ THE SECRETARY TO THE TREASURY (Mr. HANBURY,) PrestonThe total amount which will be required to make up the deficiency in the Fund is, as the hon. Member knows, £1,200,000—or, excluding the recent grant, £1,100,000. It is impossible to say what the actual amount required in any given year for the purposes of the Fund will be, because the claims upon the Fund must vary considerably from year to year. The average amount, however, will be the present income—about £62,000 plus £28,000, of which latter sum it is estimated that £10,000 will be provided by the increase in the premiums of the teachers. The proof that the total increased contributions from this source will not exceed one-fourth of the total sum required rests upon the calculations of the skilled actuaries consulted, and further security is afforded by the fact that periodical revisions will be made in order to insure that result.