HC Deb 14 February 1907 vol 169 cc295-6

To ask the Secretary of State for India whether he is aware that discontent exists among the officers of the Indian Army with regard to the failure of the Government to publish any accounts of the Indian Military Service Family Pension Fund since 1901, when accounts were published up to 31st March, 1898, showing a balance of over a million sterling at credit of the fund; whether he is aware that, nevertheless, the rates of subscription were increased; whether a separate Pro forma account has been kept of all contributions levied and all payments made, and of the interest which would have been allowed upon such contributions if a mutual insurance fund had actually been established as provided by the Government Order of 28th December, 1872; and whether he will at once cause these accounts to be published up-to-date, together with the actuarial calculations on which it was resolved by the Secretary of State in 1901 to increase the contributions levied on officers to the rates at present in force.

(Answered by Mr. Secretary Morley.) My attention has been drawn to certain articles in the public Press relative to the Indian Military Service Family Pension regulations. The assets and liabilities, arising under those regulations are valued quinquennially. The valuations are published in the Gazette of India, and the rates of subscription revised with a view to maintaining an equilibrium between the liabilities and assets. The sixth quinquennial valuation has been completed by the actuary of the India Office and is now in the hands of a consulting actuary for his independent investigation and report, which will be published in due course. I see no reason for publishing the half-yearly pro forma accounts, which, without a detailed valuation of prospective liabilities by the actuary to the India Office, might lead to a serious misapprehension as to the financial position of the fund.