§ MR. LANE-FOX (Yorkshire, W.R., Barkston Ash)
I beg to ask the President of the Board of Education whether the Teachers' Superannuation Fund is entirely raised by deductions from the salaries of teachers; what has been the increase in the fund during the past year; what is the total amount of the fund at present; and whether, in view of its rapid growth, more generous terms of superannuation can be offered to the teachers, either by reducing the limit of age or by increasing the superannuation allowance given.
§ MR. LOUGH
The pensions payable under the Teachers' Superannuation Act are derived from two distinct sources—(1) the deferred annuity fund and (2) moneys supplied by the Treasury. I presume the hon. Member's Question refers to the deferred annuity fund, which is formed entirely of the contributions of the teachers themselves. The assets of the fund on 31st March, 1906, amounted to £1,083,159, representing an increase of £234,299 in the preceding twelve months. The Act provides that an actuarial inquiry into the assets and liabilities of the fund shall be held at the end of every seven years, the report of which shall be presented to Parliament. The first of such inquiries is now in progress, and, if it appears from the actuary's report that the state of the fund requires a reduction or justifies an increase in the annuities, the Treasury may cause fresh annuity tables to be prepared.