§ Mr. GODFREY LOCKER-LAMPSONasked the Chancellor of the Exchequer whether he will issue a revised copy of the last memorandum explanatory of the National Insurance Bill, so that an explanation may be added as to whether or not the Treasury will guarantee the full minimum benefits for which compulsory contributions are to be made?
Mr. McKINNON WOODThere has never been any question of the Treasury guaranteeing the minimum benefits. We are advised on the best actuarial authority that a well-managed society will be able to give those benefits, but to guarantee them would be to stultify the whole principle of working through voluntary associations.