§ Colonel YATEasked the Chancellor of the Exchequer how much money has been paid away during the past forty years in respect of the Pensions Commutation Act of 1871, and what profit or loss has accrued to the Exchequer so far as may be inferred from the figures available, bearing in mind the fact that the 5 per cent. interest charged to the commuter is higher than the rate at which Government can borrow their money; and whether, in view of the experience gained, it is proposed to continue the commutation of pensions or not?
§ Mr. LLOYD GEORGEThe total amount paid in commutation of pensions under the Pensions Commutation Act, 569 1871, is £6,084,532. It is practically impossible to ascertain the profit or loss which has accrued to the Exchequer, owing to the fact that it is not possible to trace the duration of life of those persons who have commuted the whole of their pensions.
§ Colonel YATEAre we to suppose that, in view of the experience gained, it is proposed to continue the commutation of pensions?
§ Mr. LLOYD GEORGEThere is no intention of departing from the practice at the present moment.