§ 50. Lord ROBERT CECILasked whether the Friendly Society of Operative Stonemasons has been approved by the National Insurance Commissioners; whether he is aware that this society has by a recent alteration of its rules deprived its aged members of a large part of the superannuation allowance for which they have contributed for very many years; whether this society is well able financially to continue the payment of this allowance; and whether, under these circumstances, the approval of the Commissioners will be withdrawn at the earliest opportunity?
§ Mr. MASTERMANThe Society of Operative Stonemasons has been approved by the National Insurance Commission. The Commissioners have no jurisdiction over the private affairs of the society. I find on inquiry that the financial position of the society on its private side, of which I am sending further details to the Noble Lord in writing, made it impossible to continue payments at the original rates, and that a reduction was therefore necessary. This financial situation of the private funds of the society was neither due to the Insurance Act nor can it in any way affect the funds under the Act. The Commissioners see no reason therefore to take any such action as is suggested in the last part of the question.
§ Mr. J. WARDIs it not a fact that before these alterations were made they were submitted to every member of this operative society?
§ Mr. MASTERMANYes, Sir.