HC Deb 14 April 1913 vol 51 c1640
100. Colonel YATE

asked if there is any reason, other than the statutory one, for charging an officer commuting his pension 5 per cent. interest, seeing that the money is borrowed at 3½ per cent. to pay him with, and that the Regulations provide that each officer commuting is subject to a strict medical examination in London and to the addition of years to actual age in the case of impaired lives and to fees being charged varying from £5 to £50 for every commutation effected after the first?


In fixing the rate of interest to be charged under the Pensions Commutation Act, 1871, Parliament had no doubt regard not only to the necessity for providing a margin of safety, but also to the measure of advantage which the individual officer derves from commutation in cash.

Colonel YATE

If the 1½ per cent. is too high a margin, will the right hon. Gentleman reduce it?


I will look into that.