110. Mr. WORTHINGTON-EVANS
asked the Chancellor of the Exchequer what is the estimated net total expenditure in 1915 caused by the proposed Amendment to give ordinary benefit to those entering insurance between sixty-five and seventy, of which the State proportion is estimated by the chief actuary at £60,200; and how many insured persons are expected to benefit thereby?
§ Mr. MASTERMAN
The total estimated amount in the year 1915 of the benefits conferred by the Bill on persons who entered insurance at ages sixty-five to seventy is £400,000. As I stated in answer to a question of the hon. Member on the 7th July, this must be reduced by the amount of the corresponding benefits which would have been paid to these persons under the conditions of the present Act, which amount cannot be definitely stated because such benefits are discretional with the societies. So far, however, as an estimate can be made in these circumstances, the amount to be set off under this head may be stated as £150,000, the net additional expenditure thus being £250,000. The number of insured persons of this class estimated to be entitled to benefits in January, 1915, is 190,000. This number will be considerably diminished during that year. The full number of persons estimated to benefit by the Clause is stated in paragraph (10) of the Actuarial Report.