52. Mr. WORTHINGTON-EVANSasked what progress has been made in settling schemes under Section 72 of the National Insurance Act; whether all the friendly societies have yet had schemes approved; and whether the Financial Secretary to the Treasury can state the amount of the reserves released by such schemes?
§ Mr. MASTERMANThere have been 9,506 provisional schemes made under Section 72 of the National Insurance Act, and 1,355 final schemes have been confirmed by the Registrar of Friendly Societies. Under these schemes a reduction of deficits amounting to £101,823 has been made, and funds amounting to £3,299 have been set free.
Mr. WORTHINGTON-EVANSDoes the right hon. Gentleman still think that the amount of the reserves could be released by this scheme?
§ Mr. MASTERMANI think the reserves could have been released if the members of friendly societies had chosen that method of dealing with the funds. Instead of that the great majority have chosen to double the insurance.