48. Mr. ROBINSONasked the Minister of Health the approximate sum that will accrue to proprietary approved societies as the result of the termination of sick and disablement benefits to persons aged 65 on and from 2nd January, 1928; and whether any of this money will be paid into the Exchequer either through taxation or by direct payment?
Mr. CHAMBERLAINI do not know what approved societies the hon. Member has in mind. There are no "proprietary approved societies," and no sum will accrue to any society as the result of the termination of sickness and disablement benefits to persons aged 65 from 2nd January, 1928. The relief resulting from this limitation of the benefits of the system of National Health Insurance accrues directly to the insured persons and their employers, and takes the form of a reduction of contributions by 1d. a week in the case of men and ½d. a week in the case of women. This reduction came into operation on 4th January, 1326. Provision is made by Section 38 of the Contributory Pensions Act for the consequent adjustment of the reserve values credited to approved societies, and this adjustment is explained in paragraph 29 of the Report of the Government Actuary on the financial provisions of the Bill (Cmd. 2406).