§ 52. Sir CHARLES OMANasked the Chancellor of the Exchequer whether, seeing that he has approved the super-annuation scheme of Oxford University, under the provisions of Section 32 (3) (e) of the Finance Act of 1918, he will state why he has refused to approve the scheme under Section 32 of the Finance Act of 1921, both being schemes whereby a contribution to the superannuation scheme of the university is put upon the footing of a premium on a life insurance policy?
§ Mr. P. SNOWDENThe effect of the law is not quite accurately put in the hon. Member's question, but I may explain that Section 32 of the Finance Act, 1921, relates to funds established for the provision of pensions for employés. The superannuation scheme in force at Oxford University is worked by means of life insurance policies taken out with insurance companies, and the University itself has no fund for the provision of pensions for the teaching staff. The scheme in question is, therefore, wholly outside the scope of Section 32 of the Finance Act, 1921.