57. Major THOMAS
asked the Minister of Health what was the amount found from the start of the Widows', Orphans', and Old Age Contributory Pensions Act, 1925, to the end of 1929, by employers, employés, and by the Exchequer; what was the surplus at the end of 1928, 1929 and 1930; what interest has been earned by those surpluses; and if any of these surpluses are being used for carrying out the 1929 Act?
§ Mr. GREENWOOD
As the answer is long and involves a number of figures, I will, with the hon. and gallant Member's permission, circulate it in the OFFICIAL REPORT.
§ Following is the answer:
§ The figures desired by the hon. Member can only be given as at 31st March in each year.
§ The total value of the contributions paid up to 31st March, 1930, in Great Britain under the Contributory Pensions Acts was £96,500,000, of which £49,500,000 was paid by employers. The total Exchequer grants to the same date amounted to £16,000,000.
§ The accumulated funds in hand, including accrued interest, on 31st March, 1928, was £37,400,000, on 31st March, 1929, £42,700,000, and on 31st March, 1930, £46,300,000.588
§ The total interest accrued to 31st March, 1930, was £5,182,000.
§ With regard to the last part of the question I would point out that the finances of the Contributory Pensions Act, 1929, are not kept separate from those of the Contributory Pensions Act, 1925. I would, however, refer the hon. Member to the table on page (ix) of the Financial Memorandum, which accompanied the 1929 Bill, when it was presented to the House. From that table he will see that it was estimated that the accumulated funds in hand will be gradually reduced until they will be practically exhausted about 1946.