HC Deb 05 July 1932 vol 268 cc240-1
53. Mr. McENTEE

asked the Financial Secretary to the Treasury when it is estimated that the contributions by State, employers, and workpeople under the Contributory Pensions Act will provide sufficient funds to pay the cost of all old age pensions after 70; and whether recent events have led to any retardation in the actuary's estimate of the date?

Major ELLIOT

The general relation of contributions to pensions is fully set out in the report by the Government Actuary on the Financial Provisions of the original Bill (Command Paper 2406 of 1925), in particular in paragraph 11 of that report. Sufficient experience of the working of the Acts has not yet been accumulated to enable any modification of the estimates contained under this head to be made. I would remind the hon. Member that under the Contributory Pensions Act, the State does not pay contributions as such—it meets (on a graded basis) the excess of expenditure on benefits under age 70 and administration over the receipts from the contributions of employers and employed. It also meets the whole cost of old age pensions after 70.