§ 23. Mr. SMEDLEY CROOKEasked the Minister of Health the number of men who are receiving old age pensions under the Widows', Orphans', and Old Age Contributory Pensions Act, 1925, at 65 years and upwards; the cost of these pensions to the fund for the last financial year; the total surplus now in hand of the Act of 1925; the amount of interest earned last year; and can he estimate when the surplus will be exhausted?
§ Mr. SHAKESPEAREAs the answer involves a number of figures, I will, with my him Friend's permission, circulate it in the OFFICIAL REPORT.
§ Following is the answer:
§ The number of men receiving old age pensions under the Widows', Orphans', and Old Age Contributory Pensions Acts, 1925–32, at 30th September, 1933, was 439,341 (this number is exclusive of men over 70 years of age in receipt of pensions granted by virtue of those Acts but which are chargeable to the Old Age Pensions Vote); the cost of old age pensions paid to men and charged to the Pensions Accounts for the year ended 31st March last was approximately £11,200,000; the total of the balances on those accounts at that date was approximately £34,500,000, and the amount of interest earned in that year £1,656,000. As regards the last part of the question, I would refer my hon. Friend to paragraph 3 of the Government Actuary's Report on the Financial Provisions of the National Health Insurance and Contributory Pensions Bill, 1932 (Cmd. 4073), of which I am sending him a copy.