Teachers' Superannuation Scheme

HC Deb 02 February 1954 vol 523 cc195-6

42. Mr. Rankin

asked the Secretary of State for Scotland the total amount paid, under the Teachers' Superannuation Scheme for the years 1949 to 1953, by teachers and by employers; and if he will state the total sum paid out in pensions in the same period.

Mr. J. Stuart

The amount contributed was £7.6 million (about £3.8 million each from teachers and employers) and the amount paid out was £7.7 million.

Mr. Rankin

In view of the fact that the scheme was in balance to the extent of £50 million over the previous 15 years and, according to the figures just given by the Secretary of State, is now "washing its face," how does the right hon. Gentleman justify the increase in the teachers' superannuation from 5 per cent. to 6 per cent?

Mr. Stuart

I am afraid the position is that the actuary's report shows conclusively that the current income of contributions is far from enough to cover the future liabilities. But I would remind the hon. Member that there is a Bill which will shortly be discussed and which deals with this matter.