HC Deb 09 April 1962 vol 657 cc936-7
5. Mr. McKay

asked the Minister of Pensions and National Insurance what, on the basis of the report of the Government Actuary in Command Paper 629, he estimates to be the income in the financial year 2001–2 from the graduated contributions from employers and insured persons by the 4¼ per cent. deduction from wages and other incomes over £9 a week and below £15 a week; what he estimates to be the payment for graduated pensions for that year and the balance arising; and what that balance would be if the contributions were 3 per cent. and 2 per cent., respectively, on the assumption that graduated pension accounts were kept separately.

Mr. Boyd-Carpenter

The hon. Gentleman appears to have overlooked that the figures quoted in Command Paper 629 were brought up to date in Tables II and IV of the Appendix to Command Paper 1197. I would prefer at present riot further to anticipate my report on the finances of the National Insurance Fund for the year 2001–2002.

Mr. McKay

I appreciate that the Minister does not look forward to the year 2001, but as Minister of Pensions and one who is responsible for a very big Government Department he has to look forward a long way on many occasions. My point is that he started a new scheme and introduced this method of contribution for a certain section of graduated payment and he is now using the whole of the money to help pay the pensions for other people. Does he not think it time that he looked at the whole subject and considered breaking the pay pause for the aged?

Mr. Boyd-Carpenter

I fully share the hon. Gentleman's interest in the future of the scheme, and I am sure he will be reassured to know that, contrary to the position which existed before the 1959 Act, the prospects of solvency of the scheme right forward look good.