EARL of KERRYasked the Chancellor of the Exchequer what will be the position under the National Insurance Bill of a 699W member of an approved society who, through lapses or otherwise, becomes transferred to deposit insurance; how can his transfer value, under Section 33 (a), be greater than his reserve value; and, if it is greater, will the difference carried to the Post Office fund be for the use of the individual or for the advantage of the Post Office fund as a whole?
§ Mr. LLOYD GEORGEIf the Noble Lord will compare Clauses 25 and 40 he will see that in general the reserve value of any person entering insurance will be equal to his transfer value at the date of entrance. And seeing that up to a certain point the transfer value of an insured person will grow greater as he grows older, the transfer value at any subsequent date will usually exceed the reserve value. The excess will be carried under Clause 33 to the credit of the individual deposit contributor concerned, not to the Post Office fund as a whole.