HC Deb 08 April 1914 vol 60 cc1973-4W
Sir J. D. REES

asked the Under-Secretary of State for India whether the Indian Civil Service Family Pension Fund is in possession of a surplus of £770,000; and, seeing that this indicates that contributions have been made on an excessive scale, will he say whether any and, if any, what steps are now to be taken in the interests of past and present subscribers?


The valuation of the Indian Civil Service Family Pensions scheme as at 31st March, 1911, showed an excess at that date of estimated assets over estimated liabilities amounting to £770,897 on the basis of interest at 4½ per cent. being allowed in future on the balances at the credit of the scheme, and an excess of £601,909 on a 4 per cent. basis. The rate to be allowed in the future is 4 per cent. Advantages have recently been granted to subscribers which have the effect of reducing the estimated surplus from the latter of the two sums mentioned to £17,000, which is reserved as a margin to meet contingencies.