HC Deb 23 November 1920 vol 135 cc248-9W
Major GLYN

asked the Prime Minister whether the Fords Commissioners of the Treasury, in pursuance of the powers vested in them by the provisions of The Pensions Commutation Acts, 1871 to 1882, have adequate authority effectively to deal with the questions concerning the commutation of retired pay; whether, with the existing high rate of interest, it is just to allow 6 per cent. only; whether an officer of 60 years of ago wishing to commute part of his pension received per £100 per annum up to 30th July, 1920, £960 6s., and since 30th July £895 2s., of 61 years of age £934 14s. and £872, respectively, and other ages in proportion; and whether the figures are accurate, and upon what grounds can they be justified?


The answer to the first paragraph is in the affirmative. With regard to the rest of the question, I have nothing to add to the answer which I gave to the hon. and gallant Member for the Melton Division of Leicestershire (Colonel Yate) on the 18th instant, except to say that the higher current rates of interest are the greater is the effective value of the capital sum paid in commutation money.