§ Mr. McENTEEasked the Financial Secretary to the Treasury the estimated value of the pension rights of civil servants of the administrative, executive and clerical classes, respectively, and of established civil servants as a whole expressed as a percentage of the salary (inclusive of bonus) received; what rate of interest has been assumed in making the calculations; and when the actuarial investigation was made upon which the estimates are based?
§ Mr. PETHICK-LAWRENCENo separate estimate has been made of the values of the superannuation privileges of the respective grades mentioned and it is doubtful whether, having regard to the element of promotion, valid results could be obtained from an estimate on this basis. In the case of existing staff, moreover, the question is complicated by the fact that although the benefits related to bonus are computed on the complete period of service, their value must be measured with reference to the ages attained when the bonus system was introduced. This factor was taken into consideration in obtaining the percentages given in the reply of the Postmaster-General on 20th March, 1930, to a question by the hon. Member for Hammersmith, North (Mr. Gardner). The actuarial investigation in this case was completed in 1928. In respect of established civil servants generally, while no comprehensive investigation has been made, it is estimated that on a 4 per cent. basis (excluding manipulative and industrial classes) superannuation privileges are worth on the average about 12½ per cent. of salary and bonus in the case of male entrants to the service at the present date.