§ 81. Mr. G. Thomasasked the Minister of Education what estimate she has made of the extra cost to each of the Welsh education authorities if the L.E.A. contribution to teachers' superannuation is increased by one per cent.
§ Miss HorsbrughNo information on which to base such an estimate is yet available to me.
§ 82. Mr. G. Thomasasked the Minister of Education in what year she estimates that the Teachers' superannuation scheme will pay out more money than is received by contributions.
§ Miss HorsbrughIt is estimated that in about five years'time, on the basis of present legislation, the annual outgoings from the superannuation account in a particular year (other than those for pre-contributory service and payments under the Pensions (Increase) Acts) will begin to exceed the revenue from contributions in that year. This estimate assumes that the number of teachers in service will increase roughly at the present rate during these years.
§ 83. Mr. G. Thomasasked the Minister of Education what estimate she has made of what will be the net increase in contribution to be found by local education authorities when the 6 per cent. superannuation contribution is in operation.
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§ Miss HorsbrughI estimate that in a full year the net extra charge to be met by local education authorities would be of the order of £1¾ million of which 40 per cent., or some £700,000, would fall on the rates.
§ 88. Mr. Masonasked the Minister of Education by what amount she estimates that the Teachers'superannuation scheme will be in balance during each of the next five years.
§ 95. Mr. J. Hyndasked the Minister of Education the total accumulated surplus of contributions over benefits paid into the Teachers'Superannuation Fund to date.
§ Miss HorsbrughOn the basis of existing legislation, the credit balance in the Account is estimated to be approximately as follows:
31st March, 1954 £232 million 31st March, 1955 £244 million 31st March, 1956 £256 million 31st March, 1957 £267 million 31st March, 1958 £278 million These estimates assume that during this period the number of teachers in service will increase roughly at the present rate.
§ Mr. G. Thomasasked the Minister of Education the total amount received by contributions to the Teachers'superannuation scheme since its inception; and the total expenditure to date.
§ Miss HorsbrughIt is provisionally estimated that, from the inception of the schemein June, 1922, up to 31st March, 1953, the contributions received amounted to some £213 million; these contributions attracted interest amounting to about £100 million. In this period the estimated total expenditure in respect of service onand after 1st June, 1922, amounted to about £93 million, and about £153 million was charged to the Exchequer in respect of service prior to 1st June, 1922.