§ Mr. R. Bell
asked the Minister of Pensions and National Insurance (1) to what extent the retirement pensions paid under the National Insurance Scheme to men at 65 years of age and women at 60 years of age are actuarially covered by their contributions, if the recipients enter insurance at the age of 16 years, and also if they enter later in life;
(2) to what extent the pensions paid to men at the age of 70 years and to women at the age of 65 years, without retirement conditions, are actuarially covered by their contributions, if the recipients enter National Insurance at the age of 16 years, and also if they enter later in life.8W
§ Mr. Turton
The rates of National Insurance contributions payable jointly by insured persons, their employers (if any) and the Exchequer are assessed so as to be actuarially equal in value to the benefits provided during their future lifetime in the case of persons entering insurance at age 16; but what the employed person himself pays is only about three-sevenths of the total actuarial contribution, the rest being found by the employer and the Exchequer.
Entrants above the age of 16 have been given pension rights on very favourable terms so that at present, as has been stated by the Government Actuary, probably only about 5 per cent. of current expenditure on retirement pensions may be said to be covered by insurance contributions paid in the past.