HC Deb 07 December 1973 vol 865 cc482-3W
Mr. Spearing

asked the Minister for the Civil Service if he will publish in the OFFICIAL REPORT a table showing for each of the main public service superannuation schemes and that of the House of Commons the percentage of salary contributions paid by employee and employer, the method of funding, together with the current and comparable benefits for a person whose income is £4,500 per year who retires aged 65 years, and provision

Contribution Person retiring at normal retiring age* on salary of £4,500 after 40 years' service
Pension Scheme Method of Funding New entrant rate Deficiencies (employer only) Personal Pension Provision for widow with 2 children
Employee Employer
per cent. per cent. per cent. £ £
Civil Service unfunded 1.5† Balance of emerging cost† 2,250‡ 2,250
Local Government (officers) actual funds 6.0 6.0 2.8 2,250‡ 2,250
N.H.S. (officers) notional fund 6.0 7.25 0.25 2,250‡ 2,250
Teachers (existing rates) notional fund 6.75 7.15 1.5 2,250‡ 2,250
House of Commons actual fund 5.0|| 8.5|| 6.9 3,000§ 2,250
*60 for Civil Service and 65 for Members of Parliament. Minimum retiring age of 60 assumed for N.H.S., teachers and Local Government.
† For widows' and children's pensions only. The non-contributory nature of provision for personal pension is taken into account in determining salary levels.
† Plus a lump sum of £6,750.
§ Part of this may be commuted into a lump sum not exceeding £6,750.
|| Includes approximately 2½ per cent. in total for pensions increase; this element is not included in the new entrant rates for the other schemes.

Forward to