§ Mr. Cormack
asked the Secretary of State for Education and Science what was the amount collected under the teachers' superannuation scheme in 1972 ; how much was paid out in the form of pensions ; how much has been collected and how much has been paid out since the scheme's inception ; and whether she will make a statement.
§ Mrs. Thatcher
In 1971–72 teachers contributed £56 million and employers £79 million. £73 million was paid out in pensions and other benefits. The corresponding figures since the scheme's inception are £586 million, £674 million and £740 million. Payments for pensions increase are made from the Exchequer and not charged to the scheme.
A pension fund aims to build up assets sufficient to meet its outstanding liabilities at any time. In the teachers' scheme, though the credit balance at 31st March 1971 was £1,568 million, there was an actuarial deficit of £334 million.