§ Sir George Youngasked the Lord President of the Council at what age the Government Actuary in calculating the Parliamentary pension scheme assumed that hon. Members would in fact retire.
§ Mr. FootAt the last actuarial valuation of the Parliamentary Contributory Pension Fund in 1975, the Government Actuary assumed that pension benefits would be paid from age 65 in respect of younger Members of this House, and that pension benefits for Members near to or over 65 at the time of the valuation would commence at the end of the current Parliament. Similar assumptions were made in calculating costs for the various improvements in benefits incorporated in the present Parliamentary Pensions Bill. However, in the case of the proposal to allow full accrued pension to be paid from the end of a Parliament to Members under age 65 who satisfy certain conditions, it was estimated that no more than one-quarter of those eligible would take up the option.