§ Mr. Maloneasked the Lord Privy Seal (1) by what percentage the capital appreciation of the parliamentary 552W pension fund has exceeded the rate of inflation in each of the last 10 years, excluding for the purposes of calculation additional contributions made during that period;
(2) by what percentage the revenue return of the parliamentary pension fund has exceeded the rate of inflation in each of the last 10 years.
§ Mr. BiffenThe capital performance of the parliamentary contributory pension fund measured against the retail price index for each of the 10 years to 31 March 1983 was
-27.21 per cent., -13.31 per cent., +12.59 per cent., +4.67 per cent., +4.41 per cent., +8.04 per cent., -20.60 per cent., +13.25 per cent., -3.81 per cent., +20.85 per cent.The average annual rate of capital appreciation for the fund was 12.27 per cent., compared with the annualised increase in the retail price index of 13.75 per cent. Over the same period, the FT industrial ordinary index increased at an average annual rate of 3.68 per cent., while the corresponding figure for the FTA all-share index was 8.07 per cent.
The gross income yield of the parliamentary contributory pension fund measured against the retail price index for each of the 10 years to 31 March 1983 was:
-7.92, -12.63, -12.18, -8.16, -0.41, -1.37, -11.23,-3.52, -3.03, +3.25.The average yield on the fund over the period was 8.16 per cent., compared with 5.90 per cent. on the FT industrial ordinary index and 5.67 per cent. on the FTA all-share index. The annualised retail price index increase was 13.75 per cent.
The total return on the fund, counting capital appreciation and gross income averaged 20.39 per cent. per annum — well in excess of the 13.75 per cent. annual increase in the retail price index.