§ Mr. Chris Patten
There is no teachers' superannuation fund and consequently there are no cash surpluses. Teachers' and employers' contributions are paid into the Consolidated Fund and benefits are paid out of money voted by Parliament. An account is maintained of receipts and payments. The balance in the account and any excess of receipts over payments each year are deemed to be invested in Government securities and interest added accordingly to the account. The Government Actuary values the account every five years. If he considers it insufficient to meet accrued liabilities, he may set a supplementary contribution rate, payable by the employers over and above normal contributions by employers and employees. The present supplementary rate is 1.75 per cent.498W
Precise figures on fees are not yet available for 1986–87 and following years.
I have arranged for a copy of the most recently available audited account (1984–85) to be placed in the Library.