§ Mr. CorbynTo ask the Secretary of State for Social Security what comparisons of the British welfare state provision he has made with those of Singapore; and if he will make a statement. [11521]
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§ Mr. LilleyI regularly consider international experience of alternative state welfare systems but these are not always directly transferable to the particular circumstances of the UK. I have not studied the Singapore system in detail but I note that the Singapore Government have control over the bulk of money people are required to invest for their pensions and other welfare benefits.
The International Monetary Fund recently reported that the average annual return on the state-run Singapore scheme since 1980 has been only 2 per cent. more than inflation. This contrasts with British pension funds which have yielded almost 10 per cent. more than inflation, and now stands at almost £600 billion.