Mr. WEIRasked the Chancellor of the Exchequer whether, in conjunction with his National Insurance Bill, he will consider a contributory scheme for old age pensions prepared by Mr. W. H. Lupton, late of the Secretary's Office, General Post Office, under which it is proposed to establish an old age pension fund to which wage earners would be entitled to contribute much in the same way as they now deposit their savings in the Post Office Savings Bank, the contributions receiving 2106W interest at 2½ per cent. until the contributor reached the age of sixty-five, when the Government would add 30 per cent. to the accumulations not in excess of £200, and, with the resulting capital, purchase for the contributor an annuity or old age pension at Post Office rates, so that under this proposal a contributor saving £100 would, with the Government bonus of £30, be entitled to secure an annuity of £13 8s. 10d., or roughly 5s. weekly?
§ Mr. LLOYD GEORGEI am afraid I do not see my way to throw any further burden upon the State in respect of old age pensions.