Mr. WORTHINGTON-EVANSasked the Chancellor of the Exchequer if he wilt state for what Amendments proposed in the National Insurance Act (1911) Amendment Bill the £648,000 to be provided by additional reserve values are given; and how much thereof is attributable to the additional benefits of persons between fifty and sixty-five, and between sixty-five and seventy, respectively
§ Mr. MASTERMANThe sum named in this question refers to the provisions applicable to 'persons entering into insurance of the age of fifty and upwards. For persons who were aged between fifty and sixty-five the sum is £343,000, as indicated by the Table in paragraph (7) of the actuarial report. The balance of £305,000 refers to persons entering into insurance at ages between sixty-five and seventy.
Mr. WORTHINGTON-EVANSalso asked the Chancellor how much the reserve values actually credited or to be credited to approved societies exceed the estimate of Messrs. Hardy and Wyatt by reason of the recommendation to add 12.745 per cent. thereto, contained in the Report of the Actuarial Advisory Committee, set out on page 555 of C.D. 6907; and what is the total amount of the reserve values now to be credited?
§ Mr. MASTERMANThe figure of 12,745 referred to in the Report of the Actuarial Advisory Committee is the percentage by which the sickness rates of the Manchester Unity tables have been increased for the purpose of estimating the value of sickness benefit and disablement benefit, and is a provision for the difference in liability between picked and general average lives. The reserve values themselves have not been increased by any percentage. The total sum to which it is estimated the reserve values will amount in respect of persons entering into insurance in the first year under the principal Act is £63,800,000, but to this sum must be added the present value of the reserve values hereafter to be credited to societies in respect of women who were married at the commencement of the Act, and who are entitled to the ordinary benefits on entering into insurance as employed contributors at any time before or within one year after the death of their husbands. The sum to be provided under this head is necessarily very problematical, but it is conjectured that it may bring: the full amount of the reserve values 1449W up to the amount of £66,643,000, as estimated by Messrs. Hardy and Wyatt in their final Report apart from any addition in the Amending Bill.