HC Deb 03 June 1937 vol 324 cc1185-6W
Mr. R. Duckworth

asked the Financial Secretary to the Treasury whether, assuming that persons over 55 years were allowed to enter the new pensions scheme in the first year on condition that their contributions were the actuarial equivalent of the benefits provided, he can state what the amount of such contributions would be?

Lieut.-Colonel Colville

In his report on the Financial Provisions of the Voluntary Contributors Bill, the Government Actuary estimated that the weekly contribution actuarially equivalent to the benefits up to age 70 in the case of an entrant to the scheme aged 55 next birthday was 7s. 4d. in the case of a man and 3s. 6d. in the case of a woman. If the over-70 pension is included, the weekly contributions become 15s. 1d. (men) and 8s. 2d. (women). The rapid rise of contribution with age of entry is illustrated by the figures for a person aged 6o next birthday, which would be about 15s. for a man and 8s. for a woman for benefits up to age 70, and more than double these figures if they were required to cover the over-70 pensions as well.