HC Deb 23 April 1953 vol 514 cc76-7W
66. Mr. J. Johnson

asked the Minister of Education what profits have been made by the Teachers Superannuation Fund since its inception of the scheme in 1925 of the latest convenient date; for how many years ahead there will continue to be a credit balance; and when she estimates the scheme will begin to run at a loss.

Miss Horsbrugh

The Teachers Superannuation Acts do not provide for the setting up of a fund, but the Government's Actuary reports include consolidated accounts of revenue and expenditure under the Acts. While the total of the contributions so far received exceeds the total of the pension payments made in respect of contributory service, this excess cannot be described as a "profit," as the contributions received have to be set against the Exchequer's future liability for the payments of pensions. I cannot forecast over what period current receipts by way of contributions are likely to exceed current outgoings by way of pension payments in respect of contributory service. But, as the last report of the Actuary shows, the estimated deficiency in the account, after allowing for the Exchequr's future liability, amounted to over £100 million at 31st March, 1948, the contributions received are less than sufficient to support the benefits payable, and the deficiency is therefore increasing.