§ Mr. Binghamasked the Chancellor of the Exchequer what estimate he has made of the annual cost to the revenue if, without any retrospective application, Section 38 of the Superannuation Act 1938 were amended by the omission of subsection (3) and by the insertion at the end of subsection (1) of the words, and section three of the Superannuation Act 1935 shall have effect as if the words as to one-half of the period thereof were omitted from subsection (1) 38W of section three of the Superannuation Act 1935.
§ Mr. GreenI presume the hon. Member is referring to Section 38 of the Superannuation Act, 1949.
The immediate annual cost of reckoning unestablished civil service in full for the purpose of future retirements and future instalments of pensions now in payment would be £7½ million rising to £8½ million and not falling below £8 million for at least fifteen years. In addition, it would cost up to £24 million to increase lump sums already paid. The total cost, including £24 million for past lump sums, is estimated at about £300 million.