§ Mr. Cormackasked the Secretary of State for Education and Science what was the amount collected under the teachers' superannuation scheme in 1970; how much was paid out in the form of pensions; how much has been collected; how much has been paid out since the scheme's inception; and whether she will make a statement.
§ Mrs. ThatcherIn 1969–70 £38 million was collected from teachers and £54 million from employers. £66 million was paid out in pensions and other benefits. The corresponding figures since the scheme's inception are £483 million, £528 million and £602 million. Payments made from the exchequer under the Pensions 73W Increase Acts are not charged to the scheme.
The excess of income over expenditure is needed to meet the scheme's liabilities. Including interest and other receipts the scheme's total credit balance at its last valuation in 1966 was £1,037 million but there was an actuarial deficit of £307 million.