§ Mr. Dalyellasked the Secretary of State for Social Services what plans he has for the use of surpluses which will accrue from 1975 onwards under the State pension scheme; and whether surpluses will be partly used in conjunction with the building societies for housing needs.
§ Sir K. JosephThe Reserve Pension Board will be responsible for investing the Reserve Pension Fund in the interests of its existing and future pensioners. The basis national insurance scheme will be run, like the present scheme, on the pay-as-you-go principle. Any surpluses in particular years will be invested by the National Debt Commissioners in a prescribed range of securities. It would not be right to use these funds to promote selected social aims other than the benefit of contributors and beneficiaries.