Nationalised Industries (Pension Funds) (Hansard, 11 November 1975)

§ Mr. David Howell

asked the Chancellor of the Exchequer what additional provisions

	1974–75	1975–76 and 1976–77
	£m.	£m.
National Coal Board Mineworkers Pension Scheme	…	14.5	14.5 plus further substantial payments.
Staff Superannuation Scheme	…	37.7	42.0 plus 1 per cent. of salaries.
British Gas Corporation	…	about 1.0	Not available.
Post Office	…	107.9	11 per cent. of pensionable pay.
	1974	1975 and 1976
National Freight Corporation	…	38.1^*	Not available.
Scottish Transport Group	…	0.165	Not available.

The Government contributed £8.3 million towards the deficiency of the Mine-workers Pension Scheme of the National Coal Board in 1974–75; it also bore the full cost of the Redundant Mineworkers Pension Scheme which does not affect the board's accounts.

The British Railways Board is meeting the actuarial deficiencies in a number of pension funds. The payment in 1975 is £48.6 million which will be reimbursed in full by the Government under the Railways Act 1974(†).

^*The full extent of the corporation's pension liabilities is not yet determined. The increase of £38.1 million in the provisions made by the corporation in 1974 was made on the best information available.

† The British Railways Board is also repaying in five annual instalments of about £35 million deposits made with it by staff superannuation and pension funds. The first instalment in January 1974 was financed by a loan which was taken into account in the Board's capital debt reduction under the Railways Act 1974. The second repayment in January 1975 was reimbursed by the Government under the terms of the 1974 Act with interest on the outstanding deposits.

620W

have had to be made by the nationalised industries for topping up their pension funds in the financial years 1974–75, 1975–76 and 1976–77; and what assistance the Government have had to make available to each industry to assist it to meet its pension obligations.