HC Deb 26 November 1975 vol 901 c214W
Mr. Stanley

asked the Chancellor of the Exchequer what would be the total cost to public funds of making up the actuarial deficits in the pension funds of each of the nationalised industries in the current financial year, stating the amount of the deficit in each industry's fund.

Mr. Joel Barnett

The following information is contained in the latest reports and accounts of the industries about provisions—in the latest year for which actual figures are available—designed to meet deficiencies and about actuarial deficits at the latest valuation completed prior to the accounts:

(3) This sum will be reimbursed in full by the Government under the Railways Act 1974.

(4) The British Railways Board is also repaying in five annual instalments deposits made with it by staff superannuation and pension funds. The first instalment of about £35 million in January 1974 was financed by a Government loan which was taken into account in the Board's capital debt reduction under the Railway 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.

(5) The full extent of the National Freight 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.