HC Deb 13 December 1979 vol 975 cc730-1W
Mr. Grimond

ask the Chancellor of the Exchequer if he will estimate what would be the effect on the public service borrowing requirement if all public sector pensions ceased to be funded and the pay-as-you-go system for those which are funded was adopted.

Mr. Biffen

No. Any estimate of the quantitative impact of such a change on the public sector borrowing requirement depends crucially on the assumptions made about the form of the PAYG system adopted and the resultant pattern of effects on pension contributions, prices, wages, pensions, and taxation.

Mr. Grimond

asked the Chancellor of the Exchequer if he will give an estimate of the amount of money available for investment from the pension funds of the public sector for the current financial year.

Mr. Biffen

I refer the right hon. Member to the reply I gave him today.