§ Mr. Skeetasked the Secretary of State for Education and Science to what extent the teachers' superannuation fund is index-linked; and what is the current value of the fund to date.
§ Dr. BoysonThe teachers' superannuation fund is not index-linked. The balance in the fund on 31 March was £5,898,375,000.
§ Mr. Skeetasked the Secretary of State for Education and Science what are the annual surpluses of the teachers' superannuation fund from 1976 to the last year for which figures are available; and what is his estimate for 1980–81.
§ Dr. BoysonI refer the hon. Member to the reply I gave to a question by my hon. Friend the Member for Peterborough (Dr. Mawhinney) on 24 February 1981. [Vol. 999, c.313.] The surplus for the financial year 1980–81 is estimated to be £250,000,000.
§ Mr. Skeetasked the Secretary of State for Education and Science whether it is his assessment that, as a result of the future decline in the number of teachers, the impact of the Clegg recommendations on the teachers' superannuation fund will be over-funding.
§ Dr. BoysonNo. Factors such as fluctuations in the number of teachers and increases in teachers' salaries have no impact on the financial stability of the teachers' superannuation scheme. The Government Actuary values the scheme quinquennially and contributions are adjusted as necessary after each valuation to ensure that the balance between the liabilities and assets in the notional fund remains stable.