§ Mr. Steenasked the Secretary of State for Education and Science (1) what is the policy of Her Majesty's Government regarding the investment of the capital sum of the teachers' superannuation fund;
(2) what is the annual rate of return and the cash surplus on the teachers' superannuation fund for each of the last three years for which figures are available; and what steps are taken to optimise the investment;
(3) who is responsible for the investment policy of the teachers' superannuation fund; if he will list them; and if he will make a statement;
(4) what use is made of surpluses arising on the teachers' superannuation fund; and if he will make a statement.
§ Mr. DunnThere is no teachers superannuation fund and consequently no capital sum is invested. Under the Superannuation Act 1972 teachers' and employers' superannuation contributions are paid into the Consolidated Fund and benefits are paid out of moneys voted by Parliament. An account is maintained of receipts and payments under the Teachers Superannuation Regulations 1976 (as amended) or under previous provisions. Under the regulations the balance in the account and any excess of receipts over payments, in any accounting period are deemed to have been invested in Government securities and interest added accordingly to the account. These notional investments are selected by my right hon. Friend after consultation with the Government Actuary.
I have arranged for copies of the three most recently available teachers superannuation accounts to be placed in the Library.