§ Mr. Baldryasked the Secretary of State for Education and Science for each of the past five years, what has been the excess of income over expenditure for the teachers' superannuation fund; and if he will make a statement.
§ Mrs. RumboldThere is no teachers' superannuation fund and consequently there are no cash surpluses. Teachers' and employers' 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. The balance in the account and any excess of receipts over payments each year are deemed to be invested in Government securities and interest added accordingly to the account. These notional investments are selected by the Secretary of State after consultation with the Government Actuary.
Copies of the accounts for 1981–82 to 1984–85 are in the Library. A copy of the account for 1985–86 will be placed in the Library in the next few days.