§ Mr. PickthallTo ask the Secretary of State for Education and Employment what is the notional amount of money in the teachers' pension fund; and how much notional interest this generates per annum. [16130]
§ Mrs. GillanThe notional balance of the teachers' superannuation account at 31 March 1994 was £26,666 million, and at 31 March 1995 was £28,440 million. The interest of notional investments credited to the account during this period was £2,023 million. More recent figures are not yet available.
§ Mr. PickthallTo ask the Secretary of State for Education and Employment what account is taken of revenue generated by the teachers' pension fund when calculating the fund's expenditure against yearly revenue. [16131]
§ Mrs. GillanThe teachers' superannuation vote—class IX, vote 2—takes account of expenditure on teachers' pensions and income from employers' and employees' contributions. It does not take account of notional interest generated by the notional investments of the teacher's pension fund. This is recorded in the teachers' superannuation account, which is used by the Government actuary to carry out his quinquennial reviews of the teachers' superannuation scheme.