§ MR. CALDWELL
On behalf of the hon. Member for Ross and Cromarty, I beg to ask the Chancellor of the Exchequer whether, having regard to the fact that the tables of the Pensions Commutation Board which were promulgated immediately after the passing of the Pensions Commutation Act of 1871, when 3 per cent. Consols stood at 92¾, have not been once revised, although 2¾ per cent. Consols 91 now stand over 112, he will consider the advisability of seeking powers such as will enable the Pensions Commutation Board to render the tables more in accord with the present value of money?
§ THE CHANCELLOR OF THE EXCHEQUER (Sir MICHAEL HICKS BEACH,) Bristol, W.
The reduction of the rate of interest on which these tables are based can only be effected by legislation, and I am not prepared to recommend such legislation, to Parliament. No public interest would be served by the grant of increased facilities for commutation.