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Retired Pay Commutation Fees

Volume 181: debated on Monday 19 August 1907

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I beg to ask the Secretary to the Treasury what was the amount received as fees for the commutation of retired pay during the last financial year; what rate of interest does this represent on the capital sum allowed; why is this charge made; and to what purpose is the amount so received applied.

The amount of fees received in respect of the commutation of Army retired pay during the financial year ended 31st March, 1907, was £347 6s. 10d. This represents about 3 per cent. on the capital sum allowed. The charge is made to meet the cost of the service rendered to the applicants. The money is appropriated in aid of the Vote for the National Debt Office.