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Civil Service Pensions Fund

Volume 526: debated on Wednesday 14 April 1954

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14.

asked the Secretary of State for the Colonies the total amount of money paid in by civil servants to the Widows and Orphans Pension Fund of Nigeria; and what are the assets and reserves of the fund.

Until the beginning of this month there was no fund. Contributions were credited to general revenue and the benefits, calculated on actuarial tables, were paid from the same source. On 1st April, 1954, a fund was established and the sum of £4,203,700 has been allocated from Government reserves to finance it, this being the estimated present net liability of the Government as calculated by the Government Actuary.

Is my right hon. Friend aware that what he has said will be much appreciated by the Nigerian Civil Service? Could he say whether this fund will be centred in Nigeria or in Great Britain?

The fund will, I think, be centred in Nigeria where it is held as part of the revenue of the Nigerian Government.