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Sheffield Adult And Juvenile Collecting Society

Volume 981: debated on Monday 24 March 1980

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asked the Chancellor of the Exchequer if he is now in a position to make a statement about the examination by the Registrar of Friendly Societies of the Sheffield Adult and Juvenile Collecting Society, and the protection, following the winding-up of the society, of contributions and investments that have been made in it.

An actuary was appointed by the Industrial Assurance Commissioner in 1975 to investigate the affairs of the Sheffield Adult and Juvenile Friendly Society. A further actuary was appointed for this purpose in 1976, following the retirement of his predecessor, before the investigation was completed. In September 1976 the actuary reported that all anticipated benefits would not be able to be paid at maturity—that is, there was an actuarial deficiency. The society was informed of the Commissioner's intention, following the actuary's report, to make an award under section 95 of the Friendly Societies' Act 1974, dissolving the society. Section 95 requires any such award to direct the manner in which the assets of the Society are to be divided or appropriated. The Commissioner accordingly requested the Government Actuary in October 1976 to provide the necessary actuarial advice to enable him to direct the manner of the distribution of the society's assets. By 1978 it had been established that about half of the individual records kept of the society's subsisting policies were incorrect. The resulting inquiries required to establish the entitlement of each member in

£Expressed as a percentage of the United Kingdom average
Yorkshire and Humberside8471,0281,2511,4701,66892·894·793·695195·3
East Midlands8931,0491,2891,4621,66597·896·796·594·6951
East Anglia8751,0251,2591,4611,63795·894·494·294·593·5
South East1,0221,2131,4771,6961,925111·8111·7110·5109·7110·0
South West9001,0701,2811,4951,70198·598·695·896·797·2
West Midlands9141,0821,3501,5331,761100·199·7101·099·2100·6
North West8811,0591,2991,5071,69796·597·697·297·596·9

these circumstances has resulted in a long but unavoidable delay. It is estimated that the inquiries will be completed in the next three months, when the Commissioner will be in possession of the necessary advice to enable him to make an award directing that the Society be dissolved and as to the distribution of its remaining assets. So far as I am aware, no contributions have been received nor benefits paid by the society in the meantime, and the assets required under section 7 of the Industrial Assurance Act 1923 to be deposited with the High Court remain so deposited but will be included among the assets to be distributed in accordance with the Commissioner's award.