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Teachers' Pension Scheme

Volume 264: debated on Friday 20 October 1995

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To ask the Secretary of State for Education and Employment if she will list, in respect of the teachers' superannuation scheme, for each of the four years 1 April 1991 to 31 March 1995 (a) the amount of net new money in the scheme, (b) the market value of the notional fund at 31 March in each year and (c) the book value of the notional fund on 31 March each year. [38088]

The notional fund of the teachers' superannuation scheme is an accounting device which is used to determine the level of employers' contributions. There is no real fund, and in reality payments to and from the fund are payments to and from the Exchequer. It is not therefore meaningful to speak of there being new money in the scheme. However, the difference between the opening and closing balances on the notional teachers' superannuation account for each financial year is given in table 1. The value of the notional fund, as measured by the closing balance on the teachers' superannuation account at 31 March is given in table 2. This is the book value of the notional fund; there is no market value since the fund does not exist. The figures for 1993–94 have been produced only recently, and are subject to audit. Figures for 1994–95 are not yet available.

Year£000s
Table 1
1991–921,699,141
1992–931,729,126
1993–941,664,046
Table 2
199223,270,506
199324,999,632
199426,663,678