Commutation Of Pensions

61.

Colonel YATE
asked the Chancellor of the Exchequer whether, seeing that 5 per cent. is the statutory rate of interest charged to an officer commuting his pension under the Commutation Act, he will state the rate of interest at which the money of savings bank depositors is lent to the Treasury for this purpose under the sixth and eighth Sections of the Pensions Commutation Act, 1871?

Mr. LLOYD GEORGE
The amounts paid by the National Debt Commissioners  for the commutation of pensions are repaid to them by terminable annuities calculated at 3½ per cent. per annum, the minimum rate authorised by Section 8 of the Pensions Commutation Act, 1871.