Parliamentary Contributory Members' Fund - Report by the Government Actuary on the Valuation of the Fund as at 30 September 1997 - Report


Changes in Numbers of Beneficiaries

 1939 Act Beneficiaries1948 Act Beneficiaries1981 Act BeneficiariesAll Beneficiaries
 Former MembersWidowsFormer Members and WidowsPre 1988 WidowsFormer MembersWidows 
Numbers receiving payments at 30 September 19932591303047223
Add New Awards01190617
Subtract Deaths & other cessations--2--2--2--34--10--18--68
Numbers receiving payment at 30 September 19970481052035172
Average annual grant in payment at 30 September 19970£3,061£2,076£1,082£2,245£1,404£1,390

  Note:  There is also one widow who is eligible for an award under the 1939 Act but who is not currently claiming her entitlement.


Consolidated Revenue Account for the Period 1 October 1993 to 30 September 1997

Fund at 1 October 1993 (1)£2,550,067
 Members' contributions62,460 
 House of Commons Vote, Grant in Aid860,000 
 Investment income541,213 
 Net gains in asset values831,871 
 Other receipts0  
 Total income 2,295,544
 Grants paid (1939 Act)81,860 
 Grants paid (1981 Act) 421,599 
 Special hardship grants (1948 Act)553,523 
 Lump sum gratuities11,706 
 Administration costs70,797 
 Total expenditure 1,139,485
Fund at 30 September 19973,706,126

  Notes  There was an adjustment made to the accounting method in 1993-4 to comply with SORPI. The 1992-3 figures were recalculated on the new method for comparison and included in the 1993-4 accounts. Hence the fund value at 1 October 1993 shown above differs from the fund value at 30 September 1993 as quoted in the previous valuation report.

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Prepared 10 November 1999