The Savings Bank Annuities (Tables) Order 1955

Made: 7th February 1955

Laid before Parliament: 15th February 1955

Coming into Operation: 18th March 1955

Whereas by subsection (1) of section 53 of the Government Annuities Act, 1929 , it is enacted that the Treasury may from time to time cause tables to be constructed for calculating the amounts of savings bank annuities;

And Whereas by subsection (2) of the said section 53 it is enacted that every such table when approved by the Treasury shall, together with a statement of the rules observed in constructing it, be laid before both Houses of Parliament for not less than thirty days, and if an address is presented to Her Majesty by either House of Parliament praying that such table may be cancelled, the table shall be cancelled without prejudice to the framing of another table in lieu of the table so cancelled;

And Whereas by subsection (3) of the said section 53 it is enacted that after the expiration of the said thirty days, the Treasury may cause the table, if not so cancelled, to be published in the London Gazette, and the table shall come into operation on the day on which it is so published or such later day as may be fixed by the Treasury:

Now the Treasury, in pursuance of the said section 53, and of all other powers enabling them in that behalf, hereby make the following Order:—

1

• (1) The tables set out in the Second Schedule to this Order, being tables constructed in accordance with the rules set out in the First Schedule to this Order, shall be tables for calculating the amounts of immediate savings bank annuities.

• (2) The said tables shall be additional to, and not in substitution for, the tables set out in the Second Schedule to the Savings Bank Annuities (Tables) Order, 1954[^f00001].

2

• (1) This Order may be cited as the Savings Bank Annuities (Tables) Order, 1955.

• (2) The Interpretation Act, 1889, shall apply to the interpretation of this Order as it applies to the interpretation of an Act of Parliament.

3

This Order shall come into force on the day on which the tables set out in the Second Schedule to this Order are published in the London Gazette.

FIRST SCHEDULE — STATEMENT OF THE RULES OBSERVED IN THE CONSTRUCTION OF THE TABLES FOR THE GRANT OF LIFE ANNUITIES UNDER THE PROVISIONS OF THE GOVERNMENT ANNUITIES ACT, 1929. PART II

The Tables are based on an investigation into the mortality of Government Annuitants which is described in detail in a report to the Treasury by the Government Actuary and the Actuary to the National Debt Commissioners dated 24th May, 1954, and published as a Stationery Office publication. The investigation showed not only that the mortality of Government Annuitants is now considerably lighter than that experienced in the period 1900–20 on which the tables hitherto in use were based but also that the allowance made in those tables for a prospective further decline in mortality is no longer adequate. It has therefore been necessary to make such additions to the net annuity values as in the opinion of the Actuaries are needed to secure that, as required by Section 53 of the Act, the grant of annuities shall not cause any loss to the Exchequer. The tables incorporate also an addition of £1 16s. per cent. of the net annuity value to provide for the expenses incurred by the National Debt Commissioners in connexion with the grant and payment of each annuity.

SECOND SCHEDULE — TABLES OF IMMEDIATE LIFE ANNUITIES