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Secreatary ¡State's patch No. dated
May 1923 Straits tlements.
5.
—
results being announced, the members should exercise their choic@ The Secretary of State repudiates this, and I comment upon the subject further in my section VI infra.
I am of opinion that the results of any revision whether based upon mortality or interest or on the two combined and whether at present or in the future) should be absolutely binding upon the members.
The concession of 8% interest was granted upon the ground of the approximation of the current rate to the guaran- teed 6% without reference to mortality), and the addition of 25% was adopted as a temporary relief pend- ing the period when the recomputed pensions at 8% could be ascertained. (I advised against any uniform grant, on reasons of equity, in my letter to you of the 3rd. April 1922 in reply to your letter No.50465/1921 dated 1st. March 1922). If then this temporary measure be found non-accordant with the recalculated results, why maintain it? The concession of 8% compound interest, free of tax, and the permanent guarantee of the capital, constitute, in themselves, a most sub- stantial advantage to the contributors.
at
An Equation of Identity must exist in these Schemes, every stage of existence, between the present value of the members' contributions and the present value of the benefits secured; and practical finance is impossible when every ameliorationis assigned to the subscribers
Thie and every loss is sustained by the Government. element becomes the more urgent and important when it is realised that, in these Schemes, the incidence of the financial burden is not restricted to the year under review, but appertains to the entire future in- definitely.
As the decision obviously rests with the Government exclusively, I trust that, here, I am not transgressing professional limits in these comments in my desire to respond adequately to your request for observations. The Secretary of State here refers to modifying the Tables from time to time to accord with changing mor- tality experience, and suggests periodical revisions at reasonable intervals of "not less than 10 years": All systems which invålve a variable element such as the rate of mortality) require equitable modification from stage to stage in the interests of both parties to the contract. But, as regards Mortality, the con- sideration of any change should only take place after lengthyintervals, certainly not less than 20 years. For in no less time, and sometimes in more prolonged periods, is it feasible to predict, with any security, whether the successive alterations observable in the rate during the interval indicate a permanent improve- ment or the reverse.
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