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The third force is the asymmetry regarding asset disposals between underfunding and overfunding under the current law.
Allowing for overfunding will certainly not alleviate the inefficiencies created by the shortage of capital.
Overfunding will result in lower contribution rates and improvements of pensions.
What is the case for overfunding, on the one hand, and lending back, on the other?
We have not heard much about overfunding in recent years.
The debt interest figures do include, by definition, interest payments on any overfunding.
In the event, they went into the market and purchased large quantities of private bills, thereby offsetting the £3 billion overfunding.
Does not the present formula lead to overfunding in some areas and underfunding in others, and to an end to locally administered justice?
It is not possible to relate any precise part of the total to overfunding.
The overfunding had to be got rid of within five years.
We know that we are dealing with overfunding on a large, perhaps massive, scale.
Earlier today we had a debate on monetary implications and whether there was a need for overfunding.
However, that is not an argument for overfunding, still less for this curious circular arrangement.
There was no previous assumption that the manner of overfunding in that instance was illegal.
In the present case, however, the surplus does not arise from overfunding but from the failure of some of the trusts.
