SUPERANNUATION FUND

Auckland Star, Volume LIX, Issue 239, 9 October 1928, Page 9

SUPERANNUATION FUND

CIVIL SERVANTS' PENSIONS. SHOULD ANT EXCEED £300 7 SIR JOSEPH WARD'S OBJECTION. " GOVERNMENT DROPS PROPOSAL. (By Telegraph.—Parliamentary Reporter.) WELLINGTON, this day. . During the committee discussion on the Finance Bill*in the House of Representatives this morning, exception was taken by Sir Joseph Ward and by the Leader of the Opposition to the inclusion of a clause providing for the removal of the statutory limitation of £300 on the allowance under the Superannuation Act. Sir Joseph was anxious to know what effect this Would have on the fund and whether it was actuarially sound. He also objected at considerable length to another clause, allowing persons temporarily employed in the Public Service to' be admitted in certain cases as contributors to the Superannuation Fund. Such far-reaching provisions as these should not, he said, have been brought down at this late stage of the session, when it was impossible to have evidence taken before a Select Committee. The clauses should have been embodied in a special bill. Sir Joseph was afraid a few men would benefit at the expense of many officers on a low salary.

"Complaints from Professors." The Minister of Finance, the Hon. W. Downie Stewart, replied that members of the Opposition had themselves drawn attention to the gross injustice done to men who had contributed much more than was needed for a £300 pension. He had had complaints from professors, who pointed out that they could secure much better pensions for the same contributions outside. He came to the conclusion that they should either have their contributions reduced or the pension increased. The Government actuary reported very strongly in favour of the critics and declared that the payment of a higher pension would make very little financial difference to the Superannuation Fund. The object of the pensions was to secure +he highest efficiencv in the Public Service, but an arbitrary limitation meant the discouragement of the most capable men. Sir Joseph Ward: It sounds like a continuous salary for a few men, at the expense of the lower-paid officers. "The Position Very Unfair." The Prime Minister remarked that in view of the strong conclusive report of the actuary he must stand by the clause. The bill was ultimately passed. Mr. H. Atmore congratulated Sir Joseph Ward on the result of his fight, which was particularly appropriate, coming from the originator of the Superannuation Funds.