OLD AGE PENSIONS.

Dominion, Volume 4, Issue 968, 8 November 1910, Page 4

OLD AGE PENSIONS.

VALUE OF "ACCUMULATED PROPERTY."

An amendment to the Old Age Pensions Act, introduced last night,by Governor's Message, deals chiefly with the assessment of value of accumulated property. It provides, that for the purposes of the principal Act all real and personal property owned by any person shall, to the extent of his • beneficial interest therein, be deemed to be his accumulated property, except that his interest in. any life assurance policy or. in any annuity- purchased from a life assurance company shall not be deemed to he accumulated property. There shall be deducted (a) from" the capital value of his interest in any property upon which he 'permanently resides, inoluding any furniture and other, personal effects belonging to him and in his possession, the sum of three hundred and torty pounds; and. (b) from the value of his interest, in any; other property the sum of fifty pounds, and the residue shall be deemed to be the net capital value of'all'his accumulated property. In the case _ of joint ownership by husband aud wife of property on which they permanently reside, including furniture and other personal effects, no greater deduction shall be allowed than three, hundred and forty pounds. This section is to come into operation on January 1, 1911, and shall apply to all pensions whether granted before or after the passing of the Act. The provision in the existing law relating to the commencement of. pensioiw is amended by the addition of a proviso that no pension shall be deemed to commence on a date prior to that on which the applicant reached the age of sixty-five years. _■