DEFENCE SUPERANNUATION.

Dominion, Volume 5, Issue 1537, 5 September 1912, Page 4

DEFENCE SUPERANNUATION.

A SPECIAL CLAUSE.. ■ An additional clause to tho Public Service Classification and Superannuation Amendment Bill, now before tho House, was introduced yesterday bv Governor's Message. The Hon. Jas. Allen (Minister for Defence) explained that' tho new clause was intended to meet tho case of persons employed in the Defenco forces who were compulsorily retired before the superannuation age. Following is tho iiew clause:— ' (1) Where a porson employed in the Defence forces is, by reason of such employment, a contributor, aud compulsorily retires from such employment for any. cause other than misconduct before he becomes entitled to a retiring allowance under tho principal Act, ho shall be entitled, in addition to the refund of contributions provided for by Section 46 of tho Public 'Service Classification and Superannuation Amendment Act, 1908, to receive a further sum by way of interest, computed in the same manner as if tho contributions from time to time paid by him, together with the interest accruing therefrom (after deducting all 6ums from time to time received by him from the fund) had been invested every half-year at interest at the rate of threo and a half per cent, per annum. (2) Such interest shall he computed as if all moneys paid into or.out of the fund during any year had been so paid on Juno 30 or December 31 (whichever first occurs) next after tho actual dato of payment, but interest shall be allowed at tho rato aforesaid for the broken period of tho half-year in which tho contributor retires. (3) Section 2 of the Public Service Classification and Superannuation Amendment; Act, 1909, shall not apply in tho case of contributors to which this section relates.

(i) Tho amount paid out of the fund in any year in excess of the sum which would have been paid if this soctioja had not passed shall be forthwith repaid into the fund from the Consolidated Fund without further appropriations than this Act.