AGE BENEFITS

Evening Post, Volume CXL, Issue 20, 24 July 1945, Page 4

AGE BENEFITS

QUESTIONS IN HOUSE

Was the Minister aware that when a person in receipt of an .age benefit who had certain moneys, including money on registered mortgage, withdrew such mortgage money for War Loan investment, he forfeited . his age benefit? asked Mr. J. Acland. (National, Temuka) in a notice of. question to the Minister of Finance (Mr. Nash) in the House of Representatives yesterday. ~, ■ ' Mr. Acland said that an old-age pensioner who had money invested on mortgage withdrew £700 of such amount and invested it in the Victory Loan. His age benefit was then cancelled A notice of question by Mr. T. L. Macdonald (National, Mataura) asked the Minister of Social Security (Mr. Parry) if it was the practice of the. Social Security Department not only - to keep a check on Savings Bank accounts of age-benefit recipients, but also to question the holders of such accounts regarding the purposes for which any withdrawals were made. Mr. Macdonald said that recently, there had been published a letter describing how the recipient of an age, benefit who withdrew £25 from the Post Office Savings Bank to replace household linen and clothes received a note from a Government Department asking for information as to how the money had been spent. Mr. G. H. Mackley (National, Master ton) gave notice to ask the Minister of Finance whether the Government would consider the desirability of introducing legislation so as to ensure a periodical actuarial examination into the state of the Social Security Fund.