PUBLIC SERVICE SUPERANNUATION BILL.

Gisborne Times, Volume XXV, Issue 2232, 8 November 1907, Page 1

PUBLIC SERVICE SUPERANNUATION BILL.

DETAILS OF THE SCHEME. (Special to Times). WELLINGTON, November 7. Tlio Public Sorvico Superannuation Bill has boon introduced. It applies to tlio High Commissioner’s office, the legislative branch, and every department. of the Public Service except tho Railways Department, so much of tho Police Department 1 as in inclosed in tho Police Provident Fund Act, 1899, and so much of the Education Department as is included in the Teachers’ Superannuation Act, 1890. The Superannuation Fund shall bo administered by a. Board consisting of 9 members, viz. a Minister of the Crown, four persons appointed by tlio Govornor-in-Council, two persons elected by and from tlio contributors who belong to tho Post and Telegraph Department, and 3 persons elected by and from tho contributors who belong to other departments. Tho ballots for tlio first election of the elective members shall bo taken on tlio first Monday ill July of next year, and on tho first Monday in March every third year thereafter. Tlio Minister shall be chairman of tho Board, and provision is made for tho appointment and payment of a secretary to. tho Board. Persons who on the coming into operation of tho Act arc permanently employed in ' tho Public Service, or who have been continuously employed in a department f.or 5 years or more may become contributors to tho fund. Persons not electing to becomo ’ contributors at that time may not join .later except on payment of sums to bo com-' putted according to regulations and conditions determined by the Board. After tho Act comes into operation contribution to the fund shall bo a condition of employment.'. Persons temporarily employed miay also join after completing 5 years continuous sorvico. Tho contributions shall be at the following rate (a) 5 per cent if the contributeor’s ago does not exceed 30 years when the first Contribution becomes payable, (b) six per cent if liis age exceeds 30 years, but does not; exceed 35 years, (c) seven per cent if bis ago then exceeds 35 years, but does not exceed 40 years; (d) eight per cent if bis ago then exceeds* 40 yeiars, but does not exceed 45 years; (o) nine per cent' if bis age then exceeds 45 years, but' does not exceed 50 years, and (f) 10 per cent if bis ago then exceeds 50 years. When a contributor is' liable to deduction of salary under other Acts, suoh deductions cease on joining the fund under tlio new Act, and amounts to tlio credit of contributors shall bo invested for tlioir benefit by the Public Trustee. Existing* life insurance policies under tlio Civil Service Insurance Act 1893 may be kept alive independently of the new Act, or surrendered at the option of contributors. If surrendered the value may bo invested through the Public Trustee, or exchanged for ,a paid up policy. Persons entitled to compensation for loss of offico under the Civil Service Act 1866 will have their rights in respect, to such component ion surrendered in respect to the period of their employment up to tho time of joining under tho new Act. BENEFITS OF THE FUND. Evory male contributor whose length of service is not loss than 40 years and Whose age is not less than 60 years, land every female contributor whoso length of service is not less than 30 years or whose ago is not less than 50 years, may retire from the service on three months’ notice, and shall then receivo a retiring allowance at tho rate of one sixth part' of tho annual Salary, but in no case shall tlio allowance exceed two-thirds of such salary. Evory contributor who retires on the gronud of ill health shall be entitled to recivo from the fund a retiring allowance for tlio rest of his life, A contributor may elect to receivo a refund of liis contributions instead of his retiring allowance. In that event bo shall receive such sum without interest. No further sum shall be payable at liis death. A contributor voluntarily retiring from tho service, or dispensed until shall be entitled to a refund of his contributions without interest. ;

DEATH'OF CONTRIBUTORS. On tfie death of a male contributor, whether before or after becoming entitled to a retiring allowance, his widow may elect to receive either £l3 a ydar during her widowhood, or the amount of the contribution, less any sum received by the contributor from the fund. For each child under 14 years of age, five shillings a week shall bo paid until such child attains the ago of 14. If the contributor leaves no widow, tlio lamount of his contribution, less sums already received and sums payable in respect of children, shall bo paid to his personal representatives in trust for tho persons entitled thereto, under his will or intestacy. When a female contributor dies similar provisions apply in respoct of hor children or' persons entitled to benefit under her will or intestacy. Payments on behalf of iai child under 14 years of ago may bo spent by the Board for Iris benefit or paid to tlio child or to the Public Trustee or other person, to be expended on behalf of tho child. Compensation paid by tho Government to a contributor under tlio Workers’ Compensation for Accidents Act shall to this extent bo deemed to bo received in satisfaction of liis retiring allowance. Compensation received on the death of a contributor is placed on a similiar footing. PAYMENT FROM THE CONSOLIDATED FUND. On tho coming into operation of the Act, and in January ofi every year thereafter £20,000 shall be paid into tho fund from ,tlie Consolidated Fund. Any deficiency in the fund is also to be made good by payment from the Consolidated Fund. Provision is made for the case of persons transferred from tho Public Service to the Railway Department, and for .transfer from one branch of tho service to another.