Railway Superannuation Fund.

Hokitika Guardian, 23 September 1922, Page 1

Railway Superannuation Fund.

WELLINGTON, September 20.

The annual report on the Government Railways Superannuation Fund shows that the superannuation allowance paid during the year amounted to £123,439 13s 6d, representing grants to 1202 members of the railway service who had either voluntarily resigned oilmen retired as medically unfit. Allowances amounting to £13,934 14s 8d were paid in respect of 420 wfdow s and 561 children, dependants of deceased members of the service who had not retired on superannuation at the time of their death. A sum of £15.907 18s Id, representing contributions of members of the service who voluntarily retired, or whose services were otherwise dispensed with during the year, was refunded to the members concerned. The balance to the credit of the accumulated fund on March 31st., 1922, was £543,531 10s Bd, an increase of £79,010 13s Bd. The gross income for the year was £233,826 Is. The income from contributions of members amounted to £135,884 6s 4(1., or £12,207 19s 9d less than the actual annual liability on March 31st.

The total annual allowances granted by the Board to March 31st., 1922. were : Life allowances on account of voluntary retirements (1457 persons), £154,412 8s 2d, life allowances on account of retirements ns medically unfit (363 persons) £27,228 2s 3d, allowances to 547 widows and 1040 children £23,366. a total of £205,006 10s sd. Since the inauguration of the fund. 636 beneficiaries, have, however, died, and 17 members who had been placed on the fund as medically unfit resumed duty. The fund was relieved of .an annual liability of £47,614 4s 4d in respect to these members. Five hundred and two children reached the age of 14 years, 14 children had died, 94 widows had re-married, and 50 widows had died, lessening the liability of the fund by an additional £9300 per annum. There were 2094 persons actually on the fund at March 31st., 1922, involving an annual liability of £148,092 6s Id.