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Hokitika Guardian, 5 June 1929, Page 6

not take steps to adjust taxation and argument the; revenues.” ‘‘Another he said; ‘‘which was engaging attention was the position of the State

SUPERANNUATION FUNDS

which, Sir Joseph , regretted to say, were not in a satisfactory financial position, hi recent years there uau been increases in the burden on these funds. For instance, the altered price levels and the resulting salary increases arising out of the war - had led to large retiring allowances, while the; accumulated funds were not increased proportionately. The State subsidies to these funds should have been increased for this reason. He pointed out tliat retirements at a much earlier Age, particularly in the Railway and Post and Telegraph branches of the service, than was originally contemplated were also adding considerably to the burden on the funds. “1 may. say,” added Sir Joseph, “that I am going to hlive the whole position of the superannuation funds thoroughly in vest igatood in order that the Governlhent may lie in a position to consider, what steps must he taken to place them on a sound looting for the future.”

The accumulated shortages against current pensions iii the case of two 'of the funds were as follows:—Public Service Superannuation Funds, £I,OOO, 000; Teachers’ Superannuation Funds £607,000. In addition there was also a considerable shortage in the case of a Railway Superanidimtioii Fund. -i