SUPERANNUATION

Hokitika Guardian, 27 October 1932, Page 3

SUPERANNUATION

THE NEW BILL. i. WELLINGTON, October 26. The iw._- arc : (1) An increase in the number of years to be served betore public servants qUaUly for lemremviiU 1 ' . (2) Aitwatioc... In the method of Computing the i.lloivance by extend-ng the!period of the average Sa*Ui/ u-j-u «;n'; years. ; , (3) • Abolition, of the £>3oo, lim'd. (t) Payment yito • the main fund by the -. Goverummit. of ±;o6,outl in January next, auid of - J343,0(/J. into Teuchei's Supeianhiiation oil tile same date, i (.&) Monthly : payment by the Government of amounts equal to contributions of members ot the Public fc>orvic.e "• : , -

! (6) Increase in the payments made by contributors to the Railways Superannuation' Fund, which is now to be subject jto trwnn.ai - actuarial! investigation.'

i The Act c mes into operation <m danuaiy.'lnext. <■> ' The requirements to be fulfilled by contributors before they become, entitled to superannuation paymettU are 1 (a) In the case o*f a uilalfi contributor, that he has attained the aga of 65 years, or that not having attained that -age he' had attained the age >bf 60 years and his length Of service tis hot less than 40 years; (b) in the ca-e of a female contributor that she has attaineu the age of 60 years, or . that not' .having attained 'that ‘age, she has attained the age 'of 55 years, and her -length'of-service is not less than 35 yeafai-. '

Payment-of what will be known a's actuarial, retiring . allowance to : persons who are already in jeceipt of retirrng allowances- without having complied with the requirements for the full -penaiqn, -■and tho'e , who, retire -in future before they have complied with those 'requirements is provided for.-The oh* ject df dh e provision Is to' secure the, superannuation 'funds against any additional liability resulting: from the retirement before the maximum . 'Conditions of 'service have been':; complied with. -These actuarial retiring ' allowances are payable ' also in the case oicontributors .compu'-sordy retired, otherwise than for misconduct, or 'who volun-. taTiiy xehrre. without- complying "wife •the prcSviskma relating to: age and length of service. ” irThe- of the 'Railways retiring- ‘allowances' •re-- not' to apply to nllo.wa-hces- in force prior'to March 31, 1921, and retiring allowances of - le®s .than £lO9 per annum.' -No -person ijihall be entitled to receive a retiring allowance of greater amount than his existing retirng -allowance- and no re-tiriig'-allowance -shall- be reduced by more than 20 -per • cent, or ibelow an annual-Irate of £TOO,;- r "

w J-he -date- on■' which reductions in the teid. 'ting '■*' 'iet’rrng . 'al'bwances /are. 'brought abo it by relcomputation' or by substitutron. of actuarial 'retiring ;al-ilb-wance tii-ke place, is fixed at January, 1953, (The-' reductions- -shall apply to instalments for -that: - month and' to all iryta-lrrents thereafter; - - ; •

, In. regard to the 'Government Bailways Superannuation iFundj provision ij rinde for increasing the rates. ■ ofcontributions to the fund by persons Who became contributors prior * to January.' 1,-* 1928.- The* following percentages 'of pay -are - provided' for : (a) iF-iye .per centum if ■ a-contributor’s age was* nop more,’than* 30 years at the time when; , -the - "first • , : contribution became >'!’>) -sj* per centum if his a«<r then exceeded 30-‘years but .did ■ not exceed 35 years; ’ (c) .7 per ' -centum between. 35 and 40* years (d) 8 per centum 'from -40 Ti> $5 years; (e> 9 .per cent, from, 45 to 50 years ; (f j 10 pel* cent.'.over 50 years. The .--decision .of the Government Fail ways • Superannuation Beard is to' be final-' in.- questions arising as to the nature- of the .contributor’s retirement.