SUPERANNUATION

Rotorua Morning Post, Volume 3, Issue 664, 17 October 1933, Page 5

SUPERANNUATION

(Press Assn.-

, NO ACTUAL .DEFICIENCY IN THE RAILWAY FUND MANY RETIREMENTS

— By Telegraph — Copyright).

Wellington, Monday. At a special meeting of the .executive committee of the Railway S.uperannuitants' Association it. was stated that a careful examination of the f und- disclosed that there was rid actual deficiency. It was true that a" certain surii had been taken. from the reserve account, but this money was wanted to pay allowances incurred by the very large number:. of early retifemerits. There had thus been thrown on the furid an .immediate heavy liability which, under normal retireirient, would not have accrued for some years. It was thought that the financial position of the fund wohld, however, improve each, year, ari there should be comparatively few retiremerits during the five years, or perhaps lo'nger. . t ... " The cdmriiittee was of opinion.that the loading of the funds with allowarices, due to those early retiremerits, corild not be justified on any grounds, and, decided to interview the Minister of Finance on the matter. . ,, . ' Two trustees were appointed to administer the legal deferice fund noW . being raised. Repo'rts froni branches indicated that subscriptions to this fund were coming iri freely. —