SUPERANNUATION FUNDS

Sun (Auckland), Volume IV, Issue 1075, 12 September 1930, Page 10

SUPERANNUATION FUNDS

“UNSATISFACTORY POSITION” ALLEGED DISCUSSION BY M.L.C.’S Press Association PARLIAMENT BLDGS., Thursday. "When the Legislative Council met today Sir James Allen moved that there should be laid on the table this session a copy of the order of reference given to the committee set up in accordance with, the proposal of the late MXnister of Finanee, .Sir Joseph Ward, to inquire into and report to the Government on the position of the superannuation funds and also that it was desirable that the report of the committee should be furnished to Parliament ihis session. Sir James .Mien said it was desirable that the public should be enlightened as to the state of the superannuation funds, which were in an unsatisfactory position. The State had a responsibility which it could not escape. The main reason for the unsound position of the funds was the failure of the Governmeut to pay in the amounts recommended by the actuaries. Sir William Hall-Jones said the Government had paid every penny jt was required to by the Act and he saw no reason for doing as Sir James suggested. The Hon. J. A. Hannan endorsed the case made out by Sir James Allen. In recent years there had been an orgy of expenditure and if they did not keep tho funds sound they would be open to a charge of repudiation. Sir Francis Bell supported Sir William Hall-Jones and said he could see no reason why the Government should pay £2,000,000 as a gesture of ith willingness to honour a contract already made. The Hon. D. Bud do said the present was not an opportune time to bring down the proposal. The debate was adjourned ai 4 4 o’clock.