THRIFT PENALISED
UNDER STATE PENSION PLAN SIR W. D. HUNT ON COMPANY SCHEME. SUGGESTED ADJUSTMENT. By Telegraph.—Press Association. WELLINGTON, This Day. Giving' evidence today before the Select Committee on National Health and Superannuation, Sir W. D. Hunt, chairman of the administrators of Messrs Wright, Stephenson and Company’s pensions and benevolent funds, said the administrators were compelled to pay to the national scheme and then to have the benefits from it largely cancelled out because of the benefits they obtained from their company’s scheme. An equitable basis for adjustment would be to exempt contributors to the company’s fund from payment to the national scheme of Is in the pound on their salaries and from participation in any rights to a national pension. As taxpayers, they would be subscribing to the national scheme through the contributions made to it from the Consolidated Fund. They would also be paying Is in the pound to the national fund on their income other than from salary or wages. That should be sufficient to entitle them to all benefits other than pensions. The Minister of Finance (the Hon W. Nash) said that if the administrators of the fund were' asking for a proportionate exemption, that would seem to be legitimate, but they were asking for exemption from other things. The increased pensions payment proposed would involve less than threepence from the Is in the pound tax. ■"> Sir W. D. Hunt: “You could get an actuary to decide what the amount should be.”
Mr Nash: “It seems hopeless for a man of your standing to ask for an exemption of Is because they are losing a little more than twopence.” Sir W. D. Hunt: “They are losing a great deal more than twopence.” The Rev A< H. Nordmeyer: “Are you of opinion that the business world generally would welcome a scheme similar to yours?”—“l think they should.”
“Would you be behind the Government if the Government instituted such a scheme?” —If it were a scheme on the lines of my company’s.”
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Wairarapa Times-Age, 28 April 1938, Page 8
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334THRIFT PENALISED Wairarapa Times-Age, 28 April 1938, Page 8
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