" ACTUARIALLY SOUND."

Evening Post, Volume LXXIV, Issue 125, 22 November 1907, Page 7

" ACTUARIALLY SOUND."

PUBLIC SERVICE SUPERAN- ' 3OJATION BILL. REPLY TO CRITICISM. In moving the third reading of the Public Service Superannuation Bill in the Legislative Council to-day, the Attorney-General (the lion. Dr. Findlay) said it had been stated in the pi ess that tho scheme was not actuarially sound, and that it did not embody the lepresentationsi reports, and figures supplied to tho Government by the Government Actuary, Mr. Morris Fox. , Further, it had been ski ted that if Mr. j Fox's figures had been accepted, and ! acted upon, the scheme would have been aduarially sound. "1 desiro to I correct these statements," Dr. I'mdlay continued, "and to say that it is unwise to state that the scheme has not been based on actuarial figures. 1 wish 1 to say that the leport of the' evidence givenjbofoio the Public Accounts Committee shows as dearly as possible thai the Bill contains unreservedly the recommendations of Mi-. Fox on all points in question. The Bill, as it now stands, "is absolutely nnuid, and I make that statement in the presence of Mr. Fox, who is heie now, and, further, that Mr. Fox has stated in writing to the Government that the Bill is absolutely sound financially. The Bill has also l;«en- submitted to Mr. F. W. Jrankland (late Government actuary), and ho coniirnis the view that the scheme we aro now passing is absolutely sound. I think it is duo to me to quote these authorities, -and to »ay we are not putting on the statute-book an unbound scheme, but one which will work out beneficially (o the eontiibutors without in any way becoming a. bin den on the country."