SUPERANNUATION BILL

Ashburton Guardian, Volume 68, Issue 28, 13 November 1947, Page 6

SUPERANNUATION BILL

Measure Before House RETIRING ALLOWANCE FOR M.’sP. (P.A.) WELLINGTON, This Day. A retiring allowance of £250 a year for members of the House of Representatives on the completion of nine years’ service, whether continuously or in • two or more separate periods, and on attaining the age of 50, is provided for in the Superannuation Bill which was introduced and read a first time in the House of Representatives early this morning.

For cacli year of his service in excess of nine years, the rate of retiring allowance shall bo increased by £25 a year, but in no case shall the retiring allowance be more than £4OO a year. Contributions by members for _superannuation purposes will lie £SO a year, and if any person commences to receive the retiring allowance when his contributions are less than £2oo, he shall pay the amount of the deficiency into the Consolidated Fund within such time and in such manner as the Minister of Finance may allow. If a person ceases to be a member after having served in the House for less than nine years, he shall be entitled to a refund of his contributions. Provision is made in the Bill for the payment of an annuity to a-widow or for the refund of contributions on the death of a member. The retiring allowance will be paid monthly. The Bill contains 91 clauses. The Rt. Hon. W. Nash, introducing it, said that " its purpose was to consolidate the three State superannuation funds Public Service Superannuation. Teachers’ Superannuation Fund and Railways Fund. It also provided for superannuation for members of the armed forces, and for magistrates. ThD Bill was largely a consolidation with improvements. The Government had had discussions with the Public Service organisations and, in general, they were in agreement, but there were one or two clauses with which they were not in agreement. There might be further discussions with a view to getting a reasonable agreement.