SUPERANNUATION SCHEME.

Auckland Star, Volume LV, Issue 114, 15 May 1924, Page 9

SUPERANNUATION SCHEME.

FOR FERRY COMPANY EMPLOYEES.

ENDOWMENT INSURANCE.

A superannuation scheme, on the endowment principle, has been inaugurated in connection with the Devonport Steam Ferry Company. There are 120 employees in the company, and already moßt of them have taken advantage of the facilities offered, which are on a half-and-half basia.

A board of trustees is provided for, two members to be elected by the outside staff, two by the inside staff, with the managing , director of the company as chairman.

The terms of the scheme have been described as most generous. If an employee leaves the firm but desires to continue his policy, after the surrender value comes into force, i.e., in the third year, he may do so by paying to the trustees three-quarters, of the amount contributed by "the Ferry Company on his behalf; after four years, by paying halt the amount "contributed by tbe company; after five years, by paying one-quarter of the amount; and after six years he may take over the whole policy without any payment. In the inverse ratios a contributor may receive the surrender value—the full amount after six years, three-quarters after five years, half after four years, and a quarter after two-three years.