NEW PROVISIONS.

Auckland Star, Volume LXVII, Issue 205, 29 August 1936, Page 12

NEW PROVISIONS.

OLD AGE PENSIONS. RETROSPECTIVE PAYMENTS. INCOME LIMITS RAISED. ___ (By Telegraph.—Parliamentary Reporter.)

WELLINGTON, this day.

The Pensions Amendment Bill, which was introduced in the House of Representatives yesterday, is retrospective to July 1. Prom July 1 to November 30 the rates of old age pensions have been increased to £1 a week, and after December 1 the rate will be £1 2/6 a week.

The provisos dealing- with the excess income of the pensioner are practically unaltered in a case where an applicant is married.

The existing law stipulates that the yearly income of each party shall be deemed to be half the • total yearly incomes of both,- provided that the prnount of the pension of either ,of them for any year shall in no case exceed such sum. as with the to,tal' actual incomes of both of them for the year, and the pension (if any) then already granted to either of them, will amount to £143. • This amount has been increased to £156, and after December is to be increased to £169. In computing the capital value of the accumulated property of an applicant for a pension, no account shall. be taken of his interest in any land (including his interest under any mortgage, any estate; or interest in land), his interest in ' any annuity, ot 1 in any policy of life insurance, any furniture or personal effects' belonging to the applicant, except as provided. Accordingly all property belonging to an, applicant shall be deemed to be his accumulated property, the capital value of which is to be ascertained by the regulations under the principal Act, or by a magistrate or the Commissioner of Pensions. ' The sum of £500 is to be deducted from the capital value of accumulated property, and the residue becomes the net capital value. This procedure relates to a husband and his wife. This method of the assessment of the value, of accumulated property replaces the present method. The sections of the principal Act dealing with cases where the applicant >was the owner of his residence have been repealed. An amendment has also been made in connection with the computation of annual

income. Widows' pensions have been increased from 10/ a week to £1, but the allowance for children remains at 10/. The maximum payment is £4 10/, compared with £4 as at present. A £ for £ reduction takes effect where the total income exceeds £78 per annum. The provision in the principal Act dealing with a widow's income from property has been repealed.