NEW AMENDMENT.

Auckland Star, Volume LXXI, Issue 245, 15 October 1940, Page 6

NEW AMENDMENT.

RAILWAY SUPERANNUATION.

POSITION EXPLAIKED.

1 ""«« *** ln * to be a great dtal of ' *T on " ~H*aymen 1 Z. * u l* r '" nu i'*nt* in connection with **** * of , thc Finance Bill Xo. 2. which peased the Route recently," said Mr. i. « K'liotlt, Mcond division re pre senthe Railway .Superannuation Board, after his return from the quarterly meeting held in Wellington. Mr ■ Elliott Mid the railway unions bad been | striving for 20 years to bring about an amendment to section 113 of the 15*03 ■®y* *®® > Ctoircmmrnt Kid mm* amended ™* section to enable the uidov of a deceased monster of the *U|ierannuation fund to draw £31 per annum during her widowhood. Prior to the passing of this amendment, a widow received this * mount, and each child £2(5 per annum until 14 years of app. only if the contributor died while employed in the service. If he died after having become a beneficiary, hi* widow or next of kin received i in a lump sum only the amount which 1 remained to hi* credit in the fund. "This new amendment will effort *35 widows prior to it« enactment, presided their hushand was not retired as medically unfit for further service. and provided they make application prior to March 31, 1911." raid Mr. Elliott. "It must l>e understood, however, that in the event of any widow having drawn out. a lump sum standing to the credit of her husband, such sum would either have to be refunded or liquidated from the £31 annual allowance. The finrß derision in this connection *53! rest with the Minister of Finance, the lion. Walter Nash. "Section 13 of the amendment also makes provision for a contributor who may wish to surrender a portion of his retiring allowance prior to his retirement, this money to he paid to his widow or approved dependent after hi* death in the form of an annuity to be determined by the board. The machinery governing this allowance will be fixed bv regulations now in the course of con- ! st ruction. j "I hope this brief explanation will 1 clear up some of the mistaken ideas' which apparently exist at the moment." I concluded Mr. Elliott, "and 1 must com- | pliment the members of the legislature ■ for having recognised the struggle manv j of these widows have had to enable ihcjij ! to live in comfort."