SUPERANNUATION.

Press, Volume LXVIII, Issue 20551, 20 May 1932, Page 5

SUPERANNUATION.

NATIONAL SCHEME ADVOCATED. FARMERS' UNION CONFERENCE DISCUSSION. Advocacy of a national scheme of compulsory superannuation to displace the old age and perhaps other pension schemes was made at the annual conference of the North Canterbury district branch of tho New Zealand Farm-,, ers' Union, when the following remit from the Cust-West Eyreton branch was carried unanimously:— "That in view of the fact that present times have demonstrated the risk of loss of ordinary investments or of equity in property, and in view of the inability of most individuals including many farmers, to provide against their old age—since in many cases insurance policies and other lifetime savings have been hypothecated and lost—this conference recommends the Government to establish a national scheme of compulsory superannuation, such scheme to displace in time, the old age and per- * haps other pension schemes, the benefits tb be paid, if possible, from the itge of sixty and the contributor's interest in the fund to be absolutely unassailable and inconvertible for any purpose wnatever." Mr E. A. Woe"!''eld, in moving the remit, said that the scheme was' considered feasible by leading economists. Under the present system of old agepen sions it was a fact that many received benefit who had never made as full a contribution as their withdrawals. Original Opposition. \ Mr 11. G. Parrish, of Oxford, said that he had been told by his father, one of the pioneors, that it was the idea of Sir George Grey that such a proposal be mooted in New Zealand, but that the scheme received such opposition from insurance companies that it was blocked. The speaker said that he was convinced that had such a scheme been commenced 20 or 30 years ago, it would have meant tho saving of the situation which was faced by the country to-day. Such a scheme should be forced through, he considered. The president, Mr Colin Mcintosh, said that there was no doubt that the scheme should be put through Parliament if at all possible. The time seamed most opportune to launch such a scheme. Unemployment was such to-day that it was difficult for peop!e to put anything by for their old age. An insurance policy was no protection as in times of stress it was capitalised and thus was lost at tho eleventli hour, as it were. Such a scheme as that at present brought forward would also result _.m tho burden on the Government being lightened considerably. Mr J. D. Hall, treasurer of the branch, said that the principle of tho remit was absolutely sound. The remit was carried unanimously, i and it was decided to forward it to the 1 Dominion conference for further investigation and consideration.