SUPERANNUATION FUND
POSITION ()F RAILWAYS ACCOI NT iTItKSS ASSOCIATION TV.!.!'.', ISAM. > WELLINGTON, October 10. At a special meeting of the executive committee of the Railway Superannuitants' Association last Thursday it was stated that a careful examination of the fund disclosed that there was no actual deficiency. It was true that a certain sum had been taken from the reserve account, but this money was wanted to pay allowances incurred by the very large number of early retirements. There had thus been thrown on the fund an immediate heavy liability, which, under norma! retirements, wouid not have accrued for some years. It was thought that the financial position of the fund would, however, improve each year, as there should be comparatively few retirements in the next five years or perhaps longer. The committee was of the opinion that the loading of the funds with the allowances due to these early retirements could not be justified on any grounds, and decided to interview the Minister for Finance (the Rl. Hon. J. G. Coates). . Two trustees were appointed to administer the legal defence fund now being raised. Reports from branches indicated that subscriptions lo this fund were coming in freely.
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Bibliographic details
Press, Volume LXIX, Issue 20988, 17 October 1933, Page 10
Word Count
197SUPERANNUATION FUND Press, Volume LXIX, Issue 20988, 17 October 1933, Page 10
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