SUPERANNUATION ALLOWANCES

Press, Volume LXXXIX, Issue 27191, 7 November 1953, Page 8

SUPERANNUATION ALLOWANCES

Change In Basis Of Computation AMENDING LEGISLATION INTRODUCED ' (Now Zealand Preso Association) WELLINGTON, November 8. A clause in the Superannuation Amendment Bill, introduced in the ‘House of Representatives today, enables public servants’ retiring allow- ? ances of less than £3OO a year to be j computed on the average salary for (the last three years instead of the last five years, where this will result in increasing the allowance. The application of this provision is retrospective to April 1, 1948. Another clause will permit the Government Superannuation Fund Account to be overdnawn by arrangement with the Reserve Bank to permit the closer investment of money from the fund. There is also a provision that where a contributor dies or retires before he has paid all the money payable by ium to the superannuation fund the board may receive payment after his nr

; If any part of the money remains unpaid the board may proportionately reduce the period of contributory service for the purpose of computing a retiring allowance or annuity. 2 The bill also says that a contributor may elect, before he retires, to continue as a contributor after his retirement, for any period not exceeding three months, or till he dies or again becomes employed in the Government service. During this period, however, he must pay the Government subsidy on his contributions, and the amount fit the subsidy is not to be counted as part of his contributions for the purposes of a refund, except with the consent of the board.