PUBLIC SERVICE PENSIONS

Press, Volume XCVIII, Issue 28926, 20 June 1959, Page 11

PUBLIC SERVICE PENSIONS

Effect Of Universal Superannuation fNetp , Zealand Press Association! WELLINGTON, June 19. Theire appeared to be some misunderstanding concerning, the merging Of certain Government superannuation* with universal superannuation, the Minister of Finance (Mr Nordmeyer) said today. “Section 40 of the Superannuation Act, 1956, provides that a Government servant on retirement may elect to have his superannuation varied in order to take full advantage of universal superannuation when he reaches the age of 65,” he said. “His retiring pensiorf is calculated actuarially to give him a higher amount between the time of his retirement and the age of 65 and a lower amount thereafter. “Some superannuitants who have taken advantage of this provision feel they have forfeited their rights to" the increased universal superannuation which will be available at the rate of £.156 per annum this year and £2OB per annum next year. This is not correct

’’The universal superannuation is payable as of right, and no arrangement entered into earlier will deprive the Government superannuitant of any increases in universal superannuation which may be made from time to time," Mr Nordmeyer said.