Superannuation requirements

Press, Volume CXIII, Issue 33189, 31 March 1973, Page 2

Superannuation requirements

r.Vew Zealand Press Association) WELLINGTON, March 30. Private superannuation schemes would be required by legislation to be transferable when the State scheme was introduced, said the Minister of Finance (Mr Rowling) today.

This will mean that when a person changes; jobs he will be able toj transfer his superannuation. Mr Rowling said that [ details had still to be worked out because the committee! studying the establishment of; the new superannuation' scheme had not yet reported. When the State scheme, was introduced—at the beginning of the 1974-75: financial year it was hoped—l it would be much harder for private schemes to “foot it” with the national scheme. Mr Rowling said.

“The general principle is that where a scheme is able ito offer comparable benefits, lin terms of retirement pension, with the proposed State 'scheme it will be allowed to ( continue.” Mr Rowling added. He said he did not agree with criticism by the Deputy . Leader of the Opposition (Mr /Muldoon) that the criteria ( would virtually eliminate all 'existing schemes. “He is reading into my I statement exactly what he ■ wants to read into it.” said Mr Rowling. “The statement was simply a warning to people being invited to enter into schemes to examine the benefits in case they don’t meet the criteria for the State scheme.”