Full interest on P.S.I.S. funds

Press, 3 April 1980, Page 1

Full interest on P.S.I.S. funds

PA Wellington The Public Service Investment Society would pay full interest on funds frozen after the society’s collapse last year, said its statutory manager, Mr R. W. Stannard, yesterday. An- amendment to the P.S.I.S. Management Act passed late last year gave him authority to pay interest on ; funds while they, were still, frozen. Arrangements had been made to credit the interest to members’ new current accounts as at March 31, 1980. “Members would be supplied with statements of their new current accounts showing senarately interest paid on frozen and unfrozen funds. These state?

ments would be distributed' in the last two weeks of . April.” ' : ' ■ ■ ? ■ He appealed to members to increase their pay deductions and savings with the society. - “As the financial position has been stabilised, further consideration can now be given to the society’s restructuring,” he said. “Discussions .. are taking place in the statutory advisory committee and the employee organisations affiliated to the society will shortly be approached fpr their views.” All P.S.I.S. accounts were frozen last June when it was feared that a rush of demands by members to withdraw funds could not .. be met. *.■.