SUPERANNUATION.

Dominion, Volume 1, Issue 89, 8 January 1908, Page 8

SUPERANNUATION.

, A RIFT WITHIN- THE LUTE. DOUBTERS SHOULD THINK. ' . It has come to our knowledge that in at least ono Government Dopartmont 'soVeral of tho officers havo avowed their intention openly of not taking advantage of the provisions of the Public Service Superannuation Act, 1907. Whilo these officers have a porfect right to choose thoir own course of action—it is quite optional for. them-to accept or reject the Government proposals; contained in the Act (but compulsory for,those joining tho public service since January 1) — it has been reported that certain officers are porsuading other, and perhaps moro unrcfleotive, mombers of not. to participate in tho Fund. Most of the older officers past the flighty ago of golden youth aro readily joining the Fund, and havo sent in their applications to the secretary of tho Board (Mr. Amelius Smith), with instructions to _ deduct the-'monthly contributions from thoir salaries. The young'.men who are on tho threshold of their careers would be repaid by thinking a little moro deeply over the question, as, apart altogether-from the debatable question as to whether the Fund will prove actuarially sound, the benefits appear to outweigh their; cost. According to the circular recently issued'by the secretary, the benefits of the Fund are as follow:

(1) On attainment of pension ago! (males at ago sixty-five, .or after forty years' service; females at age fifty-five, or after, thirty years' service) —(a) A pension of one-sixtieth of yearly salary for each year's service, with a limit of forty-sixtieths (two-thirds) of salary; (b) or the option, in lieu thereof, .of a roturn of total contributions, together with compensation (if any).

(2) On retirement before pension age (on the ground of being medically unfit for further duty)—(a) At . any time, a pension, of 'of yearly salary for each year's service, limited, to forty-sixtieths; (b) or tho option, in lieu thereof;; of a return of total contributions, together with compensation (if any).

(3) On retirement before pension age (on other grounds than medical unfitness), a return of total contributions.; (If ; retirement is voluntary no compensation is given, but if retirement is compulsory, 'compensation,,-'if any,' limited as already explained, will; bo added.) . . . ■ • (4) At death —(a) At'death, before pension entered upon —leaving no-widow or children —a return of totaFcontributions to. tho personal representatives of the decoased; (b\ at death, before or' after pension entered upon —leaving' a widow' or ' children—£lß yearly during widowhood, and-ss! weekly', for each child till fourteen years of age; with tho option of the roturn of the total contributions; (c) at death, after pension entered upon, a' return of the difference between ponsion received and contributions paid' to tho Fund, together with . compensation (if any). ..- v

it may bo pointed out,, continues . the circular, that while the scheme, absolutely insures that contributors shall savo 1 a -.certain amount;of money every month, and'make at tho same time some provision for old age,, wife, and family, these, savings can never, bo lost, but must in any ease .bo returned un-cither-.to the contributor or his representatives, 'in some form or other—(a) on leaving tho servico at any. time, thoy are roturned without any Reduction;. (b) at; death before pension age,,the.widow has tho alternative of taking a small annuity or a .retiirn of tho whole of tho contributions.; '.(e) at death after pension ago, the balance, of contributions and compensation ' (if any) 5 not drawn in pensions is roturned; or tho pension of £18 per annum is-payable to the widow. 'In tho great majority of cases'the,, contributors will' livo "to' become pensioners, and tho pensions they will receive will como to far moro than thoit-. own contributions, could have purchased, tho balance ..being provided by tho Gorernmont subsidy. , i .