SUPERANNUATION.

Dominion, Volume 1, Issue 285, 26 August 1908, Page 8

SUPERANNUATION.

THE PUBLIC SERVICE SCHEME. SIX MONTHS''WORKING. Mr. Amelius. M. Smith, secretary to the Public Servico Superannuation Board, has ' presented an interim report of its: first-'six months' working. Ho states that from the boginning of the year applications to becomo contributors to, tho fund commenced to come in, and up to ( tho end of June of this year, that is to. say, six months after tho Act camo into operation, no fewer than 7023 members of tlioi public service have become contributors. It must be borno in mind that thoso officers of.tho public servico who, under any Acts of Parliament, aro entitled'to pen- ■ sions, are precluded' from becoming contributors t-o the fund. Railways, Public teachers' and Polico Departments aro also excluded from tho provisions of tho Act, having superannuation schemes of their' own. 'A'considerable amount of difficulty was experienced at first owing to tho fact that tho temporary officers who ■ had become permanent wore under the impression that, they iwero exempt from the necessity enjoined on all officers (joining the service since 1893) of having to insure their lives, and they considered that the option given by the Act to all thoso nowly made permanent, of'having, the privi-, lego of electins within six months to; bccome contributors, exempted them in the meantime from having to insure under the provisions of tho Civil Service Insurance Act, 1893, should they decide not to become contributors until the six months' option had expired. This, however, was overcome, and, vritli a few exceptions, they undertook tho responsibilities of other public-officers and joined the. fund. . ' The popularity of - the Act has been distinctly proved by tho very largo number of officials who liayo voluntarily joined as contributors. Thero aro cases where some who liavo' becomo permanent officers ■ under the Classification Act, and who. had to join as contributors or insure, demurred at having to accept the responsibilities, of the position, and 'considered; it somewhat ,of a hardship that, being already insured in the Government Insuranco Office or other private company, they'should have their small salaries further taxed by having to-contribute to the fundor take out a policy under tho Civil Servico Insurance Act, 1893. But as against the few who felt this hardship, a, large majority of the public service felt that a very great privilege had been accorded them under the liberal .provisions of the Act. _ Many of theso had given years of-their lifts to the service of the Dominion as. officials, and had no hope or prospect of any retiring allowance when their, timo, camo to leave tho service, and they wero to find that under this . Act their past service ' would be taken into account. when they, retired, and that they would bo accorded the.same privileges as regards a retiring allowance as those permanent officers with whom they had worked for many .-years; ' Appended is a statement for the six months ended June 30, 1908, of the number of contributors, their annual contributions, etc.: — ■ ■ Number of contributors ... 7028 Anuual -contributions ...£55,000 0 0' Contribution from Consolidated i - Fund .'..£20,000 0 0 •Retiring allowances granted-: 63 Representing an annual payment of ... : ... £5,455 2 9 Number of officials retired as ■ medically unfit ... - ' 9 Representing an annual i payment of ...... ... £807 18 , 2 Numbor of contributors who - have died, during, the six months ... ... ... 9 Representing an annual. payment of ... ... - £181 0 0 The total allowances granted amount to £6444 per annum, but in a number-of cases they do; not commence for three months yet. Tho largest pension is £339 3s. 4d., and tho imallest £12'9s. ,9d.