A RETIRING ACTUARY

Dominion, Volume 14, Issue 300, 13 September 1921, Page 8

A RETIRING ACTUARY

I MR, C. r„ GALWEY, Of THE NATIONAL PROVIDENT FUND i ! A PERIOD Of PROGRESS Yesterday afternoon iho staff m the National Provident Fund and Friendly fvicirties Department met to do honour Io Mr. C. E. Galwey. actuary of the fund, who is retiring on supfrafirniatinn. Tn making a presentation to ti'i . Gslwey rm behalf of the staff, the Minister in i charge of the Department (Hon. IV. D. I Stewart) said that Mr. Galwoy had been | intimately associatsd with the iniroducI fiem and valuing of the varxms superanrelation frvstorns <idoT>i(?4i by fho Oovornment during the last fifteen years. IDs profi-ss’<mal qualifications and long experience in drilling with those difficult problems had constituted him an authority "-in this branch of actuarial work. The*Minister mentioned that Mr. Gaiwcv’s term of office covered a period of considerable progress in ths fund's operations. The membership and income of the fund had increased as follows---Yosr 1917 contributors 9547, contribution income AAI.SI7; year 1921. contributors 20.595, income The period was noteworthy, as during those years the superannuation system adapted to the local authorities of the Dominion had assumed its present volume of business. The substantial increase in the business of ths fund and its gradual development was illustrated by the fa at that the first contributor was''enrolled in 1911, and that: the membership had row been bwrnght up to over 20,090. with a total fund of ,£5X9.255, by the initiatory wors of the staff at an expense rate winch more than favourably »mparod with similar business ir. outside organisations. It. wns of interest to point out that tms lartfe QccnDinlatixl fund Fad beon bni i nr, with small Wmfribi’.tions, ranging fram 9d. per Wwk upward, and representing a distribution of capital saving nnd •nfiHon-R.l ryxnirity in fho "bow of the term. The fund had row the highest contributory membership of any Smilar fund in b 7 ew Zealand, and the intention was to strangtlien the organisation of the Department w order that l this important provident scheme might ' lw further extended for the benefit O‘ the i wage-earners of the Domiiimn. I Turning to the benefit side of the sysi fem Mr. Stewart said that there were • now’ allowances and pensions being pmd i mil to a large number ot Iwnoficmw , | fill d <omo verv illuffiinntive cases, W come under the notice of the bym, indicating the valuable cover available to Contributors :n respect ot their families and dependants. Iff, rolief and assistance which widows ano children, unfortunately ; wrcrt ot the r brcarlwimtora, had 'rccoivod from the fund was, in many torrs, the only protection against charitable aid, de, .< tion or serious hardship, and in mos of those cases the aggregate va.ves slue bv the fund were so immeasurably to oxoxs- of Urn small contribution required to bo paid, that no worker phould neglcoi to safeguard liim-elf and his dependants in ibis fund. Although 11 "'7 thS within the last few years benefits could iWcrw to contribute s. fhsro word allowances to widows and children of the aggregate value of .fffiANl now iwi'ng paid oul This was npnr from the maternity allowances granted hv Eh* <k>vernmont to oontnmirors ■ £O7 996 paid up to December 31 -asv and' to momb.-r< of the . rtom.. y sviotios registered nnder the Art a to the’same date. Tn nddit.cn to 1 family and humanitarian side ot the fundV operations. 11’0 to what was the .primary object oi ii.o theme: that was, pravirion of a pension to bo oniovod in old ago ,ni o. time when flm faculties for work were impaired nnd n .„ wecssitv for roth-omor.t from the st'rc of life was paramount II lUiont going into details ns to the nlmo-f universal high percentage of indigent npi I nor-xms in all classes end in every eou n " i-, v . he said flint statistics wont to show thnl number of nid'ivinna,® tl.o could as*irro themselves of n comyrtsn.-e . 0 ?a retiring allowance nt (say Ito years of asro or over, ws very Fnmll Tnay L no matter how prosperous or bright their outlook in early life might appear. In all countries attempts hnd been made to remedy this weakness in our racial life, and in this direction the funds progress so far'' indicated the best results The Government, trusted that t.ne measure of success which hod marked (he progress of Urn fund would be continued in the future, and its Nnombcrship increased nt an even RVOntA rate bv the support of every person who bad the welfare of his fniure ai heart as w.-ll 3 s the care of his family and young children. _ . , In conveying to Mr. Ga..vey b< wishes in his retirement, the Minister asrared him that ho carried with him the ostoem and regard of the whole of the staff, ami ns a senvenn- he.lmwlwl to him a smoker’s outfit and ft Wftltong stick, suitably inscribed. . Mr. Gxnlxvey "a* 'van-nily giv.M-cd. and in replying made sonie interest in«: remarks as'to the adnnrial Work ot she Department in particular, and of the rrv >esrion in general. It having been montioneS that diffienliy bad been ev nericneM in filling the vacancy oairart bv his retirement owing to ilio lacl 111-1 there Word no ai'inatios available in (ho service, nor none apnoariw’ amongst the yemrgor students in the universities, he roferrol to the dimcnlt’cs in obtaining Gio necessary training. He mentioned several notable instances, howertv. cf N:-’.v Zoainiid’'Ts who Imd qnalifit'd thomraives in the highest manner as nctmiries, niitolily Messrs, Mnicr. Traversi. ami TTnnlcastlo. now eecnpyirg high p<isiti\ns in the ncfnai’inl world. Their career should oct n« a aiimulns for ihe voitngoi’ mon to heniiire degrees (o epalify for the work. In ednehvdon he thanked the Minister for his kind remarks and good wishes and for his kindness in. Iwihg present.