Superannuation Problems

Dominion, Volume 25, Issue 170, 14 April 1932, Page 9

Superannuation Problems

Sir, —Your readers are indebted for the information supplied in your correspond; ence column in reply to “Taxpayer’s” letter regarding superannuation. The subsidy paid bv the Government to March' 31, 1931. was £1,750.000, and contributions £4.500,000, which is that the equivalent of two-fifths of the contributions has been taken from the Consolidated Fund to augment the superannuation funds. This is 400 per cent, increase on the amount mentioned by your correspondent “Superannuated.” It would be very interesting to have the following information: (1) Amount, paid out in superannuation to March 31, 1932; (2) amount paid out in superannuation for year ending March 31, 1932; (3) amount collected from contributions for year ending March 31. 1932. Particulars to include all branches, teachers, and railwavs.

The difference between the amount recommended by the actuary and the amount actual]v paid as at March 31. 192 t, is £804.000. which shortage accumulated at 4-i per cent, to March. 1928. is £1.060.325 What must the position be m .1932. four vears later? Perhaps some member of Parliament may be able to supply particulars of the actuarial position as at 1930, tlie latest three-yearly report to the Government. When the fund is in this position, and taxpayers and salary and wage-earners carrying an almost unbearable load, surely it is time for the Government to adjust this expenditure. which is an unfair drain on the funds available from the increased taxation. When tlie ship is in danger a general average is better than total loss. So then let ex Public Servants drawing high superannuation from super taxation put in their bit before they lose all. Can anv member of the House give any particulars of what is proposed to be done to adjust these payments to correspond with reductions passed on to Civil Servants. Public Works employees, ete., and to conserve the interests of those at present paving in to the superannuation fund. The Consolidated Fund cannot stand the drain necessary to sustain the present arrangements, and contributors do not expect to pay in for years and then find nothing available when they come to the age to retire. Here is a genuine chance for a statesman, not afraid of tlie empty cry. “repudiation.’’ Interest and rents arc reduced, and wi» are oft the stamlard.-l am. He.. EQUITY. Wellington. April 11.