Superannuation Funds

Dominion, Volume 26, Issue 31, 31 October 1932, Page 11

Superannuation Funds

Sir, —Your correspondent "Dairy Farmer'' is either ill-informed or disingenious, for his letter entirely misrepresents the position re superannuation funds, The legislation proposed has not the object of “giving the tax-payers some relief” by attacking "a favoured section of annuitants.” Owing to the neglect of different Governments to make the necessary payments ad agreed upon to keep the funds m a sound position, and to the heavy demands made upon them on account of compulsory early retirements, they have been reduced to their present parlous state. The result is that superannuitants and eoutributors are, if the threatened legislation is passed, to be compelled to make good a large amount which the taxpayers, through the neglect of the Governments responsible, have not provided. The taxpayers do not need relief from a burden that is being quite unjustly borne by the other parties to the contract. The step that "is long overdue” is the rehabilitation of the funds by the payment into them of adequate sums to maintain their Soundness in accordance with the State guarantee, so that contributors and annuitants, who have loyally kept their part of the bargain, may be assured that the State will as faithfully keep its. Failure by the State to do its duty in regard to the rehabilitating of the superannuation funds cannot but seriously injure the credit of the Dominoon, a fact made prominent in another way by the report of the Economy Commission. “The distribution of the financial strain more equitably” and "equality of sacrifice” are fine mouth-filling phrases, no doubt, and sufficiently fashionable to appeal to the thoughtless. As used by | your correspondent they serve to show bow little hp understands what he writes I about. These and his wail concerning the I farmers are. of course, a kind of “window dressing” introduced for the sake of effect. No section of the community has received so much consideration during the present crisis as the farmers, and the competent and hard-working among them realise this. They do not need such advocacy aS “Dairy Farmer” offers, nor do they desire that the present and past servants of the State should he despoiled of a large portion of what they have paid for and earned. . . . "Dairy Farmer's’' sneer at the courage of our present Members of Parliament is uncalled for. To acquiesce in the passing of a- measure to deprive State servants of their rights would call for no such quality; but to ensure that the State must honourably fulfil its obligations to its servants and superannuitantsi and that, to this end, further economies must be made and means found to pay into the funds as soon as practicable adequate amounts to maintain their soundness without adversely affecting the present rights of contributors or superannuitants will call for the thoughtful consideration and best efforts'of our representatives.—T am. etc., — INTERESTED. Palm. Nth., Ocr. 20.