SUPERANNUATION

Dominion, Volume 27, Issue 16, 13 October 1933, Page 8

SUPERANNUATION

Public Service Fund

STATE OF THE ACCOUNTS 9 A total of £2,897,415 was held in the revenue account of the Public Service Superannuation Fund at March 31, 1933, compared with £2,888,033 at the beginning of that financial year, according to the annual report of the Superannuation Board. Pensions for £40,575 per annum were granted during the year, £32,179 being paid out for age or length of service. Those officers who retired during the year and who possessed compensation rights under the Civil Service Act, 1866, would have been entitled to receive the sum of £BO3, the amount of compensation accrued to the date when they joined the Superannuation Fund had they not become participants in the benefits of the fund. The total amount of such compensation for which the fund became liable since its initiation was £560,574. To that amount must be added accretions to the date of retirements approximately £140.000, for which the Consolidated Fund would otherwise have been liable, and thfi whole might be fairly set against the total subsidies paid to the fund during the past 25 years, amounting to £1,944,657. One hundred and nine allowances were discontinued by death and 62 for other causes. The annual amount payable at the close of the year was £482.591. The total income for the year was £535,021, made up as follows: Members’ ordinary contributions, £226,867; subsidy, Cook Islands and Samoan administration, £650; contributions from Government, £140,388; fines, etc., £302; interest, £166,814. The pensions paid during the year to contributors who had retired and to dependants amounted to £472,287. Refunds of contributions to contributors who had left the service amounted to £33,425, while refunds under section 42 to. personal representatives of deceased contributors and annuitants amounted to £8766. A RAILWAY PROTEST By Telegraph.—Press Association. Dunedin, October 12. The Dunedin branch of the Railway Super-annuitants’ Association passed a resolution protesting against any proposal by the Government to introduce legislation whereby the rights of superannuitants would be detrimentally affected, and stating that such action would ‘be a breach of contract in view of the contractual clause in the Act. It was also decided to create a fund for the purpose of taking the case to the Privy Council should the necessity arise.