SUPERANNUATION

Evening Post, Volume XC, Issue 82, 5 October 1915, Page 8

SUPERANNUATION

| GOVERNMENT RAILWAYS. RAPIDLY-GROWING DEPARTMENT. The annual report of the Government Railways Superannuation Fund was pre : sented to Parliament this afternoon by the Hon. W. H. Herries, Minister of Railways. It states that the superannuation allowances actually paid during the year mounted to £69,638 14s 3d, representing grants to 916 members of the Railway Service who have either voluntarily resigned or been retired as mcdi cally unfit. Allowances amounting to £7397 14s Id were paid in respect to' 212 widows and 321 children, dependants of deceased members of the service who had not retired on superannuation at the time of their death. Payments amounting to £925 0s lOd were made to the legal representatives of deceased members. A sum of £9068 Is 4d representing contributions of members of the service who voluntarily retired or whose services were otherwise dispensed with during the 'year, was refunded to the members concerned in accordance with the provisions of the Act. Fines remitted to members amounted to £5 17s 6d, travelling expenses of members of the board £27 18s, contributions transferred to Public Service Superannuation Fund £43 19s sd, and charges paid to Public Trust Office £241 10s. The balance of the credit of the fund at the end of the financial year was £346,155 18s 2d. The gross income for the year was £138,829 6s lOd. The income due from contributions of members of the Fund amounted to £75,023 11s 9d or £4912 9s Id less than the annual liability. The report presents a table showing that the balance brought forward each | succeeding year has bo greatly increased that it has risen from £7056 11s 9d in 1903 to £346,155 18s 2d at the end of the last financial year. The total allowances granted for the same period were £102,233 16s sd. Since the inauguration of the fund 277 beneficiaries have, however, died, and eight members - who had been placed on the fund as "medically unfit" resumed duty. The fund was relieved of an annual liability of £18,481 15s Id in respect of these 285 members ; 209 children have reached the age of fourteen years ; five children have died ; '39 widows remarried, and 17 widows died, and one widow was refused an allowance, lessening the liability the fund by an additional £3816 0s %d per annum. There were 1373 persons actually on the fund at 31st March last, involving an annual liability of £79,936 0s lOd.