SUPERANNUATION SCHEME

Evening Star, Issue 22896, 2 March 1938, Page 18

SUPERANNUATION SCHEME

ACTUARIAL REPORT DEMANDED CHAMBER OF COMMERCE RESOLUTION (Per United Press Association) WELLINGTON, Mar. 1. The desirability of having attached to the Government’s forthcoming national social service legislation an actuarial report was stressed by Mr P. E. Pattrick at to-night’s meeting of the Wellington Chamber of Commerce. A scheme which was to cover superannuation, health and unemployment vitally affected the commercial community. since it would involve consideration of what contributions would be required of employers and taxpayers, Mr Patrick said. “With regard to British social services, though the health and pensions schemes were contributed to through the common channel —the Post Office they were very different. For example, the British National Health Scheme embraced schemes of approved societies, had funds and was regulated every five years by an actuarial valuation. The Superannuation Scheme, however, was controlled by a State Department, and was not subject to actuarial valuation adjustments, and the emerging cost was met by the Government out of the public funds. “It is, nevertheless, obvious,” continued Mr Patrick, “ that one cannot examine the merits of the New Zealand Government’s proposals till the benefits are known and also the methods by which the scheme is to be financed.’ Mr Pattrick mentioned that Mr G. H. Maddix, secretary, of the British Government’s Actuaries Department had been loaned to the New Zealand Government to report on the actuarial considerations of the scheme. It was essential for the proper examination of the Government’s proposals that a copy of Mr Maddix’s report should be attached to the Bill. Seconding a motion by Mr Pattrick—- “ That the Government be asked when printing the Bill to attach a copy of the actuarial report,” Mr C. W. Mack said the Government’s desire to ensure that the people would be looked after in their old age was highly commendable There were cases where people, through no fault of their own, had been unable to save for the future, and he saw no reason why they should have to work til they dropped in harness. Mr R. H. Nimmo said that some provision should be made, but it would be prudent on the part of the chamber to withhold commendation of any scheme till the cost was known. The motion was carried.