NATIONAL PENSIONS SCHEME

Greymouth Evening Star, 16 May 1906, Page 3

NATIONAL PENSIONS SCHEME

[per press association.] WELLINGTON, May 15. Iho Post says tho details of tho scheme of national pensions which tho Premier announced in his recent speeches are being worked out by Air Morris Fox I (Actuary of the Government Insurance ; Department) in conjunction with Mr F. : IV. Frankland (a former Actuary of tho Department, but now a resident of Foxion). Mr Scddon’s scheme is that- anyone should be able to deposit a certain sum monthly, say at tho Post Office, and that amount would be subsidised by tho Government in proportion to the means of the depositor. A poor person’s deposit, he proposed, should bo subsidised to the extent of 25 per cent, and the subsidy would be decreased to 10 per cent in proportion to tho means of tho depositor, interest and compound interest would be paid on the deposit, and tho whole amount would provide an annuity for old age. If a husband paid in something he would not bo allowed to touch it without tho consent of Ids wife; and a wife making a deposit would not bo allowed to touch it without the consent of her husband.