£400 MAXIMUM

Gisborne Herald, Volume LXXIV, Issue 22484, 13 November 1947, Page 4

£4OO MAXIMUM

M.P.’S PENSION BILL INTRODUCED CONTRIBUTION £SO P.A. (P.R.) WELLINGTON, Nov. IS. An annual retiring allowance of £250 for members of the House of Representatives on the completion of nine years’ service, continuously or not, on attaining the age of 50 is provided for in the Superannuation Bill which was introduced and read a first time in the House early this morning. The scheme will operate from the passing of the bill. For each year of his service in excess of nine years a member’s retiring allowance will increase by £25 annually to a maximum of £4OO a year. Contribution Conditions Superannuation contributions by members will be £SO a year, and if any person begins to receive a retiring allowance when his contributions total less than £250 he shall pay the amount of the deficiency into the consolidated fund within such time and in such a manner as the Minister of Finance may allow. If a member should cease to be a member after serving' in the House for less than nine years he shall be entitled to a refund of his contributions Any member who has served for nine years may elect before accepting the first instalment of his retiring allowance to receive a refund of hip contributions. On the death of a member an annuity or a refund of his contributions will be paid to his widow. Consolidation Measure In introducing this bill of 91 clauses, the Minister of Finance, Mr. W. Nash, said its purpose was to consolidate the three State superannuation funds—the public service superannuation fund, the teachers’ superannuation fund and the railways fund. It also provided for superannuation for members of the armed forces and for magistrates. A board was set up with representatives of the employees and the Government and provision was made for some Increased payments. Certain conditions were extended to the Cook Islands and the Samoan public services Asked whether the public service was in agreement with the bill, Mr. Nash said that discussions had been held and, in general, there was agreement, though there was a difference of opinion on one or two clauses which would be further discussed.