STATE PENSIONS

Gisborne Times, Volume LXXIII, Issue 11770, 18 October 1932, Page 4

STATE PENSIONS

IMPORTANT amendments, retiring age increased. NEW BASIS of COMPUTING payment. ALTERATIONS TO BE RETROSPECTIVE. (Press Association A WELLINGTON, Oct. 11, A Bill to amend the basis of contributions to superannuation funds has been drafted. It is understood that the Bill provides that men will still have the right to retire at 65 years of age, but whereas they now have the right to retire after forty years service it will in future be provided that the age must be sixty years. Women in future may retire at sixty years and at 55 years, if this is combined with thirty-five years’ service. The basis of calculation of superannuation payments will, it is understood, be the average salary received during the ten years prior to retirement, instead of three years, as at present. It is understood also that the readjustment of the allowances of the present annuities will be made retrospective.

AIR COLEMAN CLAM FA GOVERNMENT. TOO MANY TALL CLAIMS LEON" FUNDS. 'Special to ‘he I ‘mcs), WELLINGTON, Oct. 1 r,. '•AVith regard to the various State superannuation Finds, it has ber-n shown.” paid Mr. Coleman during the Budget debate, “that they are in a deplorable state financially, and one can hardly wonder -M thr.i. a, view of the Way in which the Government has, repeatedly defaulted -a - v-ofar as the payment of subsidies bnbeen concerned Afr. Coleman went on io say fan' the funds had not been made any sounder by the huge annual payments made to various individuals. Take the railway superannuated fund, for instance. • Air. McVilly draws £2OOO per annum. He has already drawn. £14.000 since retiring, and he drew more in one year than he had paid ln f o the fund during 7 he whole of his service. Air. Jones, another exrailway officer, draws £1122 19s per annum. Mr. Mason draws £B3O per annum, and Mr. Mouat draws £7?-! per annum. Air. Sterling draw£l446 6s per annum by way of superannuation. and Mr. Den no by. wn<> recently retired, draws £822 7‘. Thcr<= was another man drawing about £3OO per annum. In the last annual return, quite a number o: others were shown to he drawing superannuation allowances ranging from £4OO to £SOO- - contend,” -aid Mr. Coleman, “that the superannuation funds were never intended to be used for the payment of hug e annual allowances xo a. few individuals, and I contend that no superannuitanr should r “- coive more than £3OO per year. R must be remembered that these men who are drawing high superannuation allowances were in receipt of large salaries before retiring, and they were in a better position m putsome money by for a rainy day than wer, ? the less fortunate men who received much lower income-?.’’