SUPERANNUATION

Grey River Argus, 10 January 1941, Page 10

SUPERANNUATION

PUBLIC SERVICE FUND RULES FOR PART SURRENDER OF ALLOWANCE. [Per P-'ess Association] WELLINGTON, January 9. Legislative authority was given by the Finance Acts 2 and 4 of 1940, to enable contributors and superannuitants of the Public Service Superannuation Fund to surrender part of their' retiring allowance in order to make better provision for their wives and other dependents. Government Superannuation Funds regulations regarding annuities for dependents are gazetted to-night. They set out detailed procedure to be followed by contributors and superannuitants in making their elections. Prior to actually making his election, the person concerned may apply to the Secretary of the Superannuation Fund Board for an actuarial statement of the amount which would be provided for his wife by the surrender of part of his retiring allowance. There are three types of election which may be made, and a contributor may make his choice. The regulations also provide for a medical examination of contributors, who are entitled, if they desire, to nominate their own medical practitioner in addition to the one appointed by the Superannuation Board. There is also provision for appeal if a contributor or the Board is dissatisfied with the medical report. The regulations provide the necessary forms for the election which a contributor must make.