SUPERANNUATION.

Hawera Star, Volume XLVIII, 27 August 1924, Page 5

SUPERANNUATION.

SCHEME FOR LOCAL BODIES. (BY TELEGRAPH. —PRESS ASSOCIATION.) WELLINGTON, Aug. 26. In the House to-night the Hon. R. F. Bollard moved the second - reading of the Local Authorities Superannuation Amendment Bill.

He explained that so far only four ilocal bodies —tjho Aulckland Harbour Board, the Wellington.-Harbour Board, and the Buller and Westport County Councils —had adopted superannuation schemes. Under tips amendment, in consideration of an increased annuity to his widow on his death, a contributor could make an agreement with a local authority under which he would accept a. reduced retiring allowance. The rate and terms of an annuity were also matters for agreement. The annuity was in addition to the existing annuity of £lB per annum, with 5s a week for each child until attaining ..the age •of fourteen. .Provision waS made for applications, which must.'be lodged within six • months of retirement, to be submitted to an actuary appointed by the Governor-General, and. a local authority may not grant an annuity in excess of the amount recommended by the actuary unless on terms approved by him.

The Leader of the Opposition (Mr. T. M. Wilford) said this, was a most important measure; because the time was coming when there would be an agitation for superannuation or pensions everyone. H,fe wanted to know how many people would be affected by the scheme, because if there were not sufficient contributors to a fund then the fund' would not, be sounu. The question of maintaining superannuation funds was becoming a serious matter for the State. It was costing no\v about £250,000, and it would be unwise to permit the establishment of another unsound fund. Hid the Government propose to subsidise this fund

Mr. J. A. Nash (Palmerston North) said he would like to see superannuation funds established bv every local body. "• . ■ - Mr. D. G. Sullivan (Avon) said this scheme could not be made effective unless all local bodies in the' Dominion were linked up in one common' fund. He was afraid that individual .local bodies would not function under this Bill. Mr. Massey said the Government did not propose to subsidise this fund but he thought the general trend was in the direction of superannuation all round. Last year the State provided a subsidy to the railivavs, teachers, and public service funds of no less than £329,000. while the employees contributed £463,000. The Bill was read a second time.