SUPERANNUATION FUNDS

Hawera Star, Volume LI, 12 September 1930, Page 5

SUPERANNUATION FUNDS

l 'QURY JNTO POSITION

DISCUSSION IN UPPER HOUSE

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»* ~eii c-tie .legislative Youuen met Sir James Allen moved; nmt tuere sbouiit De laid on the table tins session a copy ot tlie order ot leierence oi.-en cue com nut tee set up in aouout-

u.i.w witn die proposal of tne late Mm-iov.-i- :<u .Finance, Air Joseph \\ anti'. to inquire into and report to the Government on tne position of the superannuation funds, and that it was deismatne ouat the report of the committee, tsbouiu

te f .l i’lli.-'iled to Parliament this session .

Sir James Allen isai.il it was desirable that, tne public should be enlightened as to the state of the superannuation ii.iids_ which were in an unsatisfactory position. The State had a responsibility which it could not escape. The main reason for the unsound position of the funds was, the. failure of the Government to (pay the amounts recommended bv the actuaries.

Sir William Hall-Jones said the Government bad paidi every penny it was requir'd bv the Act, to pay and he sa w no reason for doing as Sir James Allen suggested. Hon. J. A. Hanan endorsed the case made out by Sir James Allen. In recent yeans, he said there had been an orgy of expenditure. If they did: not keep the funds sound they would he open to the, charge of repudiation. Sir Francis Bell supported Sir William Hall-Jones and said he could 1 see no reason why the Government should r nv £2.000000 as a, gesture of the Gvernment’s willingness to honour u contract already made.

HVmi. T>. Buddo said tlio 'preßent was not an oportune time to bring; lo.vn the proposal. The debate was adjourned. The Unemployment Bill was read a second time j>ro forma and referred 1 o the T/ahour Bills Committee l ,