STOPPING DRIFT

Hokitika Guardian, 11 November 1933, Page 5

STOPPING DRIFT

N.Z. SUPERANNUATION FUNDS

POSITION UNSATISFACTORY.

< Per Press A ssoc uitioi t— Copyriylt t )

WELLINGTON,' November 9

“The position ’-of the superannuation funds is most unsatisfactory,” said the 'Minister of Finance when presenting the Budget to-night. • “Early action to stop the drift and place the funds on the way to financial stability is urgently necessary. A Bill was introduced last session to give effect to the 'recommendations of the ’National Expenditure Commission whereby in effect the burden of. rehabilitating the finances of th'c three funds would be approximately halved as between the State and its employees. The Bill was ref erred to a comintitee, but so voluminous was the evidence - offered that nothing further could be done before the session closed.

, “As wa s to be expected, the proposals put forward have been criiicised from various angles,;.and in this re-spect there is to soipo extent a conflict of interest between those, already retired on superannuation and the present contributors to the funds, the latter naturally being more - interested in .the ultimate position of the funds than are the super, annuitants. ■' ;

“Alterations are unavoidable, but T feel a tremendous. responsibility in'j making alterations, other than by . consent of those who. are affected th reby. To facilitate progress, I, have arranged a conference with • the various organisations principally concerned, and following this, it is hoped that- general agreement will.be reached as to the action to be taken to rehabilitate the funds.”