OLD AGE PENSIONS.

Lyttelton Times, Volume CXXI, Issue 15457, 8 November 1910, Page 8

OLD AGE PENSIONS.

ASSESSMENT OF PROPERTY. I AX AMENDING BILL. [From Out Correspondent.] WELLINGTON, November 7

The principal feature of the Old Ago Pensions Bill, introduced to-night, is a new method for tho assessment of value of accumulated property. All real and personal property owned by any person shall hereafter, to tho extent of his beneficial interest in it, bo deemed accumulated property, excepting an interest in any life insurance policy or any annuity purchased from a life assurance company.

The deductions allowed aro (a) from the capital value of his interest in any property upon which lie permanently resides, including any furniture and other personal effects bolonging to him and in his possession, the sum of three hundred and forty pounds, and (b) from the value of his interest in any other property the sum of fifty pounds, and the residue then remaining shall be deemed to be the net capital value of all his accumulated property. In tho case of. joint ownership by husband and wife of any property on which they permanently reside, including furniture and other personal effects, no greater deduction shall be allowed than three hundred and forty pounds. A proviso is added to the clause dealing with the. commencement of pensions that no pension shall be deemed to commence on a date prior to that on which the applicant reached the age of sixty-five years.

Tho amendment strikes out the clause permitting the inspection of the register of claims.