Capital Deficiency In Pension Feeds
"(Rec. 2 p.m.) SYDNEY, This Day. The Government. Actuary (Mr C. Gos(elow) told the Coal Inquiry that 32 months after its foundation the New South Wales miners pension funds had a capital deficiency of £10,000,000. He said the £10,000,000 was deficient at June, 1944, and was then increasingthrough interest, at the rate of £375,000 a year.
Mr Gostelow said that in his opinion the Federal Government should not sponsor such a scheme, for he saw no reason why coalminers should have preference over any other industry in any superannuation scheme. The scheme started off with an inilial liability by having to pay pensions to miners who had made no contribution. Within three years, its foundation scheme was paying pensions to 4148 of these miners, and to 810 widows. Two hundred miners over 80 years of age were drawing pensions through the scheme.
Miners now contributing were paying for these free pensions, and would be left Without pensions themselves if more men did not enter the industry in future.
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Bibliographic details
Northern Advocate, 25 August 1945, Page 6
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173Capital Deficiency In Pension Feeds Northern Advocate, 25 August 1945, Page 6
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