OLD AGE PENSIONS.

Nelson Evening Mail, Volume XLV, Issue XLV, 8 November 1910, Page 6

OLD AGE PENSIONS.

NEW GOVERNMENT PROPOSALS. <By Telegraph.) (From Our Parliamentary Reporter.) WELLINGTON, Monday. Some important provisions relating to the assessment of value of accumulated property are contained in a short amend to the Old Age Pensions Act brought down bv Governor's Message in the House to-night. Interest in a. life assurance policy or an annuity purchased from a life assurance company is not to be deemed accumulated property in assessing the amount of the pension ; otherwiso all real and personal property •owned by any person will to the extent of this beneficial interest therein be deemed to be his accumulated property. The sum of £340 will be deducted from the capital value of any property on which lie permanently resides, including furniture, and £SO will be deducted from the value of his interest in any other property. The residue will be deemed to be .the net capita! value of his accumulated property on which the pension will be based. In the case of loint ownership by husband and wife of any property on which they permanently reside, including furniture and personal effects, the total deduction is limited to £340. This provision will come into operation on Ist January. 1911, and will apply to all pensions whether granted before or after the framing of this Act.