SUPERANNUATION BILL.

New Zealand Herald, Volume XLVII, Issue 14526, 14 November 1910, Page 8

SUPERANNUATION BILL.

ANNUAL LIMIT OF £300.

PAYMENTS AND BENEFITS.

Wellington, Sunday. The Public Service Classification and Superannuation Amendment Bill was introduced to-day. The Bill provides that, in the case of every person who hereafter becomes a contributor to the fund, and who thereafter retires from the service with an annual retiring allowance from the fund, his retiring allowance shall be one-eightieth part of his annual salary for every year of service, but in no case shall the retiring allowance exceed one-half of such salary, or the sum of £300, whichever sum is the lesser. If a contributor dies while still in the public service, and leaves a widow, the same compensation shall be payable out of the Consolidated Fund to his personal representative as would have been payable to him if he had retired compulsorily from the public service immediately before his death, and no moneys shall be payable out of the fund except the amount of his contributions.

When any place or office in the public service is declared to cease to be subject to the Act, any of the officials who are contributors may within 12 months, with the consent of the Board, cease to be contributors, and may receive a refund of their contributions less any sums already received by them.

That portion of the Civil Service Insurance Act, 1893, relating to compensation for loss of office shall not be deemed to have any application to any person who is a contributor to the Public Service" Superannuation Fund, or to the Teachers' Superannuation Fund. In the case of teachers, the computation of retiring allowance in the case of future contributors is to be on the same basis as for the new Public Service Fund contributors.

The education service is to include university professors. The right of election to become contributors to the teachers' fund is to be revived, the last day being fixed at July 1, 1911.

In regard to the Government railways superannuation scheme, the retiring allowance in the case of future contributors is fixed the same as in the case of teachers and contributors to the Public Service Fund.