SUPERANNUATION.

New Zealand Herald, Volume XLIX, Issue 14931, 2 March 1912, Page 7

SUPERANNUATION.

THE PUBLIC SERVICE FUND.

BIGGER SUBSIDIES NEEDED^ [by TELEGRAPH— CORRESPONDENT.] Wellington, Friday. The first accurato report upon the Public Service Superannuation Fund for the triennium, ending December 31,' 1910, was presented to Parliament yesterday afternoon. '/ ,'V.-'-.■'■'. "■.*•' The report states that the number of pensioners on December 31, 1910, was 487, and their ,- pensions amounted to £39,944 per annum. The number of contributors on that date was 8371 with aggregate salaries amounting to £1,358,119, and paying contributions at the rate of £92,589 1 per annum. The income during the period was ' ' £840,558 10s 6d, and the fund at the close of the period amounted to £340,558 10s 6d.

: It is estimated that in addition to the annual subsidy of £23,000 now being paid, further subsidies of £20,000, £24,500,' and £29,000, will be the minimum likely to be required for the years 1911, 1912, and 1913 respectively.' It is quite clear that these subsidies must increase for some years, or the future limit will probably be 'between £80,000 and £90,000. The actuary recommends that the most satisfactory: course will bo to strike a fair average subsidy for < the next three years, and make it £48,000 per annum for the triennium.

The subject of amendments of the Act is discussed by Mr. Fox, who declares that" it is detrimental to the fund to have tho benefits continually interfered with. He is very strongly of opinion that after this investigation it should be determined what amendments are desirable, make them, and let the service clearly understand that the benefits will not be altered again for better or for worse, so long as the fund is conducted on the present lines. It will be a credit to the Dominion, and an institution able to stand any investigation, and to which its members should be proud to belong.