TEACHERS' SUPERANNUATION.

New Zealand Times, Volume XXVII, Issue 5731, 28 October 1905, Page 7

TEACHERS' SUPERANNUATION.

STABILITY OF THE FIND. OBJECTIONS RAISED. On the consideration of the report of tho committee on tho Teachers’ Superannuation Bill by tho Hou.se of Representatives yesterday, Mr Fowlds moved, "That this House resolves itself into Committee of the Whole for tho purpose of considering a respectful address to his Excellency the Governor, praying that provision bo made for r.n annual appropriation of £17.000 to the fund, as recommended by tho Education Committee, in order to make the scheme approximately sound.” The Speaker said ho would have to rulo that the amendment was out of order, holding, according to May, that an address to his Excellency could not bo presented in relation to any bill ponding in either House of Parliament.

Mr Fowlds: That simply means that this House has no power at all to approach his Excellency, except with the consent of tho leader of the House. Mr Sod don: The lion, member lias no right to say that. He had plenty of time to place his motion on tho orderpaper/.

The bill was recommitted, and on the motion of Mr Seddon, a clause was added to make provision for tho retention of tho accrued rights of Civil servants (in regard to retiring allowance) who had como into tho Education Department. Tho Minister explained that they had had in tho department those who were appointed native school teachers, who had their rights in respect to retiring allowance, and the present bill conserved to these Civil servants what they were entitled to under tlio Civil Service Act.

On tho third reading, Mr Massey said it should not be left to posterity to make good the deficiency in the fund. Whilst approving tho bill, he thought it was necessary to make provision for placing tho fund on a sound basis.

Mr Fowlds moved his motion regarding the presentation of an address to his "Excellency. Ho claimed that wore it not for tho fact that the day of reckoning was so far off, no Parliament of honest men would pass a bill like this without making provision for the known deficiency in the fund. It was wrong that the peoplq of this generation should not do their auty. Sir Joseph Ward pointed out that tho Education Committee had not recommended the raising of tho capital (assumed at £-100,000). They recommended only that the interest should bo paid, that a sum of money should bo paid into the fund to meet an imaginary capital. Tho previous speaker, however was advocating that, without tho security ot tho Stale, money should bo borrowed, that tho contributors to tho fund were to make up the interest upon it, and that they wero to bo independent of tho House and country. Would tbov got the teachers to approve that kind of policy? Ho did not think so. The only superannuation schemes in’the Old World which had done well had first of all been condemned by the actuaries. Tho railway superannuation fund of the colony at the present time had accumulated funds to the amount of £90,000. Mr Fowlds: You ought to have £900,000. Sir Joseph Ward; Then you don’t want to have the security of tho State at all. Either ono or tho other is a surplusage. From a common-sense point of view, be could say . without hesitation that if they had a superannuation scheme for a service to which a largo number of young people were yearly appointed (as in the Education Department), they strengthened the fund in this manner, and this was a tact that certain members overlooked. Tho security of tho State behind the scheme .wont to make it solid and stable for tho beneficiaries. Messrs J. Allen, McNab, and Millar supported tho view taken by Mr Fowlds that tho scheme should bo made actuarially sound from tho outset. Replying to criticism that the deficits of tho ‘fund would be passed on to succeeding Colonial Treasurers, the Munster for Education-said a monument was bcinu erected and work accomplished in t-fTo passing of this bill which would do more for posterity than any road or bridge over orected iu New Zealand. The guarantee of tho State behind this, scheme was practically equivalent to’ an annual payment into tho fund oi £17,000. Ho hoped ere he left public life, that not only would they have"Buch a scheme for the public servants of the colony, hut that every citizen in the colony would have an opportunity of getting an annuity. Members might smile, but this was much nearer than they imagined, for every step tie Government was taking now was going in "that direction. In five years’ time from this there would be an actuarial calculation. They would then know the true position, and it would then be lor the Parliament of that day to deal with this matter. They could not go very far wrong in taking the responsibility for five years. This year, for tho most, there could only bo a. responsibility of £12.000, because tho -'State was paying £SOOO into tho fund this year. He was satisfied the scheme would receive universal approval from the people of New Zealand! Tho bill was read a third time on the voices and passed. Mr Fowlds’s amendment was ruled out of order.