SUPERANNUATION

New Zealand Times, Volume XXXI, Issue 6995, 8 December 1909, Page 7

SUPERANNUATION

FOR UNION COMPANY'S FLEET OFFXCEBS. SCHEME ADOPTED. COMPANY GIVES TWENTY THOUSAND POUNDS. Much interest has been centred for some time past by tho shipmasters and deck and engine-room officers of the Union Steamship Company's service concerning a superannuation scheme. Word has been received of a highly successful conference held in Dunedin last Thursday and Friday which has resulted m the adoption of a scheme for the formation of a Superannuation Association tor the masters, officers and engineers m the company's employ, numbering, roughly, Übout 450 men.

There were present at the conference Sir James Mills, managing director .of the company; T. W. Whitson, the company's secretary; Captain Strang, Marine Superintendent; Captain D. J. Watson, secretary of the Merchant Service Guild; Mr A. Wallis, a chief officer; Mr A. R. Hislop, secretary of the Institute of Marine Engineers; Mr H. S. Baldwin, a chief engineer; and Mr G«o. Leslie, actuary. HANDSOME SUBSIDY.

It was arranged that the Union. Company will contribute a sum of .£20,000, to ensure the stability of the fund. I hot amount will comprise • .£IO,OOO cash, and. .£IOOO per ann'uni for ten years, to coyer the back service of members now in the company's employ under 53 years of age, so that thoy niuy count for pension from the dato of joining the service. The association is to be managed by a board of trustees, comprising two to be nominated by the company, two to be elected annually by the deck officers, and two by the engineers. The trustees will elect their own chairman, and the chairman of any meeting is to have U deliberative and also casting vote; three trustees to form a quorum. PROVISIONAL TRUSTEES.

The first general meeting will bo held within six months of the formation of the association, and until that date the following will be the board of trustees: Captain D. J. Watson and Mr A. Wallis, representing masters and officers; Messrs A. 11. Hislop and H. S. Baldwin, representing the engineers: and Messrs C. Holds-worth and T. W. Whitson, representing the Union Company. Contributions to the fund are to commence from January Ist next.' Payments will range from per cent, of the annual salary of'members under 25 years of age on joining the association, up to 12i per cent.,. for members 'between "50 and 53 years of age on joining.- ;• AGE OF RETIREMENT. The age of retirement by members who have been ten years or longer in the service is to "be 63 years. The directors are to have the option of retiring Gny member between the ages of 58 and 63 years, and similarly every member may retire voluntarily between 58 and 63 years of age. The maximum age for joining the association is ; to be 53 years. The directors may, in special cases, see fit to extend tho limit of age, the superannuation allowance or pension to be that pertaining to C 3 years, and contributions will cease at that age. • AMOUNTS OF PENSIONS. The pension on. retirement at 63 years of age will be one-sixtieth of the annual salary for each yiAir of service from appointment as officer or engineer, limited to two-thirds of the average . annual salary, with a maximum of .£3OO. Tho perjsion on retirement between the ages of 58 and 63 years is to be oneeightieth of the average annual salary for each year of service. Members retiring voluntarily before attaining the superannuation age ape to receive a refund of the total amount contributed by them, 'providing tliat they have contributed for a yeUr.or over. Members retiring before attaining- the superannuation ago' in consequence of incapacitation, or any other cause, or owing to rctrencliincmt, are to receive a refund of all contributions, with compound interest 'at the rate of 3J per cent., 'calculated yearly. ■• A similar refund will be made if a member dies before attaining the superannuation age. Any member retiring from the company s service owing to a serious breach of_ regulations or continuous misconduct will not get any refund of his contributions. '\

On the retirement of a member for any other reasons the trustees are empowered to exercise their discretion whether any refund he allowed. Option is to be offered to members at present of 50 years and over to contract tor half benefits by paying half rates. It has been agreed that all captains, deck officers and engineroom officers of 53 years of age and under now in the company's service are to become members, of the association on its establishment, and all captains, deck officers and engineroom officers who hereafter j oin the service are tq become members. In the event of a member becoming entitled to a superannuation allowance and dying before he has drawn two years' complete allowance,, and leaving a wife and child or children, payments will be made to the widow or the deceased's legal representative equal to two years' superannuation allowance, with power of the Board of Trustees to make payments equal to three years' superannuation allowance. HISTOBY OF THE MOVEMENT. The scheme, which has been well received by the men, offers a great advantage to the members, ensuring as it does provision for life for each member who attains the superannuation age, 63 years, if they have been ten years or longer in the service. The proposals were initiated by Captain D. J. Watson and Mr A. R. Hislop and the financial basis for the scheme was computed by Mr G. Leslie. In 1905 the company's clerical staff, inaugurated a superannuation echenie, which has proved satisfactory. .The masters', officers' and engineers' superannuation movement is not intended to affect the life insurance provisions at present made by them.