SUPERANNUATION.

New Zealand Times, Volume XXXII, Issue 7021, 8 January 1910, Page 6

SUPERANNUATION.

THE UNION COMPANY'S SCHEME. A CONFERENCE PROBABLE.. The dissatisfaction , among officers and .engineers in the employ of the Union. Steam Ship Company concerning the recently formed superannuation scheme will result probably in a meeting of the men being convened at an easily date to discuss the petition. Nearly 500 men (are concerned in the operation of the scheme, and it is believed that the only (satisfactory way of arriving at a settlement which will he acceptable to the majority of them is to call a meeting at iVVdilington. Then the features of the scheme which are considered undesirable may be amended in a manner which •.will make the project more acceptable to (the bulk of the men. There is a large section, comprising and engineers, who are anxious to see the scheme become a success, and many of them have expressed this desire to a “Times" representative. They say they are hopeful of a settlement if common-sense is brought to bear in this direction. On the other hand, there is ; n small proportion representing juniors who do not like the scheme owing to. .the rate of contribution they are re-s----quired to pay. • S It is, however, clause 6 of the provis-S ions of the sdheme which is the principal | object of condemnation. This clause | provides that any member retiring from! ■the company's service owing to a serious | •breach of regulations or continuous mis-13 conduct will not get any refund of his | contributions, and also on the retirement 1 of a member for any other reasons the trustees are empowered to exercise their , .discretion whether any refund be al- J lowed. Several of the officers and en- 'i igineers have stated that this should not i (prove an insurmountable obstacle toj what they believe to be a veritable boen| .to them. The elimination, or the amend-! ment of this clause would gratify the de-| sire of a large body of officers and engineers. . An officer, who recently arrived. from . .Dunedin, explained to a “Times" reporter that clause 6 was embodied by the (actuary in his scheme as he presented it! to the conference at Dunedin cm December 2nd and 3rd. The introduction (of this clause was evidently brought ,about for the purpose of adding another factor to the stability of the fund. The dissentients to this feature say that dismissal from the company's employ is a sufficient penalty without forfeiture of. ■Slieir savings from the money earned by them- . Those who are in a position to know (contend that the endowment of .820,000 by the Union Company is a magnanimous gift on the part of the company. It .would be a pity, they say, if the men fail bo recognise, the worth of the scheme. The company, it is understood, pay away a fair sum annually in the form of retiring pensions, but this amount would be only a fractional portion of the interest on .£20,000. It seems, however, that a meeting would clear the position, and the men would be able to effect a settlement.