SUPERANNUATION FUNDS

Otago Daily Times, Issue 22060, 16 September 1933, Page 12

SUPERANNUATION FUNDS

POSITION CAUSES ANXIETY MODIFICATION OF BENEFITS CONFERENCE TO BE HELD (Per United Press Association.) WELLINGTON, September 15. An important statement in connection with the Government Superannuation Funds Bill was made by the Acting Prime Minister (Mr J. G. Coates)' tonight. This Bill was the subject of voluminous and conflicting evidence before a parliamentary select committee last session, and as a result the committee recommended that the Bill be not proceeded with during that session. Mr Coates said that a comprehensive statement of the position into which the funds have since moved was at present receiving the close attention of the Government. The situation was causing anxiety. In view of the fact that members of the service had contributed over £8,000,000— twice as much as the State—to the funds, the Government had a sincere desire to meet its reasonable liabilities and keep faith with its servants to the greatest extent possible. It appeared to be clear, nevertheless, that the public servants themsclvc* should be acquainted with the present position which might require that they should accept some modification of the existing and prospective benefits. Prompt action was necessary and to accelerate progress Mr Coates said that It had been decided to invite two representatives of each of the service organisations affected to confer with representatives of the Government with the object of securing their views and if possible reaching an agreement upon some concrete proposals which would lead to results and would he satisfactory to all parties in the light of the necessity for placing the superannuation funds on a permanently sound financial basis.