RAILWAYS SUPERANNUATION

Otago Witness, Issue 3624, 28 August 1923, Page 28

RAILWAYS SUPERANNUATION

REPORT BY THE BOARD. (From Our Own Correspondent. t WELLINGTON, August 21 The report of the hoard for the year shows that the superannuation allowances actually paid during the year amounted to £143,365, representing grants for 1280 members of the railway service who have either voluntarily resigned or been retired as medically unfit. Allowances amounting to £15,112 were paid in respect to 427 widows and 573 children dependents of deceased members of the service, who had not retired on superannuation at the time of their death. Payments amounting to £1079 were made to the legal representatives of the deceased members. Under section 86. subsection (c), of the Act, a sum of £18,696, representing contributions of members of the service who had voluntarily retired or whose services were otherwise dispensed with during the year, was refunded to the members concerned in accordance with the provisions of the Act. The balance to the credit of the accumulated fund on March 31, 1923, was £584,2±9 an increase of £40,687. The gross income for the year was £230,689. The income from contributions of members of the fund

amounted to £130,627, or £32,759 less than the actual annual liability on March 31.