SUPERANNUATION FUNDS

Taranaki Daily News, 12 September 1930, Page 7

SUPERANNUATION FUNDS

“AN UNSATISFACTORY POSITION.” i tUSCUSSION IN UPPER HOUSE. By Telegraph.—Press Association. Wellington, Last Night. When the Legislative Council met today Sir James Allen moved that there should bo laid on the table this session a copy of the order of reference given the committee set up in accordance with the proposal of the late Minister of Finance, Sir Joseph Ward, to inquire into and report to the Government on the position of the superannuation funds, and that it was desirable that the report of the committee should be furnished to Parliament this session. Sir James Allen said it was desirable that the public should be enlightened as to the state of the superannuation funds, which were in an unsatisfactory position. The State had a responsibility which it could not escape. The main reason for the unsound position of the funds was the failure of the Government to pay the amounts recommended by the actuaries. Sir William Hall-Jones said the Government had paid every penny it was required by the Act to pay and he saw no reason for doing as Sir James Allen suggested. The Hon. J. A. Hanan endorsed the case made out by Sir James Allen. In recent years, he said, there had been an orgy of expenditure. If they did not keep the’ funds sound they would be open to the charge of repudiation. Sir Francis Bell supported Sir William Hall-Jones and said he could see no reason why the Government should pay £2,000,000 as a gesture of the Govern ment’s willingness to honour a contract already made. The Hon. D. Buddo said the present was not an opportune time to bring down the proposal. The debate was adjourned.

The Unemployment Bill was read a second time pro forma and referred to the Labour Bills Committee.