SUPERANNUATION FUNDS.

Taranaki Daily News, 5 August 1932, Page 6

SUPERANNUATION FUNDS.

The condition of the superannuation funds from which retiring allowances are paid to pensioned civil servants has caused anxiety "for some years, Before the depression raised economics to the position of first importance in the affairs of the Dominion the then Prime Minister, Sir Joseph Ward, expressed concern in regard to State superannuation, funds. They were, he feared, actuarially unsound and a very largo sum would he required to put the funds on a proper* basis. His successor, Mr. Forbes, has made similar observation's from time to time, while the retirement during the past two years of many highly-paid officials has made the position even more acute. Mr, Forbes has hinted that a revision of the whole, scheme may be necessary, and that it must include among other conditions a limitation of the maximum pension payable to any retiring civil servant. The suggestion has been made that any modifications might have to be retrospective} that is, they would apply to civil servants now in receipt of pensions. Naturally, these people are protesting against the proposal, maintaining that they were contributors tg a fund which promised certain results and they have a right to the pension they are now receiving. One speaker at the meeting of the Superannuated Public Servants 1 Association, Mr. Marcus Marks, complained that the public did not understand the real position in regard to superannuation. He is probably correct jn thia Statement, and it is a condition which the association might set itself to alter. .No one wishes the pensioned civil servant to suffer any injustice. At the same time every other section of the community has been called Upon to accommodate itself to lower economic values in incomes of every description, If the pension system is unsound and is costing more than the country can afford it will require alteration. There is all the more reason for putting the real position before the public, and Mr. Marks and his colleagues should spare no efforts in this direction.