RAILWAY SUPERANNUATION

Taranaki Daily News, 21 October 1933, Page 7

RAILWAY SUPERANNUATION

ASSOCIATION EXECUTIVE MEETS. INVESTIGATION DECIDED UPON. By Telegraph—Press Association. Wellington, Oct. 20. A full meeting of the executive committee of the Railway Superannuitants’ Association last evening discussed the position of the fund. The association’s statistician presented a comprehensive review of the fund for submission to the Minister of Finance. A considerable discussion took place with regard to investment of the accumulated fund. Under the Railways Act there was power to make regulations enabling the Public Trustee to invest surplus funds, which now amounted to £1,330,000. Members’ contributions, really their savings, not immediately required to pay allowances are handed to the Public Trustee and become part of the reserve fund. The committee had no definite information how this £1,330,(29 was invested, but from the evidence taken before the select committee of Parliament it would appear that part of the moneys were invested in Government securities and part used to provide credit in the shape of advances for the development of primary and secondary industries. The committee felt that it owed a duty to the superannuitants, who were really in the position of beneficiaries, and an investigation was decided upon, and as a preliminary it was decided to obtain information.