SUPERANNUATION FUND

Timaru Herald, Volume CXXXVII, Issue 19626, 21 October 1933, Page 6

SUPERANNUATION FUND

RAILWAYME.VS decision. By Telegraph Pr«s» Association WELLINGTON. October 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. Considerabl discussion took place with regard to the Investment of accumulated funds. 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 saving-, 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 £1.330.0" 1 was invested, but from the e idence taken before the Select Committee of Parliament, it would appear that part of the oner. were 1 vested in Government securities, and part used to pro vide credit in the shape of advanoes for the development of primary and secondary industries. The committee felt that owed a duty to superannuitants. 'ho were really in the position of beneficiaries, and an investigation was decided upon, and as a preliminary it was decided to obtr information