PLAN FOR SAVING.

Star (Christchurch), Volume XLIV, Issue 458, 20 May 1932, Page 5

PLAN FOR SAVING.

Displacement of Old Age Pensions. SUPERANNUATION SCHEME. The establishment of a compulsory scheme of superannuation which would, in time, displace the present old age and pension schemes was advocated at the annual conference of the executive of the North Canterbury Farmers’ Union yesterday. Details of the scheme, which originated from the CustEyreton branch, will be forwarded to the Dominion Conference of the Union. The remit read as follows: “That in view of the fact that present times have demonstrated the risk of loss of ordinary investments or of equity in property, and in view of the inability most individuals, including many farmers, to provide against their old age (since in many cases insurance policies and other life-time savings have been hypothecated and lost) this conference recommends the Government to establish a national scheme of compulsory superannuation, such scheme to displace in time the old-age and perhaps other pension schemes, the benefits to be paid, if possible, from the age of sixty, and the contributor’s interest in the fund to be absolutely unassailable and inconvertible for any purpose whatever.” Present Insecurity. Mr E. A. Woodfield (Cust-West Eyreton branch) said that there never was a time when investors felt such insecurity. Men who were getting up in years found their life-savings gone. The scheme was drawn up by, and had the endorsement of, Professor A. 11. Tocker and Mr G. Lawn, of the Department of Economics at Canterbury College. The old-age pension, which in the main was given to those who had not made provision for Jheir old age, came out of the pockets of taxpayers, and the suggested scheme would mean that all would have to make provision for the evening of their lives. The scheme was a good one if it could be brought into operation, stated the president (Mr C. M’lntosh). When the old-age pensions system came into being many people refused the benefits because they considered it was beneath their dignity to accept charity. In that they were wrong for it was the law of the land. The proposed scheme meant that all would lift their life-savings as a right.