LIBERAL NON-FORFEITURE PRIVILEGES

Kai Tiaki : the journal of the nurses of New Zealand, Volume VIII, Issue 2, 1 April 1915, Page 108

LIBERAL NON-FORFEITURE PRIVILEGES

STRINGER & BRIDGE

When a member has been connected with the Fund for at least three years and the contributions for upwards of three years have been paid, the member acquires a non-forfeitable interest m the Fund, the amount of which may be utilised as follows : 1 . For payment of a contribution which it is, temporarily, inconvenient for the member to pay — -a small charge being made for interest when the contribution is subsequently paid by the mem' ber. 2. For the acquirement of a fully paid up interest m the Fund, the amounts of which will become payable at death or on attainment of the maturity period originally selected m like proportion to the original provisions of the Fund. The amount of such interest will be governed by the duration of membership and amount of contributions already paid. It will be apparent that during the early stages of the member's connection with the Fund the proportion of the total contributions to the heavy liability carried will be small, consequently the amount of the fully paid up interest cannot be expected to exceed the amount of contributions, but as the duration increases, the ratio which the fully paid up interest

bears to the total contributions will become greater year by year. 3. Members have the privilege of drawing the cash value of the fully paid Up interest m the fund — thus finally terminating all" further interest m the benefits of the Fund, and the amount of such

cash value shall be the present value of the amount which the member would be entitled to draw on attainment of the maturity period originally selected or of the amount which would become payable on the death of the member.

Trustees.