"
332
1 1 1 1 3 / 885/26
BE RE
PHOTOGRAPHIC-
PUBLIC RECORD OFFICE, LONDON
ALLY WITHOUT PERMISSION OF THE
106
his appointment, and he suggested Colonel A. G. McKendrick, Indian Medical Service (retired) as Colonel Hamerton's successor. The Committee approved the appointment of Colonel McKendrick.
5. The Director reported that he had received a request from Sir John McFadyean for copies of journals, of which the Bureau has duplicates, for the Library of the Royal Veterinary College. Dr. Bagshawe stated that when the request was first received he had thought that there would be no difficulty about this, but that Dr. Balfour, to whom he had mentioned the matter, had suggested that these duplicate volumes should be kept for the new Institute of Hygiene. Dr. Balfour stated that it was only journals which contained illustrations which he was anxious should be kept for the new Institute, and the Committee agreed that Dr. Bagshawe should send to Sir John McFadyean any journals which the Bureau did not want and which were not required for the new Institute of Hygiene.
Annexure to No. 30.
TROPICAL DISEASES BUREAU. DIRECTOR'S PENSION.
Introductory.
1. THE question of pension provision for the eventual retirement of Dr. Bagshawe was first raised at the Twenty-first Meeting of the Managing Com- mittee on 16th October, 1918,* when it was decided that £250 be set aside annually as a "Provident Fund" "to be devoted to such purposes as the Committee might think suitable."
2. The question was again considered at the Twenty-seventh Meeting on 20th January, 1921,† when Sir Herbert Read contrasted Dr. Bagshawe's salary of £800 with that of the Director of the Imperial Bureau of Entomology who then received £850 a year with the Civil Service bonus, which brought his total up
"to about £1,400 a year." The Committee décided to increase Dr. Bagshawe's salary to £1,000 a year, and informed him that the question of his pension would be gone into, and that if this was "found impracticable the Committee would consider the possibility of a further increase.
"
3. The next reference to the subject was made at the Thirty-first Meeting on 24th November, 1922, when the matter was referred to a sub-Committee§ appointed to review the financial position and prospects of the Bureau. This sub- Committee met on 8th December, 1922. They decided to leave any definite recom- mendations until the result of an appeal for increased contributions for the Bureau was known, but they expressed the opinion that the figure to be aimed at in fixing a pension for Dr. Bagshawe at age 65 was £800.
4. The Managing Committee received the report of the sub-Committee on 26th January, 1923, and decided that before further consideration the Secretary should discuss the question with the Crown Agents for the Colonies.
5. On 8th February, 1924, the Secretary presented a memorandum embodying the results of his discussion with the Crown Agents. No decision was come to by the Committee, but Dr. Bagshawe was asked to ascertain from some good insurance company what premium would be necessary to produce the annuities set down in the Secretary's memorandum, which annuities are on the lines of those granted to Home Civil Servants.
These figures are:-
Annual pension.
£ 8. d.
Plus lump
sum payment.
In
£
8. de
1924
280 0 0
933
6 8
1925
292 10 0
966 13
4
1926
305 0 0
1000 0 0
1927
317 10 0
1033 6 8
1928
330 0 0
,1066 13 4
1929
342 10 0
1100 0 0
1930
355 0 0
1133 8 8
*See No. 59 in Miscellaneous No. 821.
+ See No. 65 in Miscellaneous No. 321. * No. 24. The Sub-Committee consisted of Sir Herbert Read, Dr. Andrew Balfour, with the Director, and the Secretary of the Committee.
No. 25.
107
Annual pension.
Plus lump sum payment.
£ s. d.
1166 13 4
In
£ 8. d.
1931
367 10 0
1932
380 0 0
1200 0 0
1933
392 10
0
1233 6 8
1934
405 0 0
1266 13 4
1935
417 10 0
1300 0 0
1986
1333 6 8
430 0 0 Proposals.
6. The Societies selected by Dr. Bagshawe for enquiry were (a), the Legal and General Life Assurance Society, Ltd., and (b) the Equitable Life Assurance Society. Both Societies are on the list of approved Societies selected after expert and independent actuarial enquiry in connexion with the Federated Superannuation System for Universities.
The
The Legal and General Assurance Society is a proprietary company paying interest (dividends of 18 per cent. free of income tax were paid in 1922 and 1923) to its shareholders; the Equitable Life Assurance Society is a Mutual Office, and the whole of the divisible profits are allotted to participating policy-holders. benefits offered by the former Company are to be regarded as definitive; in the case of the latter the amounts of the annuities with return of premiums are the guaranteed minima for the premiums named and are likely to be larger.
7. The Societies were asked to quote rates, with and without return of premiums, for securing Deferred Annuities
(a) of £367 10s. Od. at age 60, i.e. in 1931. (b) of £430 08. Od. at age 65, i.e. in 1936. Their quotations are as follows:-
Legal and General Assurance Society.
£8.
d.
(a) Annuity of £367 10s. at age 60 with
return of premiums
do. without return of premiums
(b) Annuity of £430 at age 65 with return
of premiums
do. without return of premiums
t
•
Equitable Life Assurance Society.
£ 8. d.
490 0 0*
498 18 Ot
456 10 0
453 14 0§
.
271 1 0*
267 10 Ot
221 12 0
219 0 0§
Legal and General.
Equitable Life.
£ s. d.
£ 8. d.
9 8 4
9
10 16
4 2 4
The guaranteed rates of Annuity to be allowed for each £100 available on retirement are
10 13 0
At age 60 At age 65 8. With one exception, the annual premiums asked by the Equitable Life Assurance Society are lower than those asked by the Legal and General Assurance Society for comparable benefits, and in all cases the terms of the Equitable Society's proposals, in the event of death or surrender and in the matter of Cash Options, appear to be slightly more advantageous to the beneficiary. The preference seems, therefore, to lie with the Equitable Life Assurance Society.
9. To meet the requirements of the figures in the Secretary's Memorandum (see paragraph 5 above) for the Civil Service Superannuation provision, arrange- ments have to be made for
(A) the lump sum gratuity, equalling one thirtieth of the annual salary for each year of service up to a maximum of one and a half times the salary.
* The amount returnable in the event of death or surrender before the Deferred Age is equal to all the premiums paid with three per cent, compound interest.
The amount returnable in the event of death or surrander before the Deferred Age is equal to all the premiums paid with 31 per cent. compound interest.
There is no payment whatever in the event of death before the Deferred Age. In the event of aur- render of the policy a cash value of 50 per cent, of the premiums paid would he allowed, subject to medica examination; or a fully Paid-up Policy would be issued proportionate t the number of premiums paid, without medical examination. The Cash Option on maturity is conditional upon the Annuitant passing a satisfactory medical examination at the time.
There is no payment whatever in the event of death before the Deferred Age. In the event of the nurrender of the policy a cash value equivalent to the premiums paid accumulated at 34 per cent. would be allowed, subject to evidence of health, or a Paid-up Policy would be issued at least proportionate to the sumber of premiums paid. The Cash Option on maturity is payable without evidence of health either at maturity or after.