FRIDAY, NOVEMBER 4, 1977
NEW WIDOWS' AND CHILDREN'S PENSIONS SCHEME
FOR CIVIL SERVICE GAZETTED
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GOVERNMENT TODAY (FRIDAY) GAZETTED A NEW PENSION SCHEME FOR THE DEPENDANTS OF CIVIL SERVANTS, REPLACING THE ONE DATING BACK TO 1908.
THE NEW SCHEME, WHICH A GOVERNMENT SECRETARIAT SPOKESMAN SAID WILL +REFLECT MORE ADEQUATELY PRESENT DAY CIRCUMSTANCES AND NEEDS,+ IS KNOWN AS THE WIDOWS' AND CHILDREN'S PENSIONS SCHEME.
IT IS DESIGNED TO PROVIDE, FOR A RELATIVELY SMALL PREMIUM, REASONABLE COVER THROUGHOUT AN OFFICER'S SERVICE, AND ALSO TO GIVE SOME PROTECTION AGAINST INFLATION AND SOME RECOGNITION OF HIS ADVANCEMENT IN THE SERVICE.
EVERY PENSIONABLE MALE OFFICER APPOINTED AFTER THE SCHEME COMMENCES MUST CONTRIBUTE TO IT. CONTRIBUTIONS WILL BE THREE PER CENT OF HIS SALARY UNLESS AN OFFICER CHOOSES TO PAY FOUR PER CENT IN RETURN FOR A BETTER WIDOWS' PENSION.
THE SPOKESMAN SAID SERVING PENSIONABLE CONTRIBUTORS TO THE EXISTING SCHEME, KNOWN AS THE WIDOWS' AND ORPHANS' PENSION SCHEME, WILL BE GIVEN THE OPTION TO JOIN THE NEW SCHEME OR TO REMAIN IN THE PRESENT SCHEME WHICH WILL GRADUALLY RUN DOWN. OFFICERS EXEMPTED FROM THE OCEL IGATION TO CONTRIBUTE TO THE EXISTING SCHEME WILL BE ABLE TO JOIN THE NEW SCHEME IF THEY WANT TO.
HE SAID THE NEW SCHEME WILL REFLECT AN OFFICER'S PRESENT AND FUTURE CIRCUMSTANCES BY RELATING PENSION TO HIS PERIOD OF CONTRIBUTORY SERVICE AND TO HIS SALARY AT THE TIME OF HIS RETIREMENT CR DEATH. IF AN OFFICER DIES YOUNG, THERE WILL BE AN ASSURED MINIMUM BENEFIT, IN MOST CASES, CORRESPONDING TO 20 YEARS' CONTRIBUTORY SERVICE.
UNDER THE EXISTING SCHEME AN OFFICER CONTRIBUTES FOUR PER CENT OF HIS SALARY OR HE CAN CHOOSE TO CONTRIBUTE AT A FIXED RATE OF $125 PER MONTH WHEN HIS SALARY FEACHES 03,125 PER MONTH.
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THE SPOKESMAN SAID THIS SCHERE WAS INTRODUCED AT A TIME HEN MORTALITY CONDITIONS WERE VERY DIFFERENT FROM WHAT THEY ARE TODAY. +ITS BENEFITS ACCORDINGLY PROVIDED MORE FOR EARLY DEATH AND LEFT THE MIDOWS OF OFFICERS WHO DIED LATER IN LIFE WITH RELATIVELY LOW BENEFITS,+ HE SAID. THE SPOKESMAN ADDED THAT THE SCHEME WAS COMPLEX AND NOT EASY TO ADMINISTER.
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