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iv) On reaching age 60, there would be a small
retirement benefit, which would be more in the
nature of a "no claims" bonus; and might
therefore be less if a member had received
more than a specified amount of benefit before
reaching retirement. This is designed to
appeal to those employees who do not expect
to be off work sick. How much benefit will
be payable will depend on an actuarial costing,
but it is likely to be of the same order as
in (iii) above.
v) There could be a housing loan facility after 5
years membership.
The amount available might
be based on a formula linked to the total of
contributions already made to the scheme; and
would have to be repaid. To be fair to other
scheme members, a reasonable rate of interest
would have to be paid. It is envisaged that
the sum available would be sufficient for a
downpayment.
vi) Benefits paid under the scheme would be taken
into account when assessing the need for
public assistance in the same way as benefits
paid by an employer.
c) Contributions, costs and funding
i) As a start, employers and employees should
contribute on an equal footing. The aim would
something of the pedon
Л
be to keep contributions down to, 2% each side,
4% in all.
ii) Contributions to the scheme would be paid into
statutory
a separate fund which would be invested on a
commercial basis, or used for housing leans to
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