Page 40 - Group Insurance and Retirement Benefit IC 83 E- Book
P. 40

The  1935  Act  also  contained  provisions  whereby  prospective  pensioners  were

                   empowered, within three months preceding retirement, to surrender a part, not exceeding
                   one-third,  of  their  pension  in  favor  of  an  approved  dependant.  The  option  became

                   effective only on proof that the pensioner was in good health at the time of retirement.
                   The amount of pension secured by the beneficiary depended on the relative ages of the

                   pensioner and the beneficiary, and the tables published by the Government Actuary for
                   this  purpose  are  used  as  the  standard  for  practically  every  similar  scheme  for

                   apportionment. A point of interest is that the beneficiary's benefit under virtually all other

                   schemes is a reversionary annuity (since tax difficulties arise otherwise in connation with
                   ' 1921 Act' funds) but the benefit to a spouse under the 1935 Act may be an immediate or

                   a reversionary annuity. It may be noted that where a beneficiary receives an immediate

                   annuity the amount is doubled on the death of the officer pensioner.
                   (v) Miscellaneous developments which may be mentioned in passing govern the reckon

                   ability of service. Originally, only established civil  service was  pensionable;  gradually
                   the  scope  was  widened  to  include  un  established  service  (at  half  length),  with

                   discretionary aggregation of discontinuous service, other public service not subject to the
                   Superannuation  Acts,  etc.  The  1935  Act  recognized  approved  local  government  and

                   teaching service for qualifying purposes only (since such service attracts normal benefits

                   under  the  appropriate  schemes);  and  Regulations  under  the  Superannuation
                   (Miscellaneous Provisions) Act, 1948, which are in course of issue will give complete

                   recognition to such service for all purposes, subject to payment of the appropriate transfer
                   values.

                   For civil servants who, by reason of their being required to possess 'professional or other
                   peculiar qualifications not ordinarily to be acquired in the public service', enter at late

                   ages, there was, at one stage, a power to add years, not exceeding 20, for calculation of

                   benefits. This has now been superseded
                   by a power to approve increased reckon ability, at the rate of eight-fifths of a year for

                   each  year  of  actual  service,  for  entrants  after  age  40,  with  a  provision  extending  this

                   benefit in a modified form to entrants aged between 35 and 40.
                   (vi) The Superannuation Bill, 1949, includes two entirely new developments. The first

                   relates to the maximum benefit. Hitherto service after 40 years has attracted no pension
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