Page 56 - Group Insurance and Retirement Benefit IC 83 E- Book

imposed modifications to avoid duplication of benefits from public moneys. Regulations

under the National Health Service Act, 1946, imposed modifications in respect of local
Health Service staff; moreover, contributors transferred under that Act were empowered

to retain their former superannuation conditions.
The cumulative effect on the 'local-Act' fund with which he was concerned was startling.

In 1947 there were six sub varieties of pension scales and conditions, but the number of
possible sub varieties in that one fund had grown to no less than 136, and its

administration entailed reference to ten public general Acts and forty-two local ones, not

forgetting a wide range of Statutory Instruments and amending schemes. That increase in
complexity resulted entirely from statutory requirements. It might, of course, be claimed

that these arose from advances in superannuation methods and conditions; but they did

not assist practical administration, nor did they show any evidence of a reason approach
to the general question. As he saw it, the need was for a review of the whole field of

public superannuation, his own conclusion being that the introduction of a generally
standardized scheme was long overdue.

The question of finance was a secondary consideration, since unified finance was by no

means essential, though obviously desirable in practice if it could be justified. Mr F. J.

Lloyd, in opening the discussion, said that the paper set out and discussed the various
superannuation schemes which covered members of the public services and employees of

the nationalized boards. While those schemes were of interest to all as tax payers, and to
some as actual or potential members, they were of particular interest to those actuaries

who had to advise on the many problems which arose in day-to-day administration.
Members and management, although partners in a superannuation fund, did not always

take the same view—the members wished to secure the maximum benefits at the

minimum cost to themselves; the management wished to provide reasonable benefits at a
reasonable cost. In those public funds, the members either paid contributions at a fixed

rate, or paid none at all, and the balance of the cost fell on the management.