Page 74 - Group Insurance and Retirement Benefit IC 83 E- Book

used that evening in several senses. But the minimum meaning to be inferred from the

term was that they must periodically have their superannuation liabilities valued, and on
the capital liability left after taking credit for any assets they must at least pay annual

interest. Whether they should pay more than that and accumulate capital over the years,
had been touched on by one or two speakers, but he did not think that the final answer

had been given, and there was not time to deal with so big a subject 32 The Development
of Public Superannuation Schemes that evening. There seemed to be scope for

investigation to decide what advice actuaries should give on that problem, although it was

not only an actuarial but also an economic problem.
The author had referred to the practical importance of 'administrative convenience but he

felt that administration was the second consideration to bear in mind. They must first of

all make up their minds as actuaries whether unification was proper or improper on
financial and actuarial grounds. If it was improper, then no amount of administrative

convenience ought to tilt the scales towards unification.
There were obvious differences between the various schemes they were discussing. The

author had mentioned the many Acts of Parliament to which he had had to refer.
Furthermore there were no doubt anomalies, particularly in regard to the transfer of

funds.

Surely, however, those differences, though not the anomalies, were part of our national
culture? He did not know how many members had heard Mr Birley's Reith Lecture the

previous day, in which he had pointed out the multiplicity of political forms that there
were in the country, and how in that multiplicity lay our genius and strength. The issue

under discussion was a much smaller one, but it should be borne in mind that the
differences which were found between pension funds were not there because of the

incompetence of those who framed the schemes, that the framers were not willfully

obstinate in departing from the pattern set by other schemes nor blind because they failed
to see that a unified scheme was necessary or desirable ; the differences were there

because human problems were being dealt with, and because those who framed and ran

the schemes were human beings. So far as transfer arrangements were concerned, it was
obviously a good thing to eliminate anomalies, and he felt sure that there were many