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Wednesday, 31 March 1965

Senator HENTY - The Treasurer has supplied the following answers-

I and 3. I am not aware of any dissatisfaction about the Defence Forces Retirement Benefits Fund having been expressed by contributors who have joined the Services since the 1959 legislation. However, the Treasurer has received representations regarding the high rate of fortnightly payments by some of the pre-1959 entrants to the scheme and the reply to the honorable senator's question was delayed by consultations that are proceeding with the Services on additional means of resolving this difficulty.

2.   Contributions to the Defence Forces Retirement Benefits Fund are compulsory for all members of the Permanent Forces who arc over 1.8 years of age and who, in the case of other rank members, have engaged to serve for at least six years. However, those pre-1959 entrants who would have been required to pay a high rate of fortnightly contributions, consequent upon an increase in pension entitlement shortly before retirement, have had three options not to contribute for the additional pension entitlement resulting from amending legislation. They have also had the alternative of deferring payment of portion of their contributions until retirement.

4.   The balance of the Fund at 30th June 1964, was £26,252,816.

5.   The last actuarial investigation of the Fund, in respect of the quinquennium ended 30th June 1959, revealed a small surplus. The investigation at 30th June 1964, is in progress.

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