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Thursday, 4 June 1970

Mr BURY (WENTWORTH, NEW SOUTH WALES) (Treasurer) - Whether portability of pensions should be extended is a matter of considerable controversy and difference of opinion. What might be called the enlightened - if that is the word - movement is towards making pensions more portable and for individuals to be able to carry their rights from job to job during their working lives and either collect benefits in separate funds which are actually assessed and which will support them eventually in their old age, or to move from one pension fund to another. This is a matter of opinion. A good many people, particularly some employing groups which offer superannuation schemes as an inducement to staff to spend a long time with them rather than to move continually, would feel against it. On the other hand, there is a need for certain flexibility and movement in the labour field and this, of course, is promoted and helped by growing portability of pensions.

As far as the growth funds linked with life policies are concerned, this again is a matter of considerable controversy. In Britain, for instance, and many other countries this is regarded as a wonderful hedge against inflation so that as this amount is accumulated during life it will be used in an effective way to increase the benefits. Others see it as a very risky form of investment. But these are 2 questions that I do not feel I could resolve.

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