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Thursday, 17 March 1966

Mr Clyde Cameron n asked the Treasurer, upon notice -

1.   What is the reason for the delay in the distribution of the Superannuation Fund surplus?

2.   When will contributors receive their share of the $11.2 million surplus?

Mr McMahon - The answer to the honorable member's questions is as follows -

In my statement in the House on 9th March 1966 I outlined the progress that has been made since legislation was passed late last year authorising the distribution of the surplus in the Superannuation Fund. In the course of that statement, I explained that amounts totalling more than $2 million have already been paid to some 16,000 pensioners and that the Superannuation Board is now in the course of paying some $806,000 to 7,000 former contributors to the Provident Acount. An additional sum of $1,034,000 has been credited to the accounts of present contributors to the Provident Account.

The distribution of surplus to existing contributors to the Superannuation Fund is dependent on an actuarial recalculation of the surplus in the Superannuation Fund as at 30th June 1962. As I said on 9th March 1966, this is expected to take about three months from the production of the necessary statistical data which is being taken from the computer in conjunction with the adjustments of individual amounts of fortnightly contributions for some 120,000 contributors that are now nearing completion. However, payments totalling $12 million representing refunds of excess contributions that have accumulated since 1st July 1962 are about to be made to contributors and the reductions in their fortnightly rates of contribution will apply from 31st March 1966 onwards.

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