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Thursday, 17 March 1966

Mr Webb b asked the Treasurer, upon notice -

1.   What is the amount of the surplus in the Superannuation Fund?

2.   When will the distribution of the surplus to contributors be commenced, and when will it be completed?

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

As I explained in my statement in the House on 9th March 1966, the final assessment of the amount of the surplus in the Superannuation Fund at 30th June 1962 has yet to be made and is expected to take about three months from the production of the necessary statistical data. This 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.

Nevertheless, in that statement I did explain that amounts totalling more than $2 million have already been paid to some 16,000 pensioners, that the Superannuation Board is now in the course of paying some $806,000 to 7,000 former contributors to the Provident Account and that a further sum of $1,034,000 has been credited to the accounts of present contributors to the Provident Account. In addition, 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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