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Thursday, 12 May 1960

Mr L R JOHNSON (HUGHES, NEW SOUTH WALES) - I preface my question to the Minister for Social Services by reminding him that many age, invalid and widow pensioners are being deprived of higher rates of pension through lack of information on the subject of annuities. Will he consider my proposal that an explanatory pamphlet on this subject be prepared for distribution through post offices? Will he take the necessary steps to ensure that pensioners and intending pensioners are afforded adequate protection from certain unscrupulous investment and insurance companies which, by way of annuity arrangements, fleece pensioners and others of their meagre savings? With a view to channelling funds into secure public investments, will the Minister consider the formulation of an arrangement whereby pensioners will be able to purchase annuities by investing in Commonwealth bonds?

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