PM Transcripts

PRIME MINISTER
FOR MEDIA Monday, 28 March,_ 1933
During the election campaign I promised to institute a review
of the Parliamentary Contributory Superannuation Scheme.
In particular, the review considered limiting the commutation
of benefits to a lump sum payment.
Restrictions on payment of benefits where beneficiaries were
in receipt of-Government salaries or payments were also
examined.
The review recognised the concern expressed about the level
of some lump sum payments and the potential for larger payments
in the future.
As a result of the review, Cabinet will soon consider a submission
to amend the Parliamentary Contributory Superannuation Act so
that: commutation of the pension to a lump sum payment will
be limited to no more than 50% of the parliamentary
pension;
where a member who has commuted part of his or her
pension dies, the spouse's annuity will be related
to the residual pension and not the pension that
would have been payable had the member not commuted;
the pension or annuity payable to a member of spouse
will be reduced by any salary he or she receives as
the holder of an office of profit under the Crown
( including an office with the Commonwealth, a State
or Local Government or any authority or agency of those
governments) or pension or spouse's annuity arising
therefrom; in this context, the member or spouse will
be required to give notice of taking up, or intending
to take up, any office of profit under the Crown; and
a member who opts to commute part of the pension will
be prevented from accepting an office of profit under
the Crown for a specified period.
After Cabinet has considered the amendments, it is probable that
they will be introduced in the May sittings.
The changes will only apply to M. P.' s retiring from Parliament
after the date of the proclamation.