Evidence of Benefits – 1958 Regulations

The pension formula was amended in the Deed of Variation dated 6 May 1958 to improve the pension benefit to male officers retires or is retired due to ill health or retrenchment.

The amended pension formula took effect from 30 June 1956.

The amended pension formula is:

[Years of Service] /[Age when Leaving Service] times [Final Average Salary]

where [Final Average Salary] was originally averaged over the last 10 years of service, however from 17 January 1961 the averaging period was reduced to the last 7 years of service {which was later reduced to 5 years and then 3 years}.

Member contribution rates were increased to 5% effective from 1 February 1957 and the sponsoring employer contributed an equivalent amount.

This benefit formula is confirmed by the consolidation Deed of Variation dated 6 May 1958.

1958 Consolidation Deed of Variation

A copy of the 1958 Regulation Booklet was obtained from the estate of G.A. Manning who was one of the natural person trustees of the Fund.

Geoffrey Arthur Manning was elected the Chairman of the Trustees on 3 March 1964.

G.A. Manning (1901-1980) joined Goldsbrough Mort & Co Ltd in 1917 and became General Manager in 1960. He was one of three representatives of the firm during the negotiations of the merger with Elder Smith & Co Ltd in 1962 and was appointed Assistant General Manager of Elder Smith Goldsbrough Mort Ltd.

After his retirement he took up a Visiting Fellowship at the Australian National University and wrote the Book: “The Elder Smith Goldsbrough Mort Merger” which was published in 1970.

On page 45 of his book G.A. Manning in reference to 20 staff who were made redundant due to the merger:

“They received from their actual retirement date the normal retirement benefit, reduced for their actual age at retirement in accordance with the appropriate deed”

.

This statement also confirms that pensions were payable immediately in the event of retrenchment (ie forced retirement).

  Regulations cover 1958 GA Manning     Regulations 1958 cover   Benefit formula 1958

Cover of the book written by G.A. Manning.

GA Manning Book