The report of the Pension Committee was presented by Archdeacon Hobson with the assistance of Mrs. J. Mason and Mr. J. McPherrin.
Archdeacon Hobson reviewed the report and announced that a newsletter is going out twice a year to all pensioners of the Church.
Text of motion
That the National Executive Council approve the following amendments to the Pension Regulations:
- 7.7 When a restricted member has completed ten consecutive years of contributory membership in the Plan he shall become a full member of the Plan.
Add to Regulation 11.2 a new section (b) which reads:
- If the member does not apply for the benefit when the normal retirement date is reached, the benefit shall be increased by adding to the accrued pension benefit six-tenths of one percent for each full month that the application is deferred beyond the last day of the year in which the member's 65th birthday occurs.
- Renumber sections 11.2(b) and those following.
Add to regulation 11.2(d) (new number 11.2(e)) the following sentence:
- However, if the member was over 55 years of age at the time his pension account was frozen and had participated in the Plan for ten or more years the death benefit shall not be reduced.
Section 18.2(d) shall be deleted and a new section 18.3 added which reads:
- 18.3(a) If a member chooses not to retire when normal retirement age has been reached, assessments will continue to be required. All such assessments received after the last day of the year in which the member's 65th birthday occurs shall be deemed to be additional voluntary contributions in accordance with Regulation 14.
- (b) No assessments will be accepted after the member attains the age of 71, at which age the monthly pension becomes payable.
- The present sections 18.3, 18.4 and 18.5 shall be renumbered.
Add to Regulation 18 a new section 7.
- 7.(a) If an active member with ten or more years of contributory membership has not retired by December 31 of the year in which the member's 65th birthday occurs the accrued pension benefit of the member shall be frozen as of that date.
- (b) When such a member does apply for the retirement benefit there shall be added to the accrued pension benefit six-tenths of one percent for each full month that the application is deferred beyond the last day of the year in which the member's 65th birthday occurs. CARRIED