HC Deb 23 July 1922 vol 155 cc1621-2

(1) The local authority shall establish and administer a superannuation fund to which shall be carried and credited in each year— (e) such amount as may be certified by an actuary as soon as may he after the adoption of this Act, as necessary in order that the superannuation fund may he solvent, to he calculated so as to cast upon the local authority, so far as may be, an equal annual charge for a period not exceeding forty years from the commencement of this Act. (2) The equivalent contribution shall be made out of the same rates and revenues as those upon which the salaries or wages from which the said amounts so deducted are charged.

Amendments made:

In Sub-section (1, e), leave out the words "from the commencement of this Act" and insert instead thereof the words "the appointed day."

In Sub-section (2), after the word contribution "["the equivalent contribution "], insert the words "and the equal annual charge."—[Sir H. Nield.]