ABSTRACT
Superannuation may be described as a retiring pension related by a defined scale to the recipient’s length of service and rate of salary. Unlike other forms of pension, superannuation necessitates the keeping of individual records of all those covered. Superannuation schemes allow those undertakings which adopt them to enforce a retiring age for their employees without inflicting injustice on those who have grown old in their employ. The most fundamental distinction between superannuation schemes is based in the methods by which they are financed, between contributory and non-contributory schemes. A majority of superannuation schemes at present in operation are contributory; that is to say, the pensions are paid from funds subscribed jointly by employers and employed. The superannuation scheme for local government officers is somewhat similar to that for teachers, although the details differ. This is necessarily so, for the scheme covers a far less homogeneous group.
