THRIFT FACILITIES.
While most of these schemes are devised as pension and life assurance rather than savings schemes, they do in fact have valuable thrift features. Members can never lose their own contributions towards pensions. In most schemes three options are available in the event of retirement from the scheme for any reason other than death or retirement on pension. The member may receive back all of his contributions in cash, either with or without interest according to other features of the scheme, or he (or she) may elect to take a paid-up pension commencing at normal retirement date for the amount his contributions have by that time purchased, or he may continue his payments to the assurance company and thus purchase a pension beginning at sixty-five or other chosen age for an amount calculated upon the contri- butions and premiums paid.
In the scheme chosen above as a typical one, the life assurance continues in force after the member has retired on pension. If a member dies before pension age, his beneficiary receives the amount- of his life assurance, together with the whole of his deposits under the plan. In the event of death after retiring on pension, the life a.ssurfmee will be paid to the beneficiary together with the whole of the member's deposits less the amount of pension he has already received.
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