583871
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[UMA-SR-000001910] Minute Books of the Samuel Gillot University Provident Fund
Description
IdentifierUMA-SR-000001910Extent12 volumesScope and ContentA retirement fund was inaugurated by the University of Melbourne by Statute on the 1st of January 1923 for the benefit of the professors and other full-time members of staff of the University. It was known at its inception as the Provident Fund. In the same year that it was instituted, a significant bequest was made to the University by Sir Samuel Gillott, a Melbourne barrister and solicitor. In order to perpetuate the memory of Samuel Gillott, the newly instituted Provident Fund was to become styled and known as the "Samuel Gillott University Provident Fund." According to the terms of the Statute (3.16) Council was authorised from the 1st of January 1923 to establish and maintain a provident fund subject to the terms and conditions of the "Provident Fund Agreement"-this was made on the 23rd of March 1923. The Chancellor, Vice-Chancellor, President of the Professorial Board and the Registrar of the University became the administrators of the Fund. The schedule (pp199-210 The Melbourne University Calendar 1927) outlined the terms and agreement of the Fund with details relating to the following: 1. Maintenance of the Fund and contributions made to the Fund. 2. Membership of the Fund-appointment of members and terms of membership. 3. Annual financial period of the Fund. 4. Administration of the Fund. 5. Management of the Fund outlining powers of the Administrators. 6. Keeping of Accounts and preparation of statements for appeal and auditing purposes. 7. Investment of Fund in securities by the Administrators. 8. Meetings of the Administrators. 9. & 10. Member salary contributions to Fund. Includes scale of contributions in percentages. 11.University guarantee of solvency of Fund. 12.University contribution to Fund. 13.Provision and entitlement of a pension including payment schedule of pension, age of retirement and arrangements upon death during service. 14.Determination of pension age for Professors 15.Amount of pension payable to members upon retiring before achieving pension age. 16.Entitlement of benefit in case of staff dismissed for reasons other than misconduct or incompetence. 17.Payment to representatives of staff in case of member's death before attainment of pension age. 18.Forfeiture of claim on Fund by members dismissed for incompetence or misconduct. 19.Authorisation by the member of the University to make payment to the Fund on the member's behalf and making required salary deductions. 20.Terms of the agreement to include females. 21.Power of the Administrators to make changes and additions to Fund provisions with reference to members and Council. A scheme known as the Staff Superannuation Scheme was established by statute in 1948 and was distinct from the Provident Fund. Another fund known as the Academic Staff Retirement Fund (ASRF) also existed alongside the Samuel Gillott Provident Fund. Between 1984 and 1986 there was a move to merge the administration of the Samuel Gillott University Provident Fund with the Academic Staff Retirement Fund. The Statutes governing both funds were repealed on the 6th of October 1986 and the remaining members (members, pensioners, supplementary pensioners) of each fund were transferred to and became members of the Staff Superannuation (1986) Fund (Statute 3.22 Enacted 6th October 1986). Summary of Contents The first meeting of the Administrators of the Fund was held on the 23rd of March 1923. A copy of the Agreement was presented for signature upon careful reading. Each section of the agreement/schedule was discussed and resolutions were made. The second main item for discussion was the consideration of member applications with reference to their period of service. The last item was the consideration of payment for new members. The Administrators appear to have met no more than four to five times each year and held an annual general meeting. The meetings cover the following:Members' applications; Investments; Endowment policies; Details of contributions of individual members; Notes on accounts including balance sheets; Resignation of members; Memoranda to members; Enactment of new Staff Superannuation Scheme; Widows' pension; Appointment of Administrators; Administration of funds; Commutation of pensions; Correspondence between actuaries and Administrators; Academic Staff Retirement Fund; Disability Pension; Legislation affecting Provident Fund and superannuation matters; Actuarial reviews and reports and a copy of the deed between the University of Melbourne and the Administrators regarding transfer of assets and liabilities of Provident Fund to Staff Superannuation (1986) Fund. Collection CategoryUniversity, officialAccess StatusAccess restrictions applyRequest Access to RecordsRequest records from this Series
Dates
Date1923-1980
Description Control
Relationships
Feature CollectionPublic records of the University of Melbourne
Samuel Gillott University Provident Fund (The University of Melbourne), [UMA-SR-000001910] Minute Books of the Samuel Gillot University Provident Fund (1923-1980), [UMA-SR-000001910]. University of Melbourne Archives, accessed 18/03/2025, https://archives.library.unimelb.edu.au/nodes/view/583871