TEACHERS' SUPERANNUATION.

Dominion, Volume 5, Issue 1528, 26 August 1912, Page 4

TEACHERS' SUPERANNUATION.

ACTUAEIAL EEPOET. Tho first actuarial report upon tho Teachers' Superannuation Fund is for tho five years ended December 31, 1910. Henceforth reports are to bo mado at the ond of each triennial period. The report shows that contributions to tho fund during tho period covered amounted to .11190,774, tho principal items being: members contributions, .£161,377,* Government contributions, .£19.000; refunds, ,£23; interest, ,£10,371. Funds in hand on December 31, 1910 amounted to .6151,211, Tho principal outgoings word: Allowances, £35,469; contributions refunded, JCBG2B; Public Trust Office commission, iltl". It is stated that tho cost of pensions on the lives of the teachers is higher than ill tho caso of the Public Service. Tho actuary (Mr. Morris Fox) reports that 111 -addition to the annual subsidy of XiOOO now being paid, further subsidies of .£7720, .£10,090, and .£12,520 will be the minimum likely to bo required for tho years 1911, 1912, and !!)13 respectively, and ho recommends that tho present subsidy bo mcrcascd by £10,000 per annum for each year of the current triennium. Tho actuary recommends that the same caution should be observed in granting any further benefits that may be asked for bv contributors or pensioners as is observed in tjio case of the Public Service Fund. He thinks, however, that when there is any benefit that, is not shared in equally by the two services the matter is olio for reconsideration. "For instance," ho states, iit has been brought under my notice that, in tho ease of reduction of status owing to the advanced ago or infirmity,

thero is no provision in regard to (lie teachers that the pension should bo computed on the higher salary, ns in tho Public Servico Fund. I have not nnv data nt hand to show tho cost, of such a conccsMon. but I think it is quite possible that the absence of this provision is very likely to do injustice in some cases, and may at Iho snme time act harmfully on the fund by forcin" some to retire nl: an earlier age Hum they otherwise would."