SUPERANNUATION.

Dominion, Volume 6, Issue 1798, 10 July 1913, Page 3

SUPERANNUATION.

SERVICE BOARD'S REPORT. The fifth annual' report of the Public Service Superannuation Board shows, a record of progress greater than in any previous years. Tho new contributors for tho year totalled 1234 males and 237 females (1471). The annual salary represented was ,£145,395 17s. 6d., and tho annual contributions wero .£B9BO Os. id. The number of public servants contributing to tho fund at the end of the year was 10,027 with a total salary of ,£1,606,231, and a contribution of .£109,810, Pensions for .£9095 10s. per annum were granted during the year. Tho largest retiring allowance granted during' the year was .£521 145.; the smallest was X 8 ss. per annum, and the average .£97 13s. 6d. Those officers who retired during the year were entitled to receivo the sum of .£17,378 17s. 6d. accrued compensation under the Civil Sorvico Act, 1866, had they not become participants in tho benefits of the superannuation fund. The total amount saved to the consolidated fund in this manner since the initiation of tho superannuation scheme has been .£128,617 4s. Bd., which may fairly bo set against the subsidies paid to the fund, amounting to .£108,500. Tho annual amount payable at the close of tho year was .£53,384 14s. lOd. Tho total income for the year was .£146,990, made up as follows:—Members' ordinary contributions, .£107,224; transferred from other funds, ,£185; contributions from Government, ,£23,000; fines, <£323; interest. X 16.258; total income for year, ,£146,990, , The pensions paid to contributors who have retired, and to the dependents of deceased contributors during the year amounted to .£50,789 12s. 3d.—viz., .£48,205 Bs. 7d. to members and ,£2575 3s. Bd. to widows and ohildren. Refunds of contributions to contributors who have left the Service, including interest J2 17s. Id., amounted to 17s. 9d., while the refunds under Section 42 to personal representatives of deceased contributors amounted to .£1164 12s. sd. Refunds of contributions under Section 32 (ee), by reason of the death of contributors while in tho Public Service, and who were entitled to compensation from tho consolidated fund, amounted to <£1114 Bs. 6d. during the year. Payments under Section 32 (f), compensation and contributions less amount of retiring allowance received, amounted to ,£2492 15s. lOd. 1

The total net revenue for tie year was .£81,819 19?., and the accumulated funds amounted to ,£423,556. On December 31 the total assets o,f the board, which include provision for outstanding accounts, amounted to ,£433,431. ■ The large amount of interest, accrued,' ,£12,541 15s. 6d„ arises from the neiv arrangement of placing the.moneys in the common fund of the Public Trust Office, as explained in last year's report. On April 1 in each year the total amount of interest accrued to the end of the financial year is capitalised.