SUPERANNUATION FUNDS.

Taranaki Daily News, 25 September 1919, Page 6

SUPERANNUATION FUNDS.

FURTHER GOVERNMENT SUBSIDIES In the Budget the following references are made to the various public service superannuation funds:— PUBLIC SERVICE, The total number of contributors to the fund on 31st December last was 14,071, an increase of 287 during the year. The total revenue for the year was £254,860, including members' contributions, £150,893; interest, £55,704; Government subsidy, £48,000. The total amount expended during the year was £144,758, which comprised retiring and other allowances, £l(fe,9oo; refunds of contributions, £39,310; cost of administration, £2,542. The tofal number of allowances existing at the end of the year was 1,584, representing an aggregate annual payment of £110,171. The amount of the total fund invested on the 31st December last was £1,125,708. TEACHEKS. ' The fund amounted on the 31st December, 1918, to £458,056, as compared' with £420,225 on the 31st December, 1917. During the year 1018 allowances totalling £4,571 were granted, the total annual rate at the end of the year being £51,049. The Teachers' Superannuation Board, with the approval of the Government, concluded Very satisfactory arrangements with the Public Trustee for the investment of the fund. On the 31st December, 1918, the amount invested totalled £446,421; of this 1 sum £59,600 was invested at 45 per cent., £26,101 at 6 per cent., £38,400 at 5} per cent., and £322,200 at 5} per cent. The amount held by the Public Trustee uninvested was £2,003. BUDGET. In accordance with the recommendation of the Actuary, an extra £25,000, making in all £50,000, was provided on the estimates for the year 1914-15, ana this sum was duly paid. Shortly after taking over the duty of Finance Minister on the Ist September last the General Manager of Railways reported that the accumulated funds had declined from £377,585 in 1917 to £363,804 at 31st. March, 1919, a decrel.se of £14,000 in two years; and that during the same period the liability of the fund to the contributors had increased by £04,800 in respect of cash coiftributed. He strongly recommended "the sum of £150,000 to be paid to the credit of the fund this year, and that future payments by way of subsidy should b. ..~v,ooo per annum." T«jc General Manager's communication was at once referred to the Actuary, who has reported that it will take some time to collect the necessary data and make the valuation, and he recommends an immediate increase, in the subsidy of £50,000, making an annual contribution of £75,000 instead of £25,000, and thai the matter be reviewed and adjusted when the result of the actuarial investigation is available. The extra £">0,111)0 will be provided on this year's estimates, and instructions will be issued for an actuarial investigation as early as possible. PUBLIC SERVICE AND TEACHERS. The annual contributions to the Public Service Superannuation fund in accordance with the Actuary's : report of the 25th May, 191.i, for the triennial period ended 31st December, 191{>, was increased from £48,000-to £56,000 under the authority of section 20 of the Approriatioir Act, 1918. By section 25 of the same Act the subsidy to the Teachers' Superannuation Fund was increased from £17,000 to £43,000 in accord with the Actuary's report of the 22nd September, 1917, for the triennial period ended 31st December, 1910.

The amount of subsidy short-paid for the two years is for the Public Service Superannuation, and £52.000 for the Teachers', or a total of £125,000.