EDUCATION: TEACHERS' SUPERANNUATION FUND.

Appendix to the Journals of the House of Representatives, 1907 Session I, E-14

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1907. NEW ZEALAND.

EDUCATION: TEACHERS' SUPERANNUATION FUND.

Laid before Parliament in pursuance of the Act.

FIEST REPOET OF THE BOAED CONSTITUTED BY "THE TEACHERS' SUPERANNUATION ACT, 1905." For Fifteen Months ending 31st Maech, 1907. The Act, which was passed on the 31st October, 1905, and came into force on the Ist January, 1906, was amended by a supplementary Act on the 29th October, 1906. Every person who at the date of the coming into operation of the principal Act was permanently employed for not less than twenty hours a week in the Education service had the option of becoming a contributor to the Fund ; such contributors are "original members," and, as such, are entitled to special benefits. The number of persons who have entered as original members is 2,720; of these, 127 have left the service, and the remainder, 2,593, classified according to age at entry, is as follows :—

Return of Origunal Members at 31st March, 1907.

This number may be slightly increased by the admission of some who, after the expiration of the six months allowed for election, enter " on the payment of such sum, computed in the manner prescribed by regulations, and on such conditions, as the Board, having due regard to the interest of the Fund, determines." The following is a statement of the number of persons who, having joined the Education service after the coming into operation of the Act, have become contributors to the Fund by compulsion or by option. None of these contributors have left the service.

Age at Entry. Contribution per Cent. of Salary. — M. Number. F. Total. Not more than 30 years Over 30 but not more than 35 „ 35 , 40 „ 40 „ 45 „ 45 „ 50 . 50 5 per cent. 6 7 8 9 10 359 204 216 171 147 245 583 231 189 141 80 27 942 435 405 312 227 272 Totals 1,342 1,251 2,593

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Employed after Commencement of Act.

The total number of contributors to the Fund at the 31st March, 1907, is shown in the Table 1 of the Appendix. Particulars of retirements from the Fund are given in Table 2 of the Appendix. Six contributors died before entering upon pension, and their contributions to the Fund, amounting to £57 4s. 5d., were paid to their legal personal representatives, and, in addition, pensions amounting to £155 per annum were allowed to their widows or children. To thirty-five contributors who left the service contributions amounting to £276 3s. Bd. were returned. Of those retiring as medically unfit, two original members whose service did not exceed fifteen years received an allowance equal in each case to one-twelfth part of the total salary paid during all the years of their service prior to the Ist January, 1906, the total amount being £137 35.; and six original members, of service exceeding fifteen years, were granted pensions (each at £52 per annum) amounting to £312 ; seventy-eight retired at pension age with pensions (seventy-one at £52 per annum, and seven at over £52 per annum) amounting to £4,207 3s. 3d. There appears to be no means of enforcing compliance with the provisions of the Act that every male contributor on attaining the age of sixty-five, and every female contributor on attaining the age of sixty, shall retire from the service. The following is a statement of the number of members who, having attained the statutory age of retirement, are still in the service: —

The balance to the credit of the Fund is £34,733 16s. 2d., and of this sum £28,000 has been invested on mortgage—£l4,soo at 4£ per cent., and £13,500 at 5 per cent. Geo. Fowlds, Wellington, 19th April, 1907. Chairman of the Board.

APPENDIX. 1. Statement of Membership for the Period commencing 1st January, 1906, and ending 31st March, 1907.

Number. Age at Entry. Contribution per Cent, of Salary. M. F. Total. lot more than 30 years •ver 30 but not more than 35 „ 35 , 40 . 40 „ 45 „ 45 „ 50 . 50 5 per cent. 6 7 „ 8 9 „ 10 „ 48 8 13 6 7 3 94 16 12 5 6 1 142 24 25 11 13 4 Totals 85 134 219

Number. Age : Years. M. F. Total. 65-66 66-67 67-68 68-69 69-70 60-61 61-62 62-63 2 4 1 2 2 2 4 1 2 2 1 1 i l 11 13

Number of Members. Annual Rate of Salary.* Annual Rate of Contributions.* Members. M. F. Total. M. F. Total. M. F. Total. Entered during the period letired during the period 1,603 1,436 76* 51 2,939 £ 284,953 £ 159,997 £ 444,950 £ £ 21,367 12,285 965 639 £ 33,652 • 127 10,535 7,560 18,095 1,604 'otals at 31st March, 1907 1,427: 1,38, 2,812! 274,418 152,4371 426,855 20,402 11,646 32,048 * At 31st March, 1907, or at date of retirement,

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2. Particulars of Contributions discontinued during the Period commencing 1st January, 1906, and ending 31st March, 1907.

3. Statement of Receipts and Expenditure for the Period Ist January, 1906, to 31st March, 1906. Receipts. £ s. d. Expenditure. £ s. d. Government grant .. .. .. 5,000 0 0 Commission .. .. .. .. 15 5 Contributions .. .. .. .. 127 2 10 Balance .. .. .. .. 5,125 17 5 Total .. .. ..£5,127 2 10 Total .. .. ..£5,127 2 10 Geo. Fowlds, E. O. Gibbes, Secretary for Education. Chairman of the Board. F. K. de Casteo, Chief Clerk and Accountant. Education Department, Wellington. Examined and found correct—J. K. Waebueton, Controller and Auditor-General. 25th June, 1907. 4. Statement of Receipts and Expendituee. for the Year ending 31st March, 1907. Receipts. £ s. d. , Expenditure. £ s. d. To Balanoe from 31st March, 1906 .. 5,125 17 5 j Allowances .. .. .. ..3,146 13 11 Contributions .. .. £32,316 16 5 Contributions refunded .. .. .. 260 6 2 Overpayments to Fund Ao- j Commission .. .. .. .. 169 2 4 count .. .. .. 3 9 8 ! Miscellaneous .. .. .. .. 0 0 6 32,320 6 1 ! Balanoe, Publio Trustee .. .. 34,733 16 2 Interest .. .. .. 863 15 7 £38,309 19 1 £38,309 19 1 Geo. Fowlds, E. O. Gibbes, Secretary for Education. Chairman of the Board. F. K. de Casteo, Chief Clerk and Accountant. Education Department, Wellington, 11th April, 1907. Examined and found correct (3 and 4) —J. K. Waebueton, Controller and Auditor-General. 25th June, 1907.

Approximate Cost of Paper. —Preparation, not given: printing (5,000 copies), 434 9b. 6d.

By Authority : John Mackay, Government Printer, Wellington.—l9o7. Price 3d.} ,

Numl Oontril >er of lutors. Annual 1 ltel late at Date of lirement. Allowanoei granted. How discontinued. M. F. Salary. Contributions, Pensions : Annual Rate. Other Payments (nonreourring). By death before pension entered upon — Contributions paid to personal representative Leaving widow or child By voluntary retirement Medically unfit — (a.) Not over fifteen years' service (b.) Over fifteen years' service By retirement at pension age ... 5 20 1 15 £ 130 1,020 3,831 £ s. d. 13 0 0 78 0 0 253 0 0 £ 155 s. d. 0 0 £ s. d. 5 13 11 51 10 6 276 3 8 1 1 254 18 14 0 137 3 0 3 3 828 67 7 0 312 o ol 47 31 12,032 1,173 19 0 4,207 3 3 Totals 76 51 18,095 1,604 0 o; 4,674 3 3 470 11 1