TEACHERS' SUPERANNUATION FUND

Appendix to the Journals of the House of Representatives, 1912 Session II, E-09a

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Session JJ. 1912 NEW ZEALAND

TEACHERS' SUPERANNUATION FUND

(REPORT BY THE ACTUARY APPOINTED BY HIS EXCELLENCY THE GOVERNOR TO MAKE THE ACTUARIAL EXAMINATION OF THE).

Laid before Parliament in pursuance of Section 88 (If) of the Public Service Classification and Superannuation Amendment Act, 1908.

REPORT By the Actuary appointed by His Excellency the Goveenoe to make thk Actuarial Examination of the Teachers' Superannuation Fund pop. the Quinquennial Period ended 31st December, 1910, as provided by Section 38 of the Public Service Classification and Superannuation Amendment Act, 1908. Wellington, 31st July, 1912. 1. 1 have made an actuarial examination of the Teachers' Superannuation Fund as at the 31st December, 1910, as required by the Public Service Classification and Superannuation Amendment Act, 1908, sections 38 and 39 of which are as follows : — "38. (1.) For the period ending on the thirty-first day of December, nineteen hundred and ten, and for each triennial period thereafter, an examination of the fund shall be made by an actuary appointed for that purpose by the Governor. " (2.) Ihe actuary shall set forth the result of his examination in a report, which shall be so prepared as to show the state of the fund at the close of the period, having regard to the prospective liabilities and assets and the probable annual sums required by the funds to provide the retiring and other allowances falling due within the ensuing three years without affecting or having recourse to the actuarial reserve appertaining to the contributors' contributions. " (3.) The Board shall cause the said report to be printed, and a copy thereof to be supplied to each contributor. " (4.) A copy of the report shall, within ten days after it is received, be laid before Parliament if then sitting, or, if not, then within ten days after the commencement of the next ensuing session. " 39. (1.) In the month of January in every year after the passing of this Act the Minister of Finance shall pay into the fund and out of the Consolidated Fund, without further appropriation than this Act, the sum of seven thousand pounds, together with such further amount (if any) as is deemed by the Governor in Council, in accordance with the aforesaid report of the actuary, to be required to meet the charges on the fund during the ensuing year. " (2.) A statement of all additional amounts so paid into the fund shall be laid before Parliament within ten days after the payment thereof if Parliament is then sitting, or, if not, then within ten days after the commencement of the next ensuing session." 2. The Teachers' Superannuation Act, 1905, which came into operation on the Ist January, 1906, established a superannuation fund for teachers,, which gave full pensions. of. one-sixtieths for future service, but only one-half pensions for back service, subject to a minimum pension of .£52 per annum. The benefits were, however, brought into line with those of the Public Service by the Public Service Classification and Superannuation Amendment Act, 1908. This Act gave all persons who were contributors under the provisions of Part TX of tin- Education Act, 1908 (with which the Teachers' Superannuation Act, 1905, was consolidated), the option of joining the new fund within six months of the passing of the Amendment Act, and this was subsequently extended to the Ist July, 1910, There are now only 128 remaining contributing teachers, who

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elected to stay under the provisions of the old Act. The new Act also made it compulsory for all persons to become contributors who are first permanently employed after the passing of the Act— (a.) In the Education service as a teacher in any public school; or (6.) In any branch of the Education service which is also a branch of the Government service. Other persons first permanently employed in the Education service not included under (a) or (6) have the option of joining the fund within six months of the date of their appointment. 3. " Education service " means service in any capacity for not less than twenty hours a week — (fit.) Under an Education Board; (6.) Under the governing body of a secondary school; (c.) Under the managers of associated classes under Part VII of the Education Act, 1908; or (d.) Under the Education Department in the case of Inspectors of Schools, or of Inspectors, Managers or Visiting Officers of industrial schools, or of teachers of any schools under the control of that Department. 4. Particulars of the contributions and benefits provided by the Act, together with statements showing the progress of active membership, the discontinuance of membership from various causes, and the progress of the pensions for each year, will be found in Tables I to IV of the appendix to this report. The ages of the contributors at the date of the valuation, together with their contributions and other particulars, are shown in Table V, and the ages at which pensions have been granted in Table VI. 5. Ihe income and outgo of the fund during the five years are shown in the Consolidated Revenue Account, which is as follows : — Consolidated Revenue Account of the Teachers' Superannuation Fund prom the Ist January, 1906, to the 31st December, 1910.

Income. £ s. d. Outgo. & s. d. Punas at the Ist January, 1906— Allowances .. .. .. 35,469 1111 Members'contributions .. .. 164,377 14 0 Contributions refunded .. .. 8,628 14 7 Government contributions.. .. 19,000 0 0 Public Trust Office commission .. 1,447 18 8 Eefuuds .. .. .. 23 0 9 Miscellaneous .. .. .. 16 16 6 Interest .. .. .. 16,374 3 5 Funds at 31st December, 1910 .. 154,21116 6 £199,774 18 2 £199,774 18 2

6. The rate of interest used was 4 per cent, throughout, and the average rate earned on the funds has ranged from £i 6s. 4d. per cent, to £i 12s. 9d. per cent, during the five years. 7. The Experience Table (Table VII) contains the rates per cent, per annum of withdrawal, mortality, retirement, and increase of salary. With the exception of the rate of mortality (which has been assumed to be the same as in Dr. Farr's Healthy English Mortality), all these rates have been taken from the experience of the fund itself; and from them has been constructed the Life and Service Table (Table VIII), showing, out of 100,000 entering at age 15, the numbers that will withdraw, die, and retire on pension in each year. This Life and Service Table is the basis of the present calculations with reference to the fund. 8. By comparing Table VII with the similar table in the Public Service Superannuation Report (H.-26a, 1912), it will be seen that the rates of withdrawal are much lower among both male and female teachers than among the members of the Public Service Fund; also, the rates of retirement on pension and the average salaries are much higher, and the rate of increase in salary greater at the younger ages. Consequently, as may be seen from a comparison of Table IX in the two reports, the cost of pensions on the lives of the teachers is higher than in the case of the Public Service. 9. It has been assumed that all male teachers will have retired on pension by age 65, and all female teachers by age 60, although there are a few still contributing at higher ages. The contributors remaining under the old Act —128 in all —have been valued as if they were entitled to the higher benefits provided by the -new Act. Probably this will not overstate the real liability, as they exercised a decided selection in choosing between the old and new schemes. 10. In dealing with widows' and children's benefits the same rates of interest and mortality were used as before indicated, but it was not possible to utilize the experience of the teachers themselves, as the family statistics were not given on the cards. Where necessary, therefore, the experience of the Public Service has been used, and is doubtless suitable for the purpose. 11. I have estimated " the probable annual sums required by the fund to provide the retiring and other allowances falling due within the ensuing three years without affecting or having recourse to the actuarial reserve appertaining to the contributors' contributions," as required by the Act, and the following is the result: —

Eequired for 1911. 1912. 1913. 'urrent ordinary pensions .. .. .. .. .. .. .. 11,629 'rosppctive pensions to existing contributors now over pension age .. .. 1,965 law pensions, family pensions, and miscellaneous benefits .. .. .. 2,930 Total sums for retiring and other allowances .. .. 16,524 )ediict amounts provided by contributors' contributions without having reoourse to the aotuarial reserve appertaining to them .. .. .. .. 1,804 Subsidies required for ensuing three years .. ..I 14,720 & 11,140 1,885 6,344 19,369 £ 10,637 1,803 9,908 22,348 2,279 2,828 17,090 19,920

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1 have therefore to report that, in addition to the annual subsidy of £7,000 now being paid, further subsidies of £7,720, £10,090, and £12,520 will be the minimum likely to be required for the years 1911, 1912, and 1913 respectively, and I recommend that the present subsidy be increased by £10,000 per annum for each year of the current triennium. . 12. The " amounts provided by contributors' contributions," referred to in the last para"graph, may appear very small, but it will increase sensibly year by year. Table X has been prepared to throw light on this point, which was somewhat fully dealt with on page 4 of the Public Service Superannuation Report. It may be seen from Table X that these amounts were only 57 per cent, of the pensions; in 1911 they increased to 10"9 per cent.; in 1912 this will be 11"8 per cent., and in 1913 will have increased to 126 per cent. This increasing proportion will continue as the fund grows older. 13. The actuarial valuation of the whole of the liabilities, together with the corresponding assets, is given in detail in Table XI, and the following is a summary : — Liabilities. £ Value of existing pensions ... ... ... ... ... 136,492 Value of prospective pensions... ... ... ... ... 1,298,929 Value of return of contributions ... ... ... ... 70,258 £1,505,679 Assets. £ Accumulated funds ... ... ... ... ... ... 154,212 Value of contributors' contributions ... ... ... ... 367,649 Value of present subsidy of £7,000 per annum ... ... ... 175,000 Value of proposed additional subsidy of £10,000 per annum ... 250,000 Value of future increases in subsidy to be provided ... ... 558,818 £1,505,679 It will be seen that, as in the Public Service Fund, the total discounted liabilities are equalized by the sum of the accumulated funds and the total discounted contributions (including annual subsidies, present and future), and the item subject to adjustment is the subsidies. I have already made a recommendation as to the adjustment necessary at the present time, and, as I remarked in reporting on the Public Service Fund, the increased subsidy now recommended will need to be paid out every year, and no portion of it will be used to augment the funds being accumulated by the contributions. 14. I would advise the same caution as in the case of the Public Service Fund in granting any further benefits that may be asked for by contributors or pensioners. I think, however, that when there is any benefit that is not shared in equally by the two services the matter is one for reconsideration. For instance, it has been brought under my notice that, in the case of reduction of status owing to advanced age or infirmity, there is no provision in regard to the teachers that the pension should be computed on the higher salary, as in the Public Service Fund (vide section 39 of the Public Service Classification and Superannuation Act, 1908). I have not any data at hand to show the cost of such a concession, 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 the same time act harmfully on the fund by forcing some to retire at an earlier age than they otherwise would. 15. The data cards did not show the annual rate of salary at the end of the year, but in most cases the amount of salary actually paid during the year, and consequently the salaries and contributions shown in the annual report, are rather greater than in the valuation schedules. The teachers are not directly under the Education Department, and their salaries are not always a fixed quantity; there is consequently considerable difficulty in getting absolutely correct information. The differences are really trifling, being only 2| per cent, in the one case and less than 1 per cent, in the other, and to have reconciled these two items would have meant returning the cards again, and delaying the investigation indefinitely. 16. In conclusion, I may say that the late appearance of this report is due to the fact that the cards containing the data were not received finally correct until about the middle of last November. By that time the triennial work in connection with the valuation and allotment of bonus in the Government Insurance Department had to receive the practically undivided attention of myself and the actuarial staff, and this investigation had to be put on one side for some months. As soon as other work permitted it was proceeded with and completed. Morris Fox, Actuary to the Government Insurance Department.

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APPENDIX.

TABLE I. The Benefits and Contributions provided for by the Act. (These benefits are slightly modified in the case of those existing contributors (numbering 128) who elected to remain under the provisions of Part IX of the Education Act, 1908.) The contributions vary according to the age at the time when the first contribution becomes payable, and are as follows :— Age 30 and under .. .. .. .. 5 per cent, of pay. „ , ~ Over 30 and not exceeding 35 .. .. 6 „ Contributions 3 g 40 7 ''" "„ 40 " a '.'. .. -.8 " ~45 „ 50 .. .. .. 9 A „ age 50 .. .. .. .. .. 10 I. On Attainment of Pension. Males at Age 65, or after Forty Years , Service; Females at Age 55, or after Thirty Years' Service. (1.) A pension of one-sixtieth of yearly salary for each year's service, with a limit of forty-sixtieths (two-thirds) of salary. Maximum pension for entrants after 24th December, 1909, £300. (2.) Or the option, in lieu thereof, of a return of total contributions. (Note. —The Board may, with the approval of the Minister of Education, retire contributors on pension in the following cases: — (a.) Where the age of a male contributor is not less than 60, or of a female contributor not less than 50. (b.) Where the age of a male contributor is not less than 55, if his length of service is not less than thirty years. , (c.) Where the length of service of a male contributor is not less than thirtyfive years. In any such exceptional cases the Board may, with the approval of the Minister of Education, impose upon the retiring contributor such terms and conditions as to payments into the Fund or otherwise as the Board thinks fit.) 11. On retirement before Pension Age (on the Grounds of being medically unfit for Future Duty). Benefits .. S (1.) At any time after fifteen years' service, on the certificate of two doctors approved by the Board, a pension of one-sixtieth of yearly salary for each year's service, limited to forty-sixtieths. (2.) Or the option, in lieu thereof, of a return of total contributions. 111. On Retirement before Pension Age (on other Grounds than Medical Unfitness). (1.) On voluntary retirement or dismissal for misconduct, a return of total contributions. IV. At Death, whether before or after becoming entitled to a Retiring-allowance. (1.) Leaving no widow or children: A return of total contributions less any sums received from the Fund during lifetime. (2.) Leaving a widow : — (a.) £18 yearly during widowhood; or (6.) A return of total contributions, together with such compensation (if any) as the contributor would have been entitled to receive from the Consolidated Fund on compulsory retirement, less any sums received from the Fund during lifetime. (If death occurs before retirement the compensation is paid from the Consolidated Fund ; if after retirement, from the Superannuation Fund.) (3.) Leaving children : ss. weekly to each child until age 14. (Note. —The contributions and pensions are payable monthly, and the pensions are computed on the average salary for the last three years.)"

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TABLE II. Statement Of Progress Of Active Membership.

TABLE III. Particulars Of Discontinuance Of Active Membership.

TABLE IV. Statement Of Progress Of Pensions.

I I New Members. Year. h , | Annual Number. | Salaries. Contribu- i tions. Increase by Promotion. Discontinued. Total in 'oroe at En> of Year. ( | Annual Salaries. Contributions. Number. Salaries. Annual Contribu tions. Number. Salaries. Annual Contributions. ..... £ £ ! , 1906-7 .. 2,939 444,950 33,652 1907-8 .. 247 J 34,600 1,860 Part 1908 : 161 I 19,083 1,075 1909 .. i 334 I 37,327 | 1,185 1910 .. 287 35,734 | 1,862 £ S 14,446 914 j 14,000 825 41,670 2,975 36,466 2,416 127 177 112 113 192 £ 18,095 29,294 25,044 22,403 35,508 £ 1,604 1,952 1,713 1,673 2,537 2,812 2,882 2,931 3,152 3,247 £ 426,855 446,607 454,646 511,240 547,932 £ 32,048 32,870 33,057 35,541 37,285 Totals.. 3,968 571,694 39,634 J 106,582 7,130 721 130,344 9,479 i

By Itetirement. By Death. dra . Die] Vithr al or lissal. Old Ag^ e or Length of Service. Total discoi itlnued. Medicall; unfit. S Year. % Si la a«« >. . n a a a s = S a .2 3 o a S in I I Si 3 3 2 = 2 I Pensions entered upon. «4 a "I- * 3 = s a o s 21 ■") lid " -Is < "I3 EJ a o a 2 i5 < £, ) £ 58 ! 155 220 I 212 341 ! 341 I 436 321 656 114 1,711 1,143 i [ i 1906-7 .. 1907-S .. Part 1908 1909 .. 1910 .. 6 13 10 9 9 85 ! 136 ' 83 76 131 £ 276 1,014 1,276 1,389 2,863 78 20 9 24 46 £ 4,207 1,182 504 2,049 4,813 12,755 8 ! 137 8 ! 234 10 : 51 4 ■•■ I 6 £ 312 208 491 343 559 127 177 112 113 192 £ 471 1,468 1,668 1,825 3,5L9 £ 4,674 1,602 1,336 2,713 5,486 Totals 47 i 461 6,818 177 36 ! 422 1,913 721 8,951 15,811

Atta ; inment of Peusion-age or Length of Service. Retired medically unfit. Year. Gi-8 or trar Stfred. J Voia by Death. In Force. Granted Void bv Death or transferi-pd. or Expiry. Iu 'orce. Number. Pension. Number. Pension. Number. N b l >-- J Pension. s 6 312 4 208 9 491 4 343 6 559 Number. Number. Pension. Pension. Pension. I 1906-7 .. 1907-8 .. Part 1908 1909 .. 1910 .. 78 20 9 24 46 £ 4,207 1,182 503 2,049 4,813 £ 78 94 100 120 ]58 £ 4,207 5,169 5,511! 7,317 11,437 & £ 312 468 907 1,013 1,408 4 .3 4 8 220 156 248 693 1 1 4 2 5-2 52 237 164 (i 9 17 17 21 Totals 177 12,754 19 1,317 29 I 1,913 505 I Death of Co: itribntr P. iror Pensii snsion. >ner: Family Total 'ensione. Year. Gri or tra: Number. tnted isferred. Void by Death or Expiry. In Force. Gri or trai isterred. i 'oid. I In Force. Pension. N b °™" I Pension. N ™- Pension. Number. Pension, j^ Pension, i Pension. ■€ £ 94 4,674 311 130 6,063 239 168 7,221 550 ! 215 9,539 919 J 270 14,261 2,019 j .. i I 1906-7 .. 1907-8 .. Part 1908 1909 .. 1910 .. 10 ..| 20 .. 26 .. I 32 .. .17 £ 155 310 403 476 269 .3 2 5 4 £ 39 81 65 62 10 27 51 78 91 £ 155 426 798 1,209 1,416 94 14 14 60 69 £ 4,674 1,700 8 1,397 6 2,868 13 5,641 14 Totals .. I 105 1,613 !4 : 197 311 16,280 41 i

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TABLE V. Present Annual Pay And Contributions, With Prospective Pensions To Officers Now In Service.

Number. Present Annual Pay. Present Annnal Contributions. Prospective Pensions at Eetiring-age or for Length of Service. ;e attained. Male. Female. Age attained. Male. Female. Male. Female. Male. Female. 70 .. 67 .. 66 .. 65 .. 64 .. .'T 63 .. .. j 62 .. .. I 61 - - I 60 .. .. 59 .. ..! 58 .. ... i 57 .. 56 .. 55 .. 54 .. 53 .. 52 .. 51 .. 50 .. 49 .. 48 .. ... 47 .. 46 .. 45 .. 44 .. 43 .. 42 .. 41 .. 40 .. 39 .. 38 ,-, 37 .. 36 .. 35 .. 34 .. 33 .. 32 .. 31 .. 30 .. 29 .. .. I 28 .-. ..' 27 .. .. 26 .. 25 .. .. j 24 .. 28 .. 22 .. 21 .. 20 .. 19 .. 18 .. 17 .. 16 .. 1 2 I 3 10 : 5 16 12 16 13 11 ! 20 20 20 27 19 27 34 27 30 15 ! 46 43 39 45 [ 46 37 44 48 45 42 41. 40 48 43 I 35 32 55 51 47 40 49 35 43 i 32 20 35 33 16 8 9 4 4 1 i 2 1 ! 7 2 2 5 8 9 9 14 16 2] 23 20 29 39 51 46 48 38 45 40 50 50 50 57 43 60 60 52 78 59 62 71 77 1 91 82 86 81 75 21 14 15 6 7 2 i 2 :' 1 ! 7 2 2 5 8 9 9 14 16 2] 23 20 : 29 : 39 51 46 48 38 45 40 50 50 50 57 j 43 60 I 60 52 78 j 59 62 71 77 i 91 || 82 86 81 1 75 21 14 15 6 7 2 £ 51 400 495 3,059 1,779 3,630 3,048 3,481 ! 2,938 2,885 i 4,796 i 5,485 ! 5,390 ! 7,005 5,510 6,590 ! 9,705 I 6,769 • 8,707 3,530 11,293 10,685 9,788 11,468 \ 11,559 i 10,135 10,540 12,558 10,811 ' 9,801 I 9,542 8,373 11,211 9,518 7,263 7,006 10,773 10,385 8,796 7,773 : 9,284 I 5,956 7,717 5,389 J I 3,044 5,426 4,141 1,311 676 506 160 205 45 £ 70 270 150 1,071 238 300 838 1,277 1,228 1,277 2,143 2,528 3,308 3,378 3,252 4,226 5,446 8,013 7,108 ; 7,371 5,581 6,735 i 5,903 i 7,256 I 7,330 6,714 7,911 5,532 8,201 7,814 6,861 10,564 7,327 7,418 8,412 8,853 10,346 9,221 9,158 7,884 6,811 1,528 743 700 292 249 40 £ 5-0 400 49-5 305-9 177-9 363-0 304-8 348-1 293-8 288-5 479-6 548-5 539-0 681-9 495-9 596-4 873-5 609-2 759-9 284-3 908-4 859-8 784-5 891-0 817-5 711-4 740-5 880-1 725-3 595-5 -579-9-508-0 675-6 542-9 369-4 355-5 548-8 520-4 439-8 388-7 464-2 297-8 385-9 269-4 152-2 271-3 207-0 65-6 33-8 25-3 8-0 10-2 2-2 £ 7-0 27-0 15-0 107-1 23-8 300 83-8 117-0 112-2 115-0 192-8 227-5 293-5 274-6 264-1 342-0 436-9 604-0 501-0 522-0 391-4 471-5 397-0 441-1 449-6 410-1 474-7 321-0 423-0 401-7 354-4 531-8 366-3 370-9 420-6 442-6 517-3 461-1 457-9 394-2 340-5 76-4 37-2 35-0 14-6 12-5 2-0 i| £ 52 187 239 1,599 894 1,918 1,706 1,918 1,569 1,550 2,875 3,241 3,306 4,159 3,596 3,757 6,171 4,189 5,452 2,195 6,976 6,767 6,287 7,203 7,505 6,687 7,053 8,510 7,421 6,884 6,984 6,134 8,580 7,473 5,812 5,757 8,945 8,937 7,707 6,996 8,595 5,707 7,704 5,663 3,416 6,743 5,982 2,295 1,484 1,369 527 793 188 £ "2 145 3 I 467 57 180 272 602 707 790 1,184 1,518 1,759 1,935 1,931 I 2,434 I 3,392 4,554 4,553 4,591 3,486 4,266 3,551 4,740 4,725 ! 4,468 J 5,411 3,784 5,864 5,611 4,860 7,779 5,434 5,665 6,580 7,150 8,591 ! 8,162 8,532 8,048 7,917 2,086 1,212 1,398 744 755 138 70 67 66 65 64 63 62 61 60 59 58 57 56 55 54 53 52 51 50 49 48 47 46 45 44 43 42 41 40 39 38— 37 36 35 34 38 32 31 30 29 28 27 26 25 24 23 22 21.. 20 19 18 17 16 Totals .. 1,484* I 11,725* 11,725* 328,391 218,876 23,080-6 13,312-7 Totals. * In addition there are 38 members who ha' re ceased contributing, but hi ive not yet beei written off void.

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TABLE VI. Classification Of Pensions granted, Showing The Ages At Which They Were Granted

Attalnm Lei lent of Pension-age or Qgth of Service. Retired medi ically unfit. Wid. >ws and ldren. Total. Age at ' which „ . Pension Numbi granted. I ' M. F. jr. Total. Amount of Pension. Number. Amount of Pension. 1 gs Number. Amount of Pension. M. F. Total. M. F. Total. I J i £ s. d. 58 19 9 £ s. d. 18 18 2 1 1 4 3 6 8 5 7 11 18 26 8 6 j 9 15 16 3 5 10 6 6 6 4 6 6 12 4 2 1 2 4 7 1 1 2 3 1 2 3 1 2 2 2 ' 3 4 5 5 7 4 5 5 4 1 1 8 4 2 £ 3. d. 76 19 9 18 0 0 52 0 0 449 12 3 156 0 0 555 13 0 314 0 0 404 2 0 582 0 8 688 4 1 1,471 3 9 1,979 13 0 725 6 8 312 0 0 638 6 0 779 7 0 1,113 13 1 156 0 0 337 7 0 581 16 0 306 18 0 359 17 9 213 18 9 208 0 0 323 9 0 435 14 0 679 5 4 218 18 4 104 0 0 18 0 0 36 0 0 162 15 0 330 0 0 52 0 0 63 12 0 132 17 10 168 2 0 18 0 0 54 0 0 36 0 0 54 0 0 18 0 0 70 0 0 36 0 0 36 0 0 39 0 0 52 0 0 65 0 0 65 0 0 91 0 0 52 0 0 65 0 0 65 0 0 52 0 0 13 0 0 13 0 0 104 0 0 52 0 0 26 0 0 77 75 74 73 72 71 70 69 68 67 66 65 64 63 62 61 60 59 58 57 56 55 54 53 52 51 50 49 48 47 46 45 44 43 42 41 40 39 38 37 36 35 34 31 30 14 13 12 11 10 9 8 7 6 5 4 3 1 0 1 1 4 i 3 6 4 4 6 7 16 23 5 ! 6 6 9 10 2 I I " 1 1 3 1 1 i 2 2 3 3 2 3 6 5 5 3 3 3 6 8 2 ■• 4 3 i ' 6| 5 I 4 i2 17 24 7 6 8 12 13 2 3 8 5 5 3 3 3 6 8 " 2 i i 4 3 6 5 4 7 10 17 24 7 6 8 12 13 2 3 8 5 5 3 3 3 6 8 2 52 0 0 449 12 3 156 0 0 555 13 0 260 0 0 386 2 0 582 0 8 670 4 1 ],453 3 9 1,943 13 0 707 6 8 312 0 0 546 4 0 645 12 0 953 4 1 104 0 0 156 0 0 511 16 0 288 18 0 307 17 9 154 14 9 156 0 0 212 6 0 435 14 0 445 10 0 174 19 4 .. •• .•■ .. ■.. i ■• •■ i i .. 1 .. 2 .. 1 .. 1 .. 1 .. i '.'. i i '.': i I ... 2 i j "i T I I 2 1 I I i i ] 3 2 92 2 0 97 15 0 142 9 0 52 0 0 163 7 0 52 0 0 52"o 0 52"o 0 75 3 0 215 is 4 104 0 0 1 ' 1 ■3 1 1 1 2 1 '2 1 1 i 1 1 3 '2 i 2 i 2 1 54 18 18 18 36 18 36 i 18 18 18 18 £59/4 36 18 :£43/19 18 36 30 18 1 1 4 3 6 4 4 6 7 16 23 5 6 7 10 12 1 1 3 1 i 1 2 i 1 1 4 1 1 4 2 I! 3 2 5 4 2 4 7 6 5 (i 3 5 6 10 4 1 1 2 3 (i 1 1 1 1 1 74 15 0 i; .. 1 ! 5 1 -2 ,!| 1 1 1 6 1 I 2 2 52 0 0 312 0 0 52 0 0 63 12 0 132 17 10 150 2 0 . i i " ■• .. 1 1 3 i 2 3 1 1 2 2 3 4 5 5 7 4 5 5 4 1 1 8 4 2 18 18 : 54 36 54 18 18 36 36 39 52 65 65 91 52 65 65 52 13 13 104 52 26 2 i 2 I 3 2 3 1 2 2 2 i .. I '' '.'. i i 52 0 0 I ..; ... .. i .. 1 22 36 .. j .. I I •• I •• Totals 113 I 64 I 177 12,754 6 1 18 11 29 1,913 3 .2 105 1613/3 153 158 3 311 16,280 12 3

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TABLE VII. EXPERIENCE TABLE. Rates Per Cent, Per Annum Of Withdrawal, Mortality, Retirement, And Increase Of Salary.

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Contributi] ig Members: tales. Contribute ig Members : ?emales. Age. Rate of Withdrawal (Teachers' Superannuation Fund). Rate of Mortality (Healthy English). Rate of Retirement (Teachers' Superannuation Fund). Rate of Increase of Salary (Teachers' Superannuation Fund). Rate of Withdrawal (Teachers' Superannuation Fund). Bate of Mortality (Healthy English). i Rate of i Retirement I (Teachers* Superannuation Fund). Bate of Increase of Salary (Teachers' Superi animation Fund). Age. i5 Lβ .7 .8 .9 !0 !1 !2 >M !4 !5 >6 !7 !8 !9 10 II 12 13 14 15 16 17 !8 (9 10 U 12 t3 14 15 Lβ 17 18 19 >0 >] >2 >3 54 >5 >6 57 )8 S9 50 11 12 53 54 6-6 5-9 5-4 4-9 4-5 4-1 3-7 3-4 3-1 2-9 2-7 2-5 2-4 2-2 2-1 2-0 1-9 1-8 1-7 1-6 1-5 1-5 1-4 1-4 1-3 1-2 1-2 1-1 1-1 1-1 1-0 1-0 1-0 1-0 1-0 1-0 0-9 0-9 0-8 0-7 0-7 0-6 0-5 0-3 0-2 0-43 0-47 0-53 0-58 0-64 0-70 0-71 0-73 0-75 0-76 0-78 0-78 0-79 0-80 0-81 0-82 0-83 0-84 0-85 0-85 0-87 0-88 0-89 0-90 0-92 0-94 0-96 0-99 I-01 1-04 1-08 Ml 1-15 1-20 1-25 1-30 1-36 1-43 l : 50 1-57 1-66 1-74 1-84 1-94 2-14 2-37 2-61 2-85 3-11 3-39 i>3 0-3 0-3 0-3 0-3 0-3 0-3 0-4 0-4 0-5 0-5 0-5 0-5 0-6 0-6 0-8., 1-0 1-6 2-0 2-6 3-5 5-7 12-3 19-7 32-7 45-1 7-2 18-4 21-2 23-4 25-3 21-2 16-3 10-8 6-7 5-2 3-7 3-3 2-8 2-5 2-3 2-1 2-0 1-9 2-1 2-1 2-2 2-2 2-4 2-5 2-7 1-7 1-2 0-7 0-4 0-2 2-4 2-6 2-8 3-1 3-6 4-2 5-0 5-7 6-2 6-7 7-0 7-2 7-2 7-1 6-9 6-7 6-4 ti-2 5-8 5-5 5-1 4-7 4-2 3-7 3-1 2-6 2-2 1-9 1-6 1-3 1-0 0-5 0-55 0-60 0-65 0-70 0-74 0-77 0-78 0-80 0-82 0-83 0-84 0-85 0-86 0-88 0-89 0-89 0-90 0-92 0-92 0-93 0-94 0-95 0-97 0-98 0-99 1-00 1-02 1-03 1-05 1-07 1-09 1-11 1-14 1-16 1-19 1-22 1-25 1-29 1-33 1-37 1-41 1-46 1-62 1-82 2-03 0-1 0-1 0-] 0-1 0-1 0-2 0-3 0-6 0-7 0-7 0-7 0-7 0-9 1-8 3-4 4-8 6-6 8-8 10-7 11-6 14-1 18-3 23-6 30-8 42-2 51-9 12-2 19-7 26-6 23-0 18-7 15-8 13-0 7-9 5-8 4-6 3-3 2-7 2-2 2-0 1-7 1-5 j I-β 1-2 1-1 1-3 1-5 2-4 1-8 1-4 1-0 0-7 0-4 0-1 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 •• I

9

E.—9a.

TABLE VIII. LIFE AND SERVICE TABLE. Based Upon The Rates Per Cent. per Annum Of Withdrawal, Moetality, And Retirement Given In Table VII.

2—E. 9a.

ma: !S. FEMALES. Age. Existing in Service. Withdrawals. T)pnth« Retire- Average Deaths. ments ; gaIary Existing in With- jlenflw Service. drawals. ueatlls - Retire- Average . ments. Salary. Age - £ £ 15 .. L6 .. L7 .. L8 .. [9 .. 20 .. 21 .. 22 .. 23 .. 24 .. 25 .. 26 .. 27 .. 28 .. 29 .. 50 .. 31 .. 52 .. 53 .. 54 .. 55 .. 56 .. 57 .. 58 .. 59 .. 10 .. 11 .. 12 .. 13 .. 14 .. 15 .. 16 .. 17 .. 18 .. 19 .. 50 .. 51 .. 52 .. 53 .. 54 .. 55 .. 56 .. 57 .. 58 .. 59 . . 30 .. 51 .. 32 . . 33 .. 34 .. 35 .. 100,000 92,970 87,048 81,930 77,440 73,459 69,933 60,848 64,087 61,607 59,352 57,287 55,397 53,646 52,026 50,512 49,088 47,748 46,487 45,302 44,192 43,131 42,117 41,153 40,227 39,197 38,213 37,258 36,338 35,444 34,572 33,722 32,886 32,047 31,195 30,343 29,506 28,680 27,862 27,040 26,207 25,326 24,361 23,313 22,180 20,885 19,200 16,337 12,653 8,122 4,184 6,600 5,485 4,657 4,015 3,485 3,012 2,588 2,273 1,999 1,787 1,602 1,443 1,313 1,19] 1,093 1,010 933 860 790 725 676 634 589 556 523 482 458 425 403 383 360 344 329 320 306 291 272 250 228 200 173 144 112 75 44 430 437 461 475 496 514 497 488 481 408 463 447 438 429 421 414 407 401 395 385 385 380 375 370 370 369 367 369 367 369 373 374 378 385 390 394 401 410 418 425 435 441 448 452 475 495 501 466 393 275 137 133 130 126 124 120 117 118 132 147 156 152 153 158 176 208 253 380 488 606 776 190 362 218 138 663 184 i j 41-6 44-6 52-8 64-0 79-0 99-0 120-0 139-5 154-6 165-0 173-6 180-0 186-0 191.2 196-0 200-5 204-6 208-6 212-6 217-0 221-6 226-4 231-4 237-0 242-8 249-4 253-6 256-6 258-5 259-5 260-0 260-0 260-0 260-0 260-0 260-0 260-0 260-0 260-0 260-0 260-0 260-0 260-0 260-0 260-0 260-0 260-0 260-0 260-0 260-0 100,000 97,051 93,946 90,705 87,259 83,472 79,323 74,738 69,880 64,974 60,081 55,371 50,941 46,835 43,097 39,740 36,724 34,043 31,619 29,494 27,568 25,870 24,388 23,103 21,998 21,065 20,240 19,476 18,769 18,141 17,584 17,095 16,656 16,166 15,429 14,504 13,370 12,027 10,584 9,216 7,790 6,255 4,687 3,168 1,773 817 2,400 2,525 2,632 2,814 3,144 3,507 3,964 4,260 4,335 4,354 4,205 3,958 3,666 3,327 2,975 2,662 2,350 2,112 1,833 1,622 1,405 1,215 1,025 856 683 548 446 370 300 236 167 89 549 580 609 632 643 642 621 598 571 539 505 472 440 411 382 354 331 312 292 275 259 247 236 226 217 210 207 201 197 194 192 190 189 188 184 177 167 155 140 126 110 91 75 58 36 29 28 26 24 23 33 67 111 136 131 127 130 160 301 549 741 957 1,176 1,288 1,228 1,300 1,425 1,477 1,444 1,337 920 817 29-4 33-0 39-5 50-0 61-5 73-0 84-5 95-5 103-0 109-0 114-0 117-8 121-0 123-7 126-2 128-4 130-3 132-2 133-8 135-3 137-0 139-0 142-3 144-8 146-8 148-2 149-2 149-8 150-0 150-0 • 150-0 150-0 150-0 150-0 150-0 150-0 150-0 150-0 150-0 150-0 150-0 150-0 150-0 150-0 150-0 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 4& 47 48 49 50 51 52 53 54 55 56 ' 57 58 59 60 137 133 130 126 124 120 117 118 132 147 156 152 153 158 176 208 253 380 488 606 776 1,190 2,362 3,218 4,138 3,663 4,184

E.—f»A

10

TABLE IX. CONTRIBUTIONS PER CENT. OF SALARY Payable Under The Scheme, Together With Those Necessary To Produce The Various Benefits Of The Fund For Future Service.

MALES. FEMALES. * 01 ' For Age at Contribu- Pension for p..,,:™ to Date tionper Old Age, r^™*° of Cent. Length of joining payable Service, ; Widn ,S_ Fund. by Act. ■ or ! ™ ld ° a w ■ 111 Health, j llooa - ! For Beturn Foi of ContribuPension tions on to Children I Withdrawal, under or on Age 14. I Death if unmarried. Total Contribution necessary. For Pension for Old Age, Length of Service, 111 Health. For Return of Contributions on Death or i Withdrawal. j Total Contribution necessary. Age at Date of joining Fund. 16 17 IS 1!) 20 21 22 23 24 25 26 27 28 29 30 ■M '.VI 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 5!! 60 61 62 63 64 5 5 5 5 5 5 5 5 5 5 5 5 5 5 6 6 6 6 6 7 7 7 7 7 8 8 8 8 8 9» 9 9 9 9 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 j 4-081 4-145 4-211 4-286 4-374 4-482 4-610 4-754 4-905 5-056 5-190 5-330 5-475 5-625 5-778 5-935 6-094 6-256 6-420 6-586 6-757 6-932 7111 7-297 7-494 7-706 7-936 8-180 8-437 8-705 8-983 9-268 9-560 9-861 10-168 10-482 10-801 11-123 11-448 11-772 12-094 12-413 12-728 13-037 13-331 13-598 13-845 14096 14-408 0-789 0-807 0-826 0-847 0-873 0-903 0-940 0-983 1-029 1-078 1-126 1175 1-223 1-269 1-315 1-361 1-406 1.451 1-497 1-545 1-594 1-646 1-703 1-766 1-829 1-899 1-979 2-067 2-166 2-276 2-398 2-534 2-686 2-855 3-047 3-270 3-530 3-838 4-206 4-655 5-209 5-908 6-822 8-087 9-925 12-729 16-812 24-058 40-653 0-272 0-278 0-284 0-292 0-300 0-311 0-324 0-339 0-355 0-372 0-389 0-405 0-419 0-432 0-443 0-452 0-458 0-462 0-463 0-462 0-459 0-453 0-447 0-439 0-430 0-421 0-412 0-404 0-396 0-389 0-382 0-375 0-369 0-364 0-360 0-357 0-357 0-358 0-359 0-3"62 0-365 0-370 0-382 0-407 0-446 0-516 0-612 0-778 1122 0-980 0-956 0-935 0-913 0-892 0-869 0-844 0-815 0-785 0-754 0-724 0-694 0-665 0-638 0-734 0-704 0-675 0-648 0-621 0-694 0-665 0-637 0-609 0-581 0-632 0-601 0-569 0-536 0-503 0-529 0-491 0-454 0-417 0-380 0-383 0-344 0-308 0-273 0-240 0-210 0-183 0-159 0-138 0-121 0-106 0093 0-078 0-061 0-038 6-122 6-186 6-256 6-338 6-439 6-565 6-718 6-891 7-074 7-260 7-429 7-604 7-782 7-964 8-270 8-452 8-633 8-817 9-001 9-287 9-475 9-668 9-870 10-083 10-385 10-627 10-896 11-187 11-502 11-899 12-254 12-631 13-032 13-460 13-958 14-453 14-996 15-592 16-253 16-999 17-851 18-850 20-070 21-652 23-808 26-936 31-347 38-993 56-221 5-025 5-090 5-164 5-264 5-405 5-591 5-830 6-125 6-470 6-853 7-267 7-704 8-159 8-626 9-100 9-577 10-053 10-525 10-988 11-438 11-875 12-297 12-712 13-122 13-526 13-922 14-309 14-687 15-048 15-385 15-692 15-962 16-198 16-403 16-583 16-739 16-881 17-021 17-156 17-277 17-386 17-499 17-641 17-873 2-206 2-189 2-173 2-154 2-126 2-087 2-037 1-974 1-896 1-809 1-716 1-618 1-517 1-416 1-578 1-460 1-345 1-235 1-130 1-204 1-098 1-001 0-913 0-833 0-870 0-795 0-727 0-667 0-614 0-640 0-598 0-563 0-532 0-502 0-525 0-492 0-459 0-424 0-389 0-352 0-314 0-272 0-216 0-137 J I 7-231 7-279 7-337 7-418 7-531 7-678 7-867 8-099 8-366 8-662 8-983 9-322 9-676 10-042 10-678 11-037 11-398 11-760 12-118 12-642 12-973 13-298 13-625 13-955 14-396 14-717 15-036 15-354 15-662 16-025 16-290 16-525 16-730 16-905 17-108 17-231 17-340 17-445 17-545 17-629 17-700 17-771 17-857 18-010 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59

11

E.—9a.

TABLE X. Pensions In Force (Excluding Pensions To Widows And Children). (1) Purchased by contribution. (2) Payable out of subsidy.

Ag.atBetirement. ! SXn ! Total Contributions Pension. v Annual Pensions. (1) (2) Pensions purchased ; Pensions payable D«t ge * 4 by Contribution. | out of Subsidy. ; Betirement. TkX A T T^O £ S. d. 77 .. 1 0 16 8 73 .. 3 197 15 10 72 .. 2 12 4 0 71 .. 5 207 13 0 70 .. 4 31 13 8 69 .. 4 209 2 9 68 . . 3 34 7 6 67 .. 4 246 15 2 66 .. 13 878 6 5 65 .. 19 1,073 I 7 64 .. 5 451 0 4 63 .. 6 207 9 4 62 .. .. 7 288 2 10 61 .. 10 338 18 8 60 .. .. 11 738 14 1 58 .. 1 134 10 0 57 .. 2 175 7 1 53 .. 1 28 13 4 52 .. 1 38 9 9 50 .. 1 28 12 0 48 .. 1 30 0 0 44 .. 1 21 9 0 40 .. 1 60 7 6 Males. Males. £ s. d. 58 19 9 397 12 3 104 0 0 495 13 0 208 0 0 386 2 0 218 16 3 317 13 0 1,232 5 9 1,639 18 8 603 6 8 312 0 0 478 5 0 575 16 0 812 13 1 163 7 0 199 16 0 52 0 0 75 3 0 52 0 0 52 0 0 52 0 0 98 2 0 £ e. d. £ e. d. 0 3 1 58 16 8 77 30 14 2 366 18 1 73 1 16 3 102 3 9 72 29 10 2 466 2 10 71 4 6 3 203 13 9 70 27 6 4 358 15 8 69 4 6 3 214 10 0 68 29 15 1 287 17 11 67 101 18 10 1,130 6 11 66 119 19 10 1,519 18 10 65 48 12 11 554 13 9 64 21 12 1 290 7 11 63 28 19 10 449 5 2 62 32 19 8 542 16 4 61 69 11 8 743 1 5 60 11 17 11 151 9 1 58 15 1 3 184 14 9 57 2 4 5 49 15 7 53 2 18 3 72 4 9 52 2 16 . 49 18 6 50 2 1 10 49 18 2 48 1 7 11 50 12 1 44 3 14 3 94 7 9 40 £ s. d. 58 19 9 397 12 3 104 0 0 495 13 0 208 0 0 386 2 0 218 16 3 317 13 0 1,232 5 9 1,639 18 8 603 6 8 312 0 0 478 5 0 575 16 0 812 13 1 163 7 0 199 16 0 52 0 0 75 3 0 52 0 0 52 0 0 52 0 0 98 2 0 £ e. d. 0 3 1 30 H 2 1 16 3 29 10 2 4 6 3 27 6 4 4 6 3 29 15 1 101 18 10 119 19 10 48 12 11 21 12 1 28 19 10 32 19 8 69 11 8 11 17 11 15 1 3 2 4 5 2 18 3 2 16 2 ] 10 1 7 11 3 14 3 Total males 106 5,433 10 6 8,585 9 5 8,585 9 5 592 19 9 7,992 9 8 592 19 9 70 .. .. 1 6 13 4 I 68 . . 1 3 17 6 67 .. 3 9 13 1 66 .. 1 6 11 4 65 .. 1 9 0 0 64 .. 2 33 17 4 62 .. I 2 95 0 0 61 .. ! 3 65 17 7 60 .. I 3 114 4 8 59 .. : 2 39 7 2 58 .. 3 56 3 4 57 .. ! 6 123 18 6 I 56 .. 5 84 10 10 55 .. .. 5 111 8 6 54 .. 3 112 3 2 53 .. .. 3 26 0 11 52 .. .. : 3 106 9 2 51 . . : 5 222 16 9 50 .. ! 9 306 Hi 5 49 .. 2 91 1 0 48 .. 1 3 6 0 45 .. 1 48 12 2 44 . . 4 57 16 4 43 .. 1 4 16 0 42 .. 1 64 2 2 40 .. 1 5 10 3 U ..: 1 17 17 0 Females. Females. 52 0 0 52 0 0 156 0 0 52 0 0 52 0 0 104 0 0 160 1 0 167 II 0 181 10 0 104 0 0 156 0 0 312 0 0 288 18 0 307 17 9 154 14 9 156 0 0 212 6 0 363 17 0 497 10 0 174 19 4 52 0 0 74 15 0 208 0 0 52 0 0 63 12 0 52 0 0 52 0 0 0 17 5 51 2 7 i 70 0 9 4 51 10 8 68 12 5 154 17 7 67 0 14 8 51 5 4 66 0 19 5 51 0 7 65 3 10 6 100 9 6 64 9 5 0 150 16 0 62 6 4 3 161 (5 9 61 10 8 10 171 I 2 60 3 9 10 100 10 2 59 4 16 8 151 3 4 58 10 7 2 301 12 10 57 6 17 4 282 0 8 56 8 16 3 299 1 6 55 8 13 0 146 1 9 54 1 19 3 154 0 9 53 7 16 10 204 9 2 52 16 I 6 347 15 6 51 21 13 tl 475 Hi 1 50 6 6 4 168 13 0 49 0 4 6 51 15 6 48 3 3 2 71 11 10 45 3 14 0 204 6 0 I 44 0 6 1 51 13 11 43 3 19 11 59 12 1 42 0 6 8 51 1.3 4 40 10 5 50 19 7 34 j 52 0 0 52 0 0 156 0 0 52 0 0 52 0 0 104 0 0 160 1 0 167 II 0 181 10 0 104 0 0 156 0 0 312 0 0 288 18 0 307 17 9 154 14 9 156 0 0 212 (i 0 363 17 0 497 10 0 174 19 4 52 0 0 74 15 0 208 0 0 52 0 0 63 12 0 52 0 0 52 0 0 0 17 5 0 9 4 1 2 5 0 14 8 0 19 5 3 10 6 9 5 0 6 4 3 10 8 10 3 9 10 4 16 8 10 7 2 6 17 4 8 16 3 8 13 0 1 19 3 7 16 10 16 I 6 21 13 11 6 6 4 0 4 6 3 3 2 3 14 0 0 6 1 3 19 11 0 6 8 1 0 5 Total females j 73 1,827 10 6 4,259 11 10 4,259 11 10 I 143 4 8 4,116 7 2 143 4 8

K.—Oa

"1 TABLE XI. Valuation Balance-sheet of the Teachers' Superannuation Fund as at 31st December, 1910. Liabilities. Mat.es— £ f Value of 106 pensions for £8,585 9a. sd. per annum already granted :" .. .. 73,487 „ 44 pensions for £805 3s. per annum granted to widows of contributors or pensioners .. .. .. .. .. .. .. 9,956 „ 47 pensions for £011 per annum granted to the children of deceased contributors or pensioners .. .. .. ■ .. .. .. 2,678 „ prospective pensions for back service . . .. .. .. .. 439,8(52 „ „ for future service .. .. .. .. .. 242,050 „ „ to widows .. .. .. .. .. 87,600 „ „ to children .. .. .. ... .. 16,249 „ return of contributions on death .. .. .. .. .. 7,105 „ ~ on withdrawal .. .. .. .. .. 24,717 903,704 Females — Value of 73 pensions for £4,259 lls. 10d. per annum already granted .. .. .. 50,371 ~ prospective pensions for back service .. .. .. .. .. 302,694 „ „ for future service .. .. .. .. .. 210,474 „ return of contributions on death or withdrawal .. .. .. .. 38,436 601,975 £1,505,679 Assets. a Accumulated funds . . .. .. .. .. .. .. .. .. .. 154.212 Value of future contributions from males .. .. .. .. .. .. .. 248,238 „ „ femalee .. .. .. .. .. .. .. 119,411 „ subsidy of £7,000 per annum .. .. .. .. .. .. .. .. 175,000 „ additional annual subsidy of £10,000 per annum now recommended .. .. .. 250,000 „ future increases in subsidy to be provided .. .. .. .. .. .. 558,818 £1,505 : 679

Approximate Cost of Paper. —Preparation, not given; printing (5,600 copies), £ 20.

Authority : John -Mackay, Government Printer, Wellington.—l9l2

Price, 6d.

12