TEACHERS' SUPERANNUATION FUND. ACTUARIAL EXAMINATION FOR THE TRIENNIAL PERIOD ENDED 31st DECEMBER, 1916.

Appendix to the Journals of the House of Representatives, 1917 Session I, E-09a

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1917. NEW ZEALAND.

TEACHERS' SUPERANNUATION FUND. ACTUARIAL EXAMINATION FOR THE TRIENNIAL PERIOD ENDED 31st DECEMBER, 1916.

Laid before Parliament in pursuance of Section, 38 of the Public Service Classification and Superannuation, Amendment Act, 1908,

REPORT. Hγ the Actuary appointed by His Excellency the Governob-Gbneral to make the Actuaeial Examination of the Teachers' Superannuation Fund for the Triennial Period ended 31st December, 1916. Wellington, 22nd September, 1917. 1. I have the honour to submit the following report on the Teachers' Superannuation Fund as :il, the 31st December, L 916, as required by section 38 of (lie Public Service Classification and Superannuation Amendment Act, 1908. 2. The fund was established by the Teachers' Superannuation Act, 1905, which came into operation on the Ist January, 1906, but the scheme was recast and brought more into line with ihe Public Service and Government Railways Funds by the Public Service Classification and Superannuation Amendment Act, 1908. The chief difference between the benefits granted by the two Acts lies in the manner in which the pensions arc calculated, on]} , one-half the usual rate of pension being allowed under the original Act for service prior to the Ist January, 1906, and the pensions being calculated on a lower average salary—viz., the average for the whole period of service, instead o!' I'm , (lie lasl three years. A minimum pension of .£52 per annum, however, formed one of the benefits under the old scheme for "original members" —viz., those in the service on the coming into operation of I lie Act- and male contributors had the right to retire, ai age 60 and females at age 50; irrespective of their length of service. Of the 2,505 "original members" on the 31st March, 1908. there were only eighty contributors on the 31st December, 1916, who hud elected to remain subject to Part IX of the Education AH, 1908, with which the Teachers' Superannuation Act was consolidated. 3. The scheme was further extended by the Public Service Classification and Superannuation Amendment Act, 1912, to include service under the universities, and persons so employed at the date of the amendment were given the option of joining the scheme before the Ist July, 1913. on special terms —viz., their pensions for the time they contribute to lie increased by one one-hiiiidred-and-twentietli part of their salaries for every complete , year of service, whether continuous or not, prior to the 7th November, 1912, the date of the Act ; or, in other words, service prior to the commencement of the Act will be counted towards their pension at half the usual rate. 4. It is compulsory for all persons to b< , come contributors to the fund who are first permanently employed after the passing of the Act— (<i.) In the Education service as a teacher in any public school; (b.) In any branch of the Education service which is also a branch of the Government service; (c.) Under the University of New Zealand, Auckland University College, Victoria College, University of Otago, Canterbury College, or the Canterbury Agricultural College. Other persons first permanently employed in the Education service, not, included above, have ihe option of joining the fund within si\- months of the dale of their appointment,

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5. '-'Education service " means service in .any capacity for not less than twenty hours a week— (a.) Under an Education Board; or (/>.) Under the governing body of a secondary school; or (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 that Department; or (c.) Under the University of New Zealand, or under the Auckland University College, Victoria College, University of Otago, Canterbury College, or the Canterbury Agricultural College, 6. The contributions and benefits provided, by the Act, together with statements showing the progress of active membership, discontinuance of membership from various causes, and the progress of pensions for each year, will be found in Tables ItoIV of the appendix to this report. The ages of the contributors at the date of the valuation, their contributions, and other particulars are shown in Table V, and the pensions granted during the f ricnimnn, with the ages at which they were granted, in Table VI. 7. The number of pensioners on. the fund at the -list December, 1916, was 611, drawing pensions amounting to £44,666 per annum ; (he number of contributors at the same date was 4,653, with aggregate salaries amounting to £926,706, and paying contributions at the rate of ,£56,208 per annum. 8. The income and outgo of the fund during the three years arc shown in the Consolidated Revenue Account, which is as follows: — Consolidated Revenue, Account of the Teachers' Superannuation Fund from the Ist January, 1914, to the 3ht December, 1916. Income,. £ s. d, Outgo. £ s. dFunds at Ist January, 1914 .. .. 205,136 4 7 Allowances .. .'. .. 112,86] 15 4 Members'contributions .. .. 157,934 10 :s Contributions refunded .. .. 21,678 13 6 Government contributions .. .. 51,000 0 0 , Transfers to other funds .. .. 1,134 5 2 Refunds .. .. .. . . Sβ 17 7 Commission .. .. .. HOI 0 0 Transfers from other funds .. .. 794 6 8 Other payments .. .. .. 428 18 I Interest .. .. 42,640 14 (i Funds at 31st December, 1916 ■.. 381,158 1 (i £517,562 13 7 £517,562 13- 7 , — * Valuation. 0. The rate of interest used in the valuation was 4 per cent. 10. The Experience Table (Table VII) contains the rates per cent, per annum for withdrawals, mortality, retirement on pensions, and increase in salary, used in arriving at the liability. The salary scale has been calculated from the experience at the 31st December last, but the other factors have been taken from the previous experience. As far as female teachers were concerned the past triennium made little change in the rates referred to, while in regard to males the number enlisting, 346—0f whom thirty-two lost their lives —made the data quite unreliable as a guide Tor estimating rates of mortality, &c, to be experienced in the future. The Life and Service Table deduced from these rales is given in Table VIII of the appendix. 11. As regards the wives and children of contributors, it has been assumed ihal the prospective liability will be relatively the same, age for age, as in the case of male public servants. 12. It has also been assumed that all male and female teachers will retire at the age of sixtytive and sixty respectively, if they remain so long in the service, although there are a few still contributing at higher ages. !-">. The benefits to which those contributors who elected to remain subject to the provisions of the old Act are entitled have been valued as if they were equivalent to the generally higher benefits provided by the new Act. Probably this will not overstate the real liability, as these contributors exercised a decided selection in choosing between the old and the new schemes. 14. The valuation balance-sheet is given in detail in Table IX, a summary of which is as follows :—" Liabilities. £ Value of contributors' pensions already granted for £42,190 per annum .. .. 416,664 ~ widows' and children's pensions already granted for £2,476 per annum .. 20,159 ~ prospective pensions for back service ... .. .. .. .. 1,254,204 ~ ~ for future service .. ..' . . ... . . ' 854,515 ~ ~ to widows and children .. .. .. .. 118,76(> „ return of contributions on death or withdrawal .. .. .. .. 122,064 £2,786,372 Assets. £ Accumulated funds .. .. .. .. .. .. . . .. 381,158 Value of future contributions .. .. .. •.. .. .. .. 603,398 ~ present and future Government subsidies.. .. .. .. 1,801,810 €2,786,372 15. Compared with the previous valuation the liabilities show an increase of £584,100, and the funds and value of future contributions ,£225,881, making a net increase in the Government's liability of £358,219.

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The number of contributors, their salaries, and the annual pensions payable at the 31st December, 1916, and the 31st December, 1913, respectively were as follows:— 1910. 1913. Number of contributors .. .. .. .. .. .. 4,653 4,0.17 £ £ Animal salaries .. .. .. .. .. .. ..926,706 708,589 Average salary per contributor .. .. . . . . .. 199 176 Annual pensions payable .. .. .. .. .. .. 44,660 29,898 The addition to the liability is therefore fully accounted for by the general increase in the number of contributors, and the factors un which their prospective pensions are based —viz., age, length of service, and amount of salary. 1(>. Section 38 (2) of the Act requires the report to be so prepared as to show " 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 the contributions are insufficient to provide the full benefits for new entrants, the whole of the pensions for service prior to joining the scheme, and a certain portion of the pension due to service while contributing, should be provided by the subsidy. The sum payable for pensions, and the respective amounts purchased by contributions and payable by way of subsidy during Ilie ensuing three years — 1917, 1918, 1919 —are estimated as follows: —

1 have therefore to report that, in addition to the annual subsidy of £17,000 now being paid, further subsidies of £23,000, £26,000, and £30,000 will be required for the years 1917, 1918, and 1919 respectively, or an average of about £26,000 per annum. In my report for the • triennium ending the 31st December, 1913, an additional subsidy of £16,000 per annum was stated to be necessary, but owing to the exigencies arising out of the war the recommendation has net yet been given effect to. Of the additional subsidy, £26,000, now required, only £10,000 is therefore due to the present triennium. 1.7. As already shown, the basis of the scheme is that the pensions should be divided into two parts, viz. ; (a) the part purchased by the contributions, and (b) the remainder, which includes the pensions for service prior to joining the scheme, to be paid by way of a subsidy to the fund. The scheme has only been in force for eleven years, and the service is a growing one, consequently the outgo for pensions and the subsidy required will show an annual increase for many years. At present every increase in the subsidy appears to involve an amending Act, and this, with its consequent delay, should be avoided. The method employed to meet the deficiency, so long as it is met, is not so very material, but one basing the subsidy on the payments made by the contributors would throw the strain more on the early years of the scheme than the present method, and could be calculated without reference to the Actuary. A subsidy equivalent to 45 per cent, of the contributions of males and 85 per cent, of the contributions of females would provide for the pensions of new entrants, and so prevent the deficiency from this source accumulating. It would also reduce the deficiency in the case of those already in the service by £359,806, leaving £1,442,010 to be provided for by an additional annual subsidy to cover interest on the amount and make good the principal. The total payments required if this basis were adopted would be approximately as follows, taking the contributions and deficiency as they stood a! the 31st December last: — £ Males —45 per cent, of annual contributions ... ... ... 14,751 Females —85 per cent, of annual contributions ... ... ... 19,794 Sinking fund for seventy-five years to repay deficiency with interest... 60,896 £95,441 and the only increases required in the future would be those resulting from a growing population, with the corresponding increase in the teaching staff, or other changes in the data. 18. An alternative method on the same lines, but requiring a smaller payment at the outset, would be to pay a subsidy equivalent to 100 per cent,, of the contributions oi' males and 140 per cent, of the contributions of females. These percentages would require an annual payment commencing at £65,382, and increasing slowly with the growth of the staff and the corresponding increase in the annual payments made by the contributors. The deficiency would be reduced to £1,110,141, and it is estimated that this would disappear through the excess payments in about seventy-five years, as in the previous calculation, enabling the subsidy to be reduced to 45 per cent, for males and 85 per cent, for females.

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7 Required for 1917. 1918. 1919. . I Current ordinary pensions .. pensions and family pensions £ 40,486 6,743 £ 38,797 13,358 £ 37,116 I!), 950 Total pensions 'Jeducl amount of pension provided by contributions . . 47,229 7,275 52,155 8,732 67,066 10,229 Subsidy required 39,954 43,423 46,837

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If the scheme were closed to new entrants at any time, however, this method would require revision. The term of seveuty-iive years has been taken as the period in which the deficiency should be liquidated, as this term is used for calculating the sinking fund to extinguish 1 lie public debt under the Public Debt Extinction Abt, 1910. 1!). Il is perhaps fitting here to draw attention to the fact that the value to the large employer of a scheme of superannuation for his employees is considered so great that in England not only does the Government provide the benefits for Civil servants without requiring any contributions from the employees, but (to quote from the report of a Royal Commission) " the same system (pensions without contributions) has been introduced into very many establishments of the highest standing in the country, where continuous, zealous, and thoroughly honest service are main requirements." In the New Zealand Superannuation Fund, on the other hand, it has to be bprne in mind that the employees themselves shoulder a large part of the burden. 20. It is clearly to the interest of (lie fund, and therefore to the general body of teachers, that all proposed legislation involving the reopening of options as to joining the scheme which have already lapsed, or an increase in Ihe benefits, or special concessions, should be carefully scrutinized by the Board, and only adopted after actuarial advice. I also think that the existing option under section '23 of the Public Service Classification and Superannuation Amendment Act, L9OB, should in' repealed after due notice to the teachers affected. A large number of teachers (especially females) leave the service in early life, and collecting the arrears of contributions with hi I crest from those who remain naturally does not put the fund in the same position as if all had joined at the outset. Investment of the Funds. 21, The funds are invested with the Public Trustee, and the rate of interest earned for the year ending the 31st December, l!)l(i, amounted to £4 12s. Bd. per cent., including the bonus on interest. For the same period the rate earned on the mean funds to the credit of the Public Service scheme was £5 Is. 2d., or £4 18s. Bd. per cent, after allowing for the 2|-per-cent. commission charged by the Public Trustee for collecting the interest. It is to be hoped, therefore, that the provisions of the Public Service Classification and Superannuation Amendment Act, 1915, which enabled the Public Service Superannuation Board to make its own investments, will be extended as early as possible to the Teachers' Superannuation Fund. 1 need hardly remark that an increase in the rate of interest earned would decrease the Government's liability in connection with the scheme. Perot Muter, F.1.A., Actuary, Government Insurance Department.

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APPENDIX. TABLE I. The Benefits and Contributions provided yon by the Act. (These benefits are slightly modified in the case of those existing contributors (numbering 80) who elected to remain under-the 'provisions of Part IX of the Education Act, 1908, and in the case of persons employed in service under the Universities on the 7th November, 1912, who joined the scheme before Ist July, 1913.) j The contributions vary according to the age at the time when the first contributicm becomes payable, and are as follows : — Age 30 and under .. .-. .. .. 5 per cent, of pay. „, ~ ~ Over 30 and not exceeding 35 .. .. .. 6 „ Contributions 40 7 "40 - ',', 45 .. .. ..8 "„ „ 45 „ 50 9 \ „ 50 .. .. .. .10 fI. On Attainment of Pension. Males at Age 65, or after Forty Years' Service ; Females at Age 55, or after Thirty Years , Service. (I.) 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 :■ — (ct.) Where the age of a male contributor is not less than 60, or of a female contributor not less than 50. (6.) 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). ' (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 (b.) 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. (Notk. —The contributions and pensions are payable monthly, and the pensions are computed on tiie iivcragc 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.

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■ N ew Members. Tncre&si raol i by l'ro<lon. Number. liscontinucd. Total in Force at End of Tear. Year. Number. Annual Salaries. Contributions. Salaries. Annual Contributions. I Annual Salaries. Contributions. Annual Number. ; Salaries. Contributions. 1906-7 .. 1907-8 .. Part 1908 1909 .. 1910 1911 1912 .. 1913 .. 1914 1915 1916 .. ! 2,939 •21 I *l!)7 334. 287 349 *427 ! 645 522 428 468 £ £ 444,960' 33,652 34,600 1,860 19,083 1,075 37,327 1,1.85 35,734 ■ 1,862 40,267 ! 2,234 50,364 2,740 108,638 6,216 61,978 *2,9I3 55,792 : 3,096 81,114 3,352 £ £ 127 *I4I *148 113 192 212 *170 269 27,0 283 25!) £ £ 18,095 j 1,604 29,294 1,952 25,044 1,713 22,403 1,673 35,508 2,537 33,731 2,378 32,183 2,201 40,087 I 2,765 45,471 *2,579 42,428 2,742 42,795 2,802 £ £ 2,812 I 426,855 I 32,048 2,882 ! 446,607 32,870 2,931 I 454,646 ' 33,057 3,152 511,240 35,544 3,247 547,032 37,285 3,384 595,992 38,964 3,641 628,789 40,2J3 4,017 : 708,589 44,956 4,269 ! 766,886 47,s:il 4,444 860,022 32,795 4,653 926,706 56,208 £ 426,855 446,607 454,646 511,240 547,032 595,992 628,789 708,589 766,886 860,022 926,706 14,446 14,000 41,670 36,466 41,524 14,616 11,249 41 ,789 79,773 48,365 914 825 ' 2,975 2,416 1,823 710 1,292 2,541 4,610 ■2 ,863 2,812 2,882 2,931 3,152 3,247 3,384 3,641 4,017 4,269 4,444 4,653 Totals.. 6,807 949,847 60,185 343,898 20,969 2,154 367,039 24,946 I

Jiy Death,t By A drawa] mis lorDisisal.* IJy Peneion LB. Jiy , to Fi Transler i other unds.t Total discontii mod.* Year. to Si a o a % 3 o a o a § -a hi Ordinary (Age or Service). 1 -P Extended Provisions.f I II Mi idically unfit. Ill Sg i i! s≤ fa o Ph is . ft"M I g '1.1 * J o ci 2 5 I* X I 1906-7 .,. 1907-8 .. Part 1908 1909 1910 1911 . .. 1912 1913 1914 1915 1916 13 12 10 ■8 8 9 II 13 16 35 J22 £ £ 128 287 296 266 415 279 460 215 438 127 530 189 895 62 492 290 1,016 K)6 2,167 285 1,660 202 30 105 120 76 Kil 152 100 190 196 169 J179 £ 206 938 1,202 1,338 3,078 4,184 3,717 4,587 6,388 4,922 5,185 £ 78 4,207 20 1,182 9 503 22 1,825 38 4,099 32 2,816 43 3,421 40 3,903 32 3,348 28 2,320 33 3,861 78 20 9 22 38 32 43 40 32 28 33 £ 2 8 7 6 12 14 9 8 224 7.14 1,271 725 1,510 2,172 I ,648 1,147 6 & 9 4 6 10 10 14 9 S 16 £ £ 137 312 234 208 51 491 343 559 630 946 .. 1,372 .. j 784 725 . . 1,442 422 7,812 I I 2 £ 27 3 83 127 *!41 *!48 113 192 212 *I7O 269 270 253 259 £ 471 1 ,468 I ,668 I ,825 3,519 4,797 4,6)2 5,079 7,452 7,967 7,063 £ 4,806 1 ,656 1,273 2,607 5,499 4,906 5,154 7,075 6,410 4,978 6,652 3 4 I 48 878 212 Totals . . 157 8,503 2,308 1,448 35,745 375 31,485 375 66 9,411 96 12 1,251 45,921 51 ,016 2,154 * AdjtlHi adjusted in 1 tod. .916. Gomplk id fmlfl cards. } Traiisl !r of withdni , 'ill, luth Oetobcr, 909, to deatl I, Oth Di loomber, 1908,

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TABLE IV. Statement of Progress of Pensions.

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At ttainment of Pension A of Service. Lge or Length Extended •rovisi ions. . Retired me< dically unfit. rear, t Nu fira trat HI .I'ii nu ■an nmted or Void by nsferred. Death. USfl Mi Force. Granted or transferred. Vok Dee d by ath. . In: Force. Oral tram sferred. jgj Pen- Numsion. ber. i.l by ith or :|iiry. In 'orce, bi Number. Ml Mil e.r. r. _~ 1 Tf:-';::::: " P( N b u e ™- Pension. Num.- Pen- ' ber. sion. Number. Pension. Number. Pension. Numbur. Penskin. Number. Pension. 1906-7 .. 7 1907-8.. 2 Part 1008 1909 .. 2 1910 .. 3 1911 .. 3 1912 .. 4 1913 .. 4 1914 .. 3 1915 .. 2 1916 .. 3 78 20 9 22 38 32 43 40 32 28 33 7S H c 22 it a is i< 32 It 53 8 0 9 2 8 ■2 3 0 2 8 3 4 1 I 1 2 3 3 3 2 3 £ £ 4,207 .. I , 182 4 220 503 3 156 1,825 4 248 4,099 8 693 2,816 3 175 3,421 3 163 3,903 8 694 3,348 12 861 2,320 i) 833 3,861 6 570 4 3 4 8 3 3 8 12 9 6 £ 78 4,207 94 5.1 69 100 i 5,516 118 7,093 148 10.499 177 13,140 217 16,398 249 19,607 269 22,094 288 23,581 31.r> 26,872 78 94 100 118 148 .177 217 249 269 288 316 £ .. j .. .. i .. i .. 2 224 8 714 7 1,271 6 725 12 1,510 i 14 :2,172 9 il ,648 8 1,147 66 J 9,411 £ i "' 2 10 17 23 35 49 58 66 £ 224 938 2,209 2,934 4,444 6,616 8,264 9,411 6 4 9 4 6 10 10 14 9 8 16 £ I 312 ! .. 208 1 491 ! 1 343 ' 4 559 2 630 ; l 946 j 1 1 ,372 J 3 784 ! 3 725 I 3 1,442 3 7,812 22 £ \ 52 52 237 • 164 163 52 260 247 341 337 6 9 17 17 21 30 39 50 56 61 74 £ 312 468 907 1 ,013 1 ,408 1 ,875 2,769 3,881 4,418 4,802 5,907 Totals. . 37 375 U 5 31,485 60 4,613 31 I i 96 1,905 60 lutor or -Pensic ioner: Family P. Pension. 'i . 'otal Pensions. Dent of Contr Year. or tri :ani ins] ntod sforred. Void by Det or Expiry ? tt InF, force. Qi or tri •anted *, insferred. Pension. | *£" r oid. In Force. ■y. Number. Pension. IT ■*■ . Numlelon - ber. £ 10 39 I 27 31 51 65 78 02 91 132 100 122 97 57 126 210 130 161 148 176 ' 156 Pension. Number. I Pension. Number. Pension. 1906-7 1907-8 Part 1908 1909 .. 1910 .. 1911 .. 1912 .. 1913 .. 1914 .. 1915 .. 1916 .. 10 20 26 32 17 18 (5 :!3 I!) 30 20 £ 155 310 403 476 269 279 93 489 307 450 300 3 2 5 4 9 9 4 15 12 12 £ 155 426 798 1,209 1 ,416 1,563 1 ,534 1 .llflfl 2,063 2,352 2.476 94 44 44 60 69 67 65 00 74 75 77 £ 4,674 I,700 8 1,397 6 2,868 13 5,641 14 4,996 : 13 5,185 ! 13 7,274 : 1(5 6,611 : 30 5,143 24 6,750 21 £ 311 239 550 919 470 337 1 .011 1,31 8 1,335 1,083 94 130 168 215 270 324 376 460 504 555 (SI I £ 4,674 6,063 7,221 9,539 14,261 . 18,787 23,635 29,898 35,191 38,999 44,660 Totals 231 3,531 75 1,055 ] .. 768 r>2.239 157 7,573 t- • * Compile* from card!

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TABLE V. Present Annual Pay and Contributions of Officers now in Service.*

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A<4<! attained. Nun Male. iber. Present Ai irnual Pay. Female. Present Annual Contributions. Male. Female. Age attained. Female. Male. 76 73 72 69 08 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 33 32 31 30 29 28 27 26 25 24 23 22' 21 20 19 18 17 10 15 '• I 1 I 1 I 3 3 8 13 10 12 13 25 31 27 30 10 44 43 42 50 55 42 47 48 42 4(i 44 40 53 44 43 40 05 53 (il 65 05 40 58 56 49 57 09 S8 00 79 40 27 14 9 15 13 4 2 £ 250 250 150 269 £ £ 25-0 25-0 15-0 26-9 £ 76 73 72 69 68 66 65 04 03 02 01 60 59 58 57 50 55 54 r>:; 5i 51 50 49 48 47 46 45 44 43 42 41 40 39 38 37 38 3E 34 33 32 3 J 30 29 28 27 20 25 24 23 22 21 20 19 I? 17 10 15 1 160 10-0 1 1 2 2 3 (i 8 12 12 24 34 43 44 41 42 47 49 57 46 53 70 54 61 64 54 77 64 59 72 68 83 76 7!) 106 120 142 170 183 188 139 !)4 42 27 20 21 12 5 1 990 1,030 2,021 4,225 3,205 4,310 4,336 7,709 10,394 8,090 11,487 5,022 12,917 12,264 13,682 14,973 16,787 13,428 .14,045 16,062 13,655 13,593 . 12.948 12,844 15,773 13,587 I 1,558 1 I ,846 17,416 16,129 15,727 15,989 10,373 9,824 14,951 13,847 10.771 13,064 15,529 18,028 I 1 ,917 15.015 10,135 7,990 3,898 998 672 910 005 235 107 240 225 280 425 630 1,076 1,541 2,350 2,010 4,395 6,144 8,795 8,362 7,911 7,934 9,600 8,719 10,032 9,118 9,295 12,558 9,464 10,735 10,778 9,271 14,138 10,417 ' 10,160 1 I ,410 11,389 13,251 II,912 12,575 15,555 17,507 19,877 23,623 24,237 24,629 16,940 ] I ,242 3,885 I ,610 I ,105 1 ,040 585 195 75 99-0 103-0 202-1 422-5 320-5 417-2 394-2 707-3 939-5 790-0 ] ,021-3 426-7 1,062-2 1,000-4 1,099-9 1,182'] 1,216-3 962-4 998-7 1 ,153-7 945-3 852-7 807-0 799-8 960-7 792-6 025-8 052-1 954-4 787-6 835-1 829-7 839-5 497-0 755-6 692-3 538-6 653-2 776-5 901-4 595-9 795-7 506-8 399-5 194-9 49-9 33-6 45-5 33-3 1 1-7 5-4 24-0 22-5 28-0 38-3 56-7 98 0 1 37-3 199-6 165-4 373-4 502-3 683-6 629-4 566-1 570-5 688-9 619-1 664-8 567-3 586:8 777-8 582-7 573-2 577-0 506-6 762-4 560-0 525-8 596-1 580'8 674-9 596-4 628-7 777-8 875-3 993-8 I ,181-1 I ,211-9 I ,23]-4 847-3 562-1 194-2 80-5 55-3 52-0 29-3 9-8 3-8 Totals I ,971 2,079 514,390* 410,011* 32,780-0* 23,286-6* Totals. -om carde. • Co in piled

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TABLE VI. Classification of Pensions granted from 1st January, 1914, to 31st December, 1916, inclusive, showing the ages at which they were granted.

*************Including pensions granted under auction 12 of the Public Service Classification and Superannuation Amendment Act, 1908, as amended by section 11 of the Public Service Classification and Superannuation Amendment Act, 1909 : —

2—E. 9a.

9

* Attainment of length o Age at which Pension Number, granted. M. F. Total. f Pension Age or if Service. Amount of Pension. Betirod medically unfit. 'umber. Amount of Pension. V. Total. [ Widows and Children. $ !§ I is I |p' Total. Number. M. F. Total. Amount of Pension. f . Age at which Pension granted. M. 80 .. 1 .. 1 79 .. 1 .. 1 78 .. 1 . . 1 73 71 .. 1 . . 1 70 . . i 1 .. 1 69 ■• 68 .. 1 .. 1 67 . . 2 1 3 66 .. 8 .. 8 65 .. 12 .. 12 64 .. 2 .. 2 63 .. 1 .. 1 62 . . ; 6 . . 6 61 .. ! 3 2 5 60 .. 8 I 1 9 59 .... 1 1 58 .. 2 3 5 57 . . 4 2 6 56 .. 3 2 5 55 . . 1 9 10 54 .... 3 3 53 .... 5 5 52 .... 5 5 51 .... 7 7 50 .... 3 3 49 .... 4 4 48 .... 6 6 47 .... 7 7 46 .... 3 3 45 .... 2 2 44 43 42 40 39 36 35 34 32 30 28 26 21 14 13 12 11 10 9 8 6 . . '..-.. 5 4 3 2 1 ■■ 0 1 1 1 1 1 1 £ s. d. 180 0 0 138 7 0 39 2 0 £ s. d. £ 1 1 1 1 J 1 2 2 2 1 1 4 8 12 4 1 9 10 12 3 5 8 8 13 3 5 7 7 5 5 7 7 6 5 2 4 1 4 2 2 2 1 1 1 2 1 1 ■ 2 5 4 4 5 2 3 2 1 3 1 1 1 3 £ s. d. 180 0 0 138 7 0 39 2 0 36 0 0 58 12 0 233 4 0 18 0 0 I r>4 9 o 542 8 0 i> L J 5 0 1,857 10 0 394 4 0 122 14 0 1,598 II 0 1,015 1 0 I ,279 9 0 327 0 0 538 0 0 1,010 0 0 98(5 16 0 I ,060 8 0 286 19 0 367 17 0 470 6 0 502 2 0 447 I 0 437 1L 0 602 19 0 607 17 0 48.1 12 0 356 8 0 103 L9 0 302 2 0 18 0 0 134 8 0 100 2 0 99 18 I) 55 10 0 36 7 0 18 0 0 18 0 0 36 0 0 18 0 0 18 0 0 26 0 0 65 0 0 52 0 0 52 0 0 65 0 0 26 0 0 39 0 0 26 0 0 13 0 0 39 0 0 13 0 0 13 0 0 13 0 0 39 0 0 80 79 78 73 71 70 fi!) 88 67 6(i 65 64 63 62 6! 60 59 58 57 56 55 54 53 52 81 I 50 40 48 47 46 45 44 43 42 40 39 36 35 34 32 30 28 26 21 14 13 12 II 10 9 8 6 r> 4 • 3 2 1 0 1 1 1 1 40 12 0 215 4 0 2 1 1 1 36 IS IS 18 1 1 2 1 1 1 1 2 8 12 2 1 6 3 8 1 1 3 8 12 2 1 6 5 9 I 5 6 5 10 3 5 5 7 3 4 6 7 3 2 154 9 0 524 8 0 911 5 0 1,857 10 0 264 II 0 122 14 0 1,313 7 0 555 19 0 1,128 0 0 71 15 0 538 0 0 875 14 0 773 14 0 1,006 8 0 286 19 0 367 17 0 327 16 0 502 2 0 265 .18 0 419 11 0 548 3 0 607 17 0 297 10 0 161 5 0 1 1 ill 13 0 1 1 18 18 1 2 8 12 3 I 9 6 9 1 2 5 4 1 2 1 2 1 1 3 2 2 9 3 5 5 7 3 4 6 7 3 2 3 3 1 1 3 3 1 I 285 4 0 423 2 0 115 9 0 237 5 0 2 2 1 36 36 18 4 3 2 3 3 4 12 3 5 6 7 4 5 7 7 5 5 2 3 1 4 2 2 2 1 1 1 2 1 1 2 4 3 1 L 1 J 1 116 6 0 177 2 0 1 2 3 18 36 54 1 1 124 10 0 I 1.8 1 1 1 2 181 3 0 1 i 1 54 1.6 0 1 18 i l 3 1 3 2 3 1 4 166 2 0 195 3 0 85 19 0 302 2 0 1 1 18 18 1 i 1 2 2 2 1 1 2 2 2 1 1 98 8 0 100 2 0 99 18 0 37 10 0 36 7 0 1 2 18 36 i . 1 18 1 1 2 1 1 2 5 4 4 5 2 3 2 1 3 1 1 1 3 18 18 36 18 18 26 65 52 52 .65 26 39 26 13 39 13 13 13 39 17 20 I Totals 58 66 124 58 66 18 33 !26 18,500 18 0 Totals. 124 14,495 17 0 15 |2,948 I 0 (i'.t 1,057 90 136

Age at which Pension granted. 85 84 83 82 81 80 M. 2 1 1 0 3 7 Number. Age at which Pension Numter ' ~~ V. Total. Amount °' p ™ slon - granted. Mi ' F ~ 0 ~~ Amount of Pension. £ s. d. £ b. d. 2 225 11 0 Brought forward 20 .. 20 3,253 0 0 1 212 11 0 58 .. .. 2 2 221 0 0 1 1.22 14 0 57 .. .. 4 . . 4 692 2 0 0 1,813 7 (I 56 .. ... 3 .. 3 570 10 0 3 512 5 0 55 .. .. 1 .. I 130 13 0 7 866 12 0 51 .. .... 1 1 93 12 0 Brought forward 58 .. 57 50 55 .. 51 .. 2(1 2 4 3 1 20 2 4 3 1 1 £ B. d. 3,253 O 0 221 0 0 692 2 0 570 10 0 130 13 0 93 12 0 1 Carried forvnrd 20 20 3,253 0 0 Totals 30 1 :ji 4,966 17 0 t Compile) from cards.

E.—9a.

TABLE VII. EXPERIENCE TABLE. Rates per Cent. per Annum of Withdrawal, Mortality, Retirement, and Increase of Salary.

10

Contribul ;ing Members : Males. Contribute ing Members: Females. Age. Hate of Withdrawal (Teachers' Superannuation Fund). Bate of Mortality (Combined New Zealand Superannuation Funds). Bate of Retirement (Combined New Zealand Superannuation Funds). Bate of Increase of Salary (Teachers' Superannuation Fund). Rate of Withdrawal (Teachers' Superannuation Fund). Bate of Mortality (Assumed). Bate of Kate o Retirement Increase (Combined Salary New Zealand (Teachei Super- Superannuation annuatii Funds). Fund). Hate of Increase of Salary (Teachers' Superannuation Fund). Age. 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 60 51 52 53 64 55 56 57 58 59 60 61 62 63 64 6-60 5-90 5-35 4-90 4-50 4-10 3-70 3-40 3-12 2-90 2-70 2-52 2-37 2-22 2-10 2-00 1-90 1-80 1-70 1-60 1-53 1-47 1-40 1-35 1-30 1-23 1-20 1-14 111 1-08 1-04 1-02 I 00 1-00 0-98 0-96 0-92 0-87 0-82 0-74 0-66 0-57 0-46 0-32 0-20 0-20 0-20 0-20 0-20 0-20 0-21 0-21 0-22 0-23 0-24 0-25 0-26 0-27 0-28 0-29 0-30 0-32 0-34 0-36 0-38 0-40 0-42 0-44 0-4fi 0-49 0-52 0-53 0-54 0-55 0-57 0-59 0-00 0-63 0-67 0-70 0-73 0-78 0-82 0-86 0-92 0-98 105 115 1-25 1-37 1-52 1-69 1-88 2-12 2-40 048 0-20 0-20 0-20 0-21 0-22 0-23 0-24 0-25 0-26 0-27 0-28 0-29 0-30 0-41 0-53 0-68 0-88 112 1-37 1-69 2-07 2-52 3 05 3-74 4-57 5-81 7-91 1300 21-20 29-50 1-8 2-4 5-1 7-8 17-1 24-0 24-0 25-2 23-7 15-0 11-7 8-4 8-4 7-2 6-3 5-7 4-8 5 1 5-1 4-8 4-5 5-4 5-1 4-5 5-1 5-1 4-8 4-2 3-9 3-6 2-4 2-1 J -8 1-8 1-2 0-6. 0-6 0-3 0-fi 2-40 2-60 2-80 3 10 3-60 4-20 5 00 5-70 6-20 6-70 7-00 7-15 7-20 710 6-90 6-70 6-40 6-20 5-80 5-50 5-10 4-70 4-20 3-70 3-10 2-60 2-20 1-90 1-60 1-30 0-95 0-52 0-22 0-23 0-24 0-25 0-26 0-27 0-29 0-30 0-31 0-31 032 0-32 0-32 0-32 0-32 0-32 0-32 0-32 0-32 0-32 0-33 0-33 0-33 0-33 0-34 0-34 0-36 0-38 0-40 0-44 0-48 0-52 0-57 0-63 0-69 0-76 0-83 0-90 0-98 1-07 115 1-25 1-34 1-45 1-56 0-25 0-25 0-25 0-25 0-25 0-30 0-40 0-50 0-60 0-70 0-88 108 1-38 1-83 2-58 3-63 4-63 5-90 • 7-43 9-25 11-88 14-63 17-38 19-88 21-30 22-50 25-00 0-6 2-0 7-4 130 14-4 14-6 140 8-6 6-2 5-8 4-8 40 4-0 3-2 3-4 2-6 2-4 2-4 2-2 20 1-8 2-0 " 2-2 1-8 2-0 1-8 2-0 2-0 1-8 1-4 1-0 0-4 0-2 15 16 17 18 ill 20 21 22 2:; 24 25 26 27 28 2!> 80 31 32 :v.\ ■m 35 ,!(i :S7 38 39 -10 41 '12 43 .(,( 46 46 4 7 48 49 50 51 53 04 55 Mi 57 58

E.—9a.

TABLE VIII. LIFE AND SERVICE TABLE. Based upon the Rates per Cent. per Annum of Withdrawal, Mortality, and Retirement given in Table VII.

11

Males. Females. Age. Existing in Service. Withdrawals. Deaths. Retirements. Average Salary. Existing in Service. Withdrawals. Deaths. Retirements. Average Salary. Age. 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 .. 60 .. 61 .. 62 .. 63 .. 64 .. 65 .. 100,000 93,201 87,517 82,659 78,444 74,757 71,535 68,738 66,251 64,031 62,020 60,191 58,518 56,973 55,548 54,220 52,972 51,796 50,689 49,644 48,572 47,538 46,545 45,595 44,675 43,776 42,909 42,064 41,252 40,460 39,684 38,925 38,181 37,445 36,666 35,856 35,005 34,102 33,144 32,133 31,056 29,904 28,666 27,331 25,879 24,290 22,510 20,349 17,321 13,282 9,045 6,599 5,498 4,683 4,050 3,530 3,065 2,647 2,336 2,067 1,857 1,674 1,517 1,387 1,265 1,167 1,085 1,007 032 862 794 743 699 652 615 581 538 515 480 - 458 437 414 397 382 374 360 344 322 297 272 238 205 170 132 88 52 200 186 175 165 157 157 150 151 153 154 155 j 156 158 160 161 163 169 175 183 189 194 199 205 209 219 228 227 227 227 230 234 234 240 251 257 262 273 279 285 296 304 314 329 342 354 369 380 383 367 319 89 97 95 93 96 99 101 103 105 107 109 111 113 114 154' 194 244 308 382 454 543 643 754 874 1,022 1,183 1,411 1,781 2,645 3,672 3,918 9,045 £ 46-8 48-6 51 0 56-1 63-9 81-0 105-0 129-0 154-2 177-9 192-9 204-6 213-0 221-4 228-6 234-9 240-6 245-4 250-5 2:15-6 260-4 204-9 270-3 275-4 279-9 285-0 290-1 294-9 299-1 303-0 306-6 :S09-0 811-1 312-9 314-7 315-9 316-5 317-1 317-4 318-0 3180 3180 3180 3180 318-0 3180 3180 3180 318-0 318-0 3180 100,000 97,380 94,624 91,747 88,673 85,249 81,439 77,131 72,504 67,784 63,032 58,421 54,059 49,995 46,287 42,946 39,931 37,247 34,818 32,599 30,619 28,882 27,358 26,051 24,923 23,967 23,142 22,411 21,744 21,117 20,522 19,947 19,374 18,762 17,963 17,007 15,875 14,564 13,085 11,403 9,613 7,831 6,177 4,779 3,634 2,669 2,400 2,532 2,650 2,844 3,193 3,580 4,072 4,396 4,496 4,541 4,412 4,177 3,893 3,549 3,194 2,878 2,556 2,309 2,019 1,793 1,562 1,358 1,149 964 773 623 509 426 348 275 195 104 220 224 227 230 231 230 236 231 224 211 199 185 171 159 147 137 128 120 113 106 99 94 90 86 83 82 83 84 88 92 97 104 112 118 124 129 131 132 128 122 111 97 83 69 57 87 81 76 72 68 78 100 120 139 157 191 228 283 365 500 681 832 1,003 1,180 1,347 1,554 1,668 1,671 1,557 1,315 1,076 908 2,669 £ 52 0 520 52-6 54-6 62-0 75-0 89-4 104-0 118-0 126-6 132-8 138-6 143-4 147-4 151-4 154-6 158-0 160-6 1630 165-4 167-6 L69-6 171-4 173-4 I 75-6 177-4 179-4 181-2 183-2 185-2 187-0 188-4 189-4 189-8 190-0 1900 1900 1900 190-0 190-0 1900 190-0 moo 190-0 190-0 1900 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 60

E.—9a

12

TABLE IX. SUMMARY OF TEACHERS' SUPERANNUATION RESULTS. Valuation Balance-sheet as at 31st December, 19.16. Males- Liabilities. £ £ Value of 223 pensions for £25,132 6s. per annum already granted .. .. .. 208,439 „ 87 pensions for £1,579 3s. per annum granted to widows of contributors or pensioners .. .. .. .. .. .. .. 16,727 „ 69 pensions for £897 per annum granted to children of deceased contributors or pensioners .. .. .. .. .. .. .. 3,432 „ prospective pensions for back service .. .. .. .. .. 710,102 ii „ for future service .. .. .. .. .. 421,482 to widows .. .. .. .; .. 100,042 „ „ to children .. .. .. .. .. 15,72ti „ return of contributions on death .. .. .. .. .. 7,799 » „ on withdrawal .. .. .. .. .. 44,924 1,528,073 Females— Value of 232 pensions for £17,057 Bs. per annum already granted .. .. .. 208,225 „ prospective pensions for baok service .. .. .. .. .. 544,102 ~ ~ for future service .. .. .. .. .. 433,033 for children .. .. .. .. .. 2,998 „ return of contributions on death .. .. .. .. .. 17,290 „ „ on withdrawal .. .. .. .. .. 52,051 1,257,699 £2,786,372 Assets. £ Accumulated funds .. .. .. .. .. .. .. .. .. .. 381,158 Value of future contributions from males .. .. .. .. .. .. .. 382,703 „ „ from females .. .. .. .. .. .. .. 220,095 subsidy of £17,000 per annum .. .. .. .. .. .. .. 425,000 „ future increases in subsidy to be provided .. .. .. .. .. .. 1,376,816 £2,786,372

Approximate Cost of Paper. —Preparation, not given ; printing (650 collies), £1(5 10s.

Authority : Marcus F. Marks, Government Printer, Wellington.— l9l7.

Price 6d.\