TEACHERS' SUPERANNUATION FUND. ACTUARIAL EXAMINATION FOR THE TRIENNIAL PERIOD ENDING 31st JANUARY, 1930.

Appendix to the Journals of the House of Representatives, 1932 Session I-II, E-08a

E— 8a

1932. NEW ZEALAND.

TEACHERS' SUPERANNUATION FUND. ACTUARIAL EXAMINATION FOR THE TRIENNIAL PERIOD ENDING 31st JANUARY, 1930.

Laid before Parliament in pursuance of Section 111 (4) of the Public Service Superannuation Act, 1927.

REPORT BY THE ACTUARY APPOINTED BY HIS EXCELLENCY THE GOVERNOR-GENERAL TO MAKE THE ACTUARIAL EXAMINATION OE THE TEACHERS' SUPERANNUATION FUND FOR THE TRIENNIAL PERIOD ENDING 31st JANUARY, 1930. Government Actuary's Department, Wellington, 30th January, 1932. 1. Ī have the honour to submit the following report on the Teachers' Superannuation Fund as at the 31st January, 1930, as required by section 111 of the Public Service Superannuation Act, 1927. 2. The fund was originally constituted under the Teachers' Superannuation Act, 1905, but has since been varied by legislative enactments, the most important being the Public Service Classification and Superannuation Amendment Acts, 1908 and 1912. The several enactments affecting the fund are now consolidated by the Public Service Superannuation Act, 1927. 3. Membership in the fund is compulsory on all persons who are first permanently employed after the passing of the Act — (i) In the Education service as a teacher in any public school; (ii) In any branch of the Education service which is also a branch of the Government service ; (iii) Under the University of New Zealand, or under the Auckland University College, Victoria University College, the University of Otago, Canterbury University College, or the Canterbury Agricultural College. Other persons first permanently employed in the Education service not included above have the option, of joining the fund within six months of the date of their appointment. " Education service " means service in any capacity for not less than twenty hours a week— (a) Under an Education Board ; or (b) Under the governing body of a secondary school; or (c) Under the managers of technical schools under Part VIII of the Education Act, 1914 ; 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 (e) Under the University of New Zealand, or under the Auckland University College, Victoria University College, the University of Otago, Canterbury University College, or the Canterbury Agricultural College. 4. During the triennium under review the constitution of the fund was modified by legislation to allow any contributor, irrespective of his length of service, to apply for a retiring-allowance on the grounds of "permanent medical unfitness. Previously the privilege of retiring medically unfit was confined to teachers with over fifteen years' service, but by section 44 of the Finance Act (No. 2), 1927, this restriction was removed, and the benefits are now in line with the other Government Superannuation Funds. 5. The contributions and benefits provided by the Act, together with statements showing the progress of active membership, discontinuance of membership from various causes, the progress of pensions for each year, and the pensions granted during the triennium, with the ages at which they were granted, will be found in Tables ItoIV of the appendix to this report. The number of contributors at the date of the valuation, with their ages, salaries, and contributions, are shown in Table V. 6. The number of pensioners on the fund at the 31st January, 1930, according to the cards supplied, was 1,231, drawing pensions amounting to £218,1.09 14s. per annum, exclusive of 300 pensions, amounting to £8,893 3s. per annum, granted to widows and children of deceased members. The number of contributors in active service at the Ist February, 1930, was 9,614, with aggregate salaries amounting to £2,613,078 per annum, and paying contributions at the rate of £140,844 per annum.

I—E.1 —E. BA.

2

E.—Ba.

7. The income and outgo of the fund since the previous valuation were as follow :— Consolidated Revenue Account of the Teachers' Superannuation Fund prom the Ist February, 1927, to the 31st January, 1930. Income. £ s. d. Outgo. £ s. d. Funds at Ist February, 1927 .. 1,083,155 211 Retiring and other allowances .. 617,711 19 9 Members' contributions .. .. 405,630 19 0 Arrears of retiring-allowances under Arrears of contributions under section section 116 of the Act .. .. 969 13 9 115 of the Act .. .. .. 1,725 1 6 Contributions refunded .. .. 82,365 15 7 Government subsidy .. .. 204,000 0 0 Transfers to other funds .. . . 867 7 5 Subsidy, Fiji Government .. .. 691 16 10 Commission .. .. .. 5,015 14 7 Subsidy under section 114 of the Act.. 11,058 19 4 Reserve for bad debts .. .. 1,820 14 11 Transfers from other funds .. .. 978 7 2 Other payments .. .. .. 5,803 15 2 Interest on investments .. .. 201,109 811 Funds at 31st January, 1930 .. 1,198,711 3 8 Interest on arrears of contributions .. 4,065 22 Interest on back contributions under section 115 of the Act .. .. 851 7 0 £1,913,266 4 10 £1,913,266 4 10 8. Strictly speaking, the funds shown above should be increased by £39,416 13s. 4d., which sum the Board has received as subsidy, but apparently regards as unearned, and therefore to be included in the Balance-sheet as a liability. In this connection I would point out that the accounts of a superannuation fund are obviously not designed to show the annual profit or loss of the fund, nor does the balance-sheet purport to show the real contingent liabilities of the fund in connection with pensions or other benefits. Under the circumstances, no good purpose is served by so understating the funds, and the Superannuation Board is recommended to bring its accounting methods into line with the world-wide practice of life-assurance offices and other financial institutions controlling funds whose liabilities involve contingencies which cannot be measured by ordinary accountancy standards. 9. Income.—On the income side the chief item requiring comment is the Government subsidy. Compared with the annual subsidies reported as necessary in the last actuarial report, the subsidies paid in during the triennium exhibit a shortage of £315,000, apart from the loss of interest thereon. The effective rates of interest credited to the fund, during each year of the triennium are given below, together with those of the previous period for the purpose of comparison:— Year. Rate per Cent. Year. Rate per Cent. £ s. d. £ s. d. 1924-25 .. ..621 1927-28 .. ..614 1925-26 .. ..6 1 11 1928-29 .. .. 5 19 11 1926-27 .. ..6 1 1 1929-30 .. .. 5 19 4 The fall in the interest yield is due to a progressive increase in the proportion of funds invested in Government securities. 10. Outgo.—Retiring-allowances are increasing, and may be exppcted to do so for many years to come. It will be noted that the outgo for benefits during the triennium exceeded 110 per cent, of the total of the contribution income and the Government subsidy, and was more than 85 per cent, of the combined income from contributions, interest, and Government subsidy, as compared with 90 per cent, and 70 per cent, respectively at the previous valuation. As was pointed out in my last valuation report, these high percentages are somewhat disturbing, since the liabilities are essentially of a deferred nature, and consequently the funds should be increasing rapidly while the fund is young and the membership is expanding. Data. 11. The preliminary particulars required for this actuarial examination have been obtained from cards supplied'by the Secretary of the Teachers' Superannuation Board—a separate card being compiled for each member who was in the Service at the valuation date, or who had died or withdrawn since the inception of the fund —and these particulars form the main basis of this investigation and valuation. The Valuation. 12. The main object of an actuarial valuation is to ascertain whether the current funds, together with the present value of the future contributions, are sufficient to meet the future liabilities. Before the valuation can be carried out it is necessary to make a careful estimate of the various factors on which the payment of the benefits and contributions is dependent. These factors may be briefly summarized as follow :— (a) Rate of interest; (b) Mortality-rates of pensioners ; (c) Average salary scales ; (d) Mortality-rates of contributors ; (e) Withdrawal-rates of contributors ; (/) Retirement-rates of contributors ; (g) Marriage-rates of contributors ; (h) Probability of a member leaving children under fourteen years of age, and the average number of such children ; (i) Remarriage-rates of members' widows. 13. The rate of interest used in valuing benefits and contributions was 4| per cent., as the constitution of the fund includes a Government subsidy varying with the requirements of each year. 14. The mortality-rates adopted for pensioners were those used in the previous valuation, and were based on an investigation of the combined experience of the three Government Superannuation Funds (Public Service, Railways, and Teachers) for the period 1919-27.

E.—BA

15. Average salary scales — males and females being treated separately — were constructed for the year immediately following the valuation date, and the resulting ratios of increase from age to age were applied to the annual salary on which each teacher was contributing as at the Ist Februarv 1930. 16. The rates of mortality, withdrawal, and retirement of male contributors used in the valuation were based on an examination of the fund's experience during the triennium under review, together with that of each of the two preceding triennia. The number of deaths among teachers in active service is proverbially light, and accordingly it was deemed advisable to combine the data of the whole three triennia in order to minimize the possibility of fluctuations, and so produce smooth rates, which could also be relied on as an indication of the mortality likely to prevail in the future. _ The withdrawals at all age groups showed a progressive decline during the three valuation periods, and it was decided to use the experience of the triennium under review as the main guide to the withdrawal-rates adopted in the valuation. The number and incidence of the retirements have been materially altered by the removal of the length-of-service qualification in respect of pensions for retirements medically unfit. Many medically unfit teachers who previously had to withdraw from the Service are now eligible to retire on pensions, while other border-line cases who were able to remain in the Service until the completion of fifteen years' service before being retired medically unfit may now be retired at an earlier date. As might have been expected, this has resulted in an increase in the retirement-rates at ages under 40 combined with a decrease in the rates for succeeding ages up to about age 50. Retirements were again heavy from age 55 onwards, and, as this feature has been in evidence in each of the last three triennia, I felt compelled for valuation purposes to regard it as a permanent feature of the fund. The deaths, withdrawals, and retirements in respect of female contributors were examined for each of the last three triennia, and the necessary rates adopted for use in the valuation were arrived at along much the same lines as indicated above for the males. Details of the Experience Tables adopted and the Life and Service Tables deduced therefrom are given in Tables VI and VII of the appendix. 17. The factors necessary for the valuation of widows' and children's benefits were calculated from population statistics combined with the experience of the fund itself. Results of Valuation. 18. The Act (section 111 (2)) requires the actuarial report to 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." The valuation has been made accordingly, and the results are shown in Table VIII of the appendix, but they may be shortly summarized as follow:— £ £ Present value of existing pensions and allowances .. .. .. 2,293 201 Present value of prospective benefits .. .. .. .. 6,241,722 £ Less present value of members' contributions .. 1,635,681 Less present value of Government subsidy under section 114 of the Act .. .. .. 141,329 1,777,010 4,464,712 Total net liabilities .. .. .. .. .. 6,757,913 Funds in hand .. .. .. .. .. .. 1,198,711 Present value of total liability of the State .. .. .. .. 5, 559 202 Less present value of existing subsidy of £68,000 per annum (if treated as a perpetuity) .. .. " .. .. .. .. 1,511,111 Value of future subsidies to be provided for by the State over and above the present subsidy of £68,000 per annum .. .. .. £4,048,091 19. It will be seen from, the above statement that there is a total State liability of £5,559,202, as compared with £4,647,798 at the last valuation, giving an increase of £911,404. This increase is mainly due to the accumulation at interest of that part of the State's liability which is unprovided for, and to the number of retirements of comparatively young teachers with long service being in excess of the valuation assumptions. 20. As regards the first-mentioned source of valuation loss, it is scarcely necessary to point out that, if a fund is in deficiency at one valuation, the amount of the deficiency at the succeeding valuation will, all other things being equal, increase at compound interest, since, in addition to the shortage- in capital, the fund is deprived of the interest which that capital would have earned during the valuation period. The latter source of loss is self-evident in the case of those teachers who are retired, irrespective of age, after completing the maximum service that may be counted for pension, not only from the greater number of years during which the Superannuation Fund is called upon to pay pensions, but also from the loss of contribution income until the normal retiring-age. There appears, however, to be a fairly prevalent impression in many quarters that in the case of male teachers retired after thirty or thirty-five years' service, the fund is fully compensated by the fact that the pension is based on one-sixtieth of the salary multiplied by service, instead of the maximum of forty-sixtieths of salary.

3

E.—B a,

It may not be out of place, therefore, for me to state by way of illustration that, in spite of the smaller annual pension, the net liability to the Superannuation Fund in respect of the retirement of a physically fit male teacher with thirty-five years' service is, on the average, at least 30 per cent, in excess of the net liability in respect of the same officer if he were compelled to remain in the Service until the completion of forty years' service. 21. The importance of the ascertainment of the state of the fund in the form given in paragraph 18 lies in the fact that the total shortage in the fund to be met by the State —namely, £5,559,202 —is equivalent to an annual interest income (at 4-J per cent.) of £250,164. It follows that if any less sum than £250,164 is paid in by the State as subsidy the total deficiency will increase, and the subsidy must accordingly, by way of compensation, rise later on to a much higher figure than £250,164 per annum in respect of present contributors alone. If, however, any annual amount in excess of £250,164 be paid in, the fund would, in respect of present members, attain solvency within a definite period of time. It should be clearly understood that this minimum amount of £250,164 is a perpetuity and does not cease with the lifetime of the present members, nor does it include any subsidy to new entrants. Ascertainment of State Subsidy. 22. The Act, however, does not provide that the subsidy is to be determined from the foregoing actuarial ascertainment required by section 111 (2). The same clause directs the actuary to show in his report " 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 in respect of service after joining the fund, my interpretation of the principle underlying the section is that the State makes its contribution when benefits are actually entered upon, and then pays for the full amount of pensions in respect of all service prior to the establishment of the fund and for such portion of the pensions arising out of subsequent service as is not covered by the contributors' contributions. I estimate the pensions falling due during the financial years 1930-31, 1931-32, and 1932-33, the amounts provided by the contributions, and the subsidies payable on the basis indicated by the Act, to be as follow : — 1930-31. 1931-32. 1932-33. £ £ £ Estimated pensions .. .. .. .. .. .. 235,677 244,739 255,454 Amount provided by contributions .. .. .. .. 74,275 79,228 84,859 Amount due to be paid by the State in respect of the three years mentioned (but see also next paragraph) .. .. .. £161,402 £165,511 £170,595 23. The above figures would give for the years 1930-31, 1931-32, and 1932-33 an average subsidy of approximately £166,000 per annum, or £98,000 per annum more than is at present being paid. The following considerations, however, must be taken into account: — (a) Actuarial recommendations made in the past in pursuance of the Act have not been fully carried out, the actual payments into the fund to the 31st January, 1930, being short by £735,251 of the amounts recommended. From Table IX of the appendix it will be seen that this shortage accumulated at 4| per cent, interest to the end of last year amounts to £1,023,136, and I consider that £46,000 per annum requires to be added to the future subsidies on this account. (b) The State subsidy should also provide year by year the amount charged to the Superannuation Fund in administration expenses, less possibly the amount of investment - commission which might be regarded as a deduction from interest. The payment of expenses by the fund is a definite departure from the original scope of the superannuation scheme, and my interpretation of section 111 (2) of the Act is that expenses amounting to, say, £2,000 per annum should form part of the subsidy. 24. I have accordingly to report that pursuant to the system laid clown by the Act the annual subsidy required for each year of the period ending 31st January, 1933, is as follows : — £ Subsidy now being paid .. .. .. .. .. .. 68,000 Further annual subsidy required — £ Paragraph 23 above .. .. .. .. . . 98,000 Paragraph 23 (a) above .. .. .. .. 46,000 Paragraph 23 (b) above .. .. . . . . 2,000 146,000 Annual subsidy required for the years 1930-31, 1931-32, 1932-33 .. £214,000 When making provision for this annual subsidy it is important to see that it is back-dated and that interest at 4| per cent, is added to any portion paid late. Recommendations . 25. In my last actuarial report I pointed out that it would be a great improvement if the present highly technical method of arriving at the subsidy were abolished in favour of a simple automatic, basis that would not only be more in accordance with the actual deficiency, but would avoid sudden increases in the subsidy and reflect salary fluctuations. It is not necessary to add anything further to the remarks made in that report beyond pointing out that the suggested subsidy of 10 per cent, of the salary roll would now need to be increased by reason of the short payments in subsidies during the intervening three years.

4

E.—Ba

26. Should it be desired to go further than I have indicated so as to more rapidly redeem the deficiency, a higher subsidy could be fixed, or, alternatively, the fund, could be strengthened by suitable amendments to the Superannuation Act. For example, the following alterations in the scheme would considerably lessen the liabilities of the fund without unduly prejudicing contributors :■ — (a) Modify the present right of teachers to retire by length of service by restricting it to those who have attained a specified age —e.g., age 60 in the case of males and age 55 in the case of females — and also increase by five years the minimum age or length of service at which a female contributor has the right to retire. To enable the matter to be more readily visualized, I have set down side by side the present position and that proposed : —

(b) Remove the power of the Teachers' Superannuation Board, with the approval of the Minister of Education, to extend the provisions of the Act so as to grant pensions in the case of early retirements. Such powers appear in the past to have been wrongfully regarded by contributors as options to retire with the Minister's consent, but were clearly designed to cover only exceptional cases. Some provision should, of course, be made to obviate possible hardship in the case of those compulsorily retired through no fault of their own, especially if such retirements are the result of a general retrenchment policy. Two methods of meeting this contingency suggest themselves—namely, to grant pensions based on service on the understanding that the Consolidated Fund pays the necessary retiring-allowances until the attainment of the earliest normal rêtiring-age set out in (a) above, or, secondly, to provide such actuarially calculated pensions as will throw no additional strain on the Superannuation Fund. It will be seen that the Superannuation Fund is safeguarded by either method, the only difference being that in the first case the extra liability is borne by the State, and in the second case by the teacher compulsorily retired. (c) (i) Alter the basis of calculation of " final salary " to the average salary of the last seven or ten years, instead of three years as at present, or (ii) disregard for pension (and contribution) purposes any salary-increases after a specified age; —say, age 55 in the case of males and 50 in the case of females. Of these two, the former has the merit of correlating to some extent the retiring-allowance and the average salary received in the years preceding retirement, while from the viewpoint of the fund the latter alternative has the advantage of being as effectual as the former in minimizing violent fluctuations in the pension liabilities due to salary-increases immediately preceding retirement, and at the same time does not penalize those retiring medically unfit to the same extent as the former alternative would. In making this suggestion lam fully conscious that it violates one of the canons of a good pension fund scheme, but, having regard to the constitution of the Teachers' Superannuation Fund and its present parlous financial position, I feel compelled to recommend it for urgent consideration. General Remarks. 27. While it is not my function to comment on policy matters, I feel I would be lacking in my responsibility if I did not enunciate the general principle that no additional financial strain should be imposed on the Teachers' Superannuation Fund by policy measures of Government. I may mention that in the South African Public Service superannuation scheme, if an officer is forced to retire on pension due to a retrenchment scheme or other policy measure, all pension payments up to the date of his attaining the normal pension age are paid out of public revenue and not out of the Superannuation Fund. It is scarcely possible under present financial conditions for the Consolidated Fund to assume any such responsibility, and the only sound alternative in the event of any departure from what might be termed the Superannuation Fund's fundamental obligations to the contributors is to prevent any increase in its liabilities by granting pensions that are the actuarial equivalents of the pensions that would normally be received at the statutory retiring-ages, having due regard to the contributions payable in the meantime. In this connection, it may be of interest to point out that the Commonwealth of Australia safeguards its Public Service Superannuation Fund by fixing age 65 as the normal pension age, with provision that if any officer is retired after age 60, either compulsorily or of his own wish, he is granted a reduced pension actuarially calculated. 28. In conclusion, I have to acknowledge the assistance of the small but efficient staff engaged in carrying out the heavy work of the valuation. C. Gostelow, Fellow of the Institute of Actuaries (London), Government Actuary.

5

Present Bights. Proposed Rights. Males. (i) After age 65. (i) After age 65. (ii) After forty years' service. (ii) After age 60 if combined with forty years' service. (iii) At any age if medically unfit. (iii) At any age if medically unfit. Females. (i) After age 55. (i) After age 60. (ii) After thirty years' service. (ii) After age 55 if combined with thirty-five years' service. (iii) At any age if medically unfit. (iii) At any age if medically unfit.

E.—Ba.

APPENDIX.

TABLE I. The Benefits and Contributions provided for by the Act. (These benefits are slightly modified in the case of persons employed in service under the Universities on the 7th November, 1912, who joined the scheme before the Ist July, 1913.) f The contributions vary according to the age at the time when the first contribution I becomes payable, and are as follows :— | Age 30 and under .. .. .. .. 5 per cent, of pay. Contributions Over 30 and not exceeding 35 6 I ..35 „ 40 .. .. .. 7 „40 „ 45 8 „45 „ 50 .. .. .. 9 I „ 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 the '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 eue s '' Future Duty.) (1) At any time, 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 totM contributions. IY. 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) £31 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 ConI solidated 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 : 10s. weekly to each child until age 14. (Note.—-The contributions and pensions are payably monthly, and the pensions are computed on the average salary for the last three years.)

6

E,— Ba.

TABLE II. Statement of Progress of Active Membership.*

Particulars of Discontinuance of Active Membership.*

7

New Members. Increase by Promotion. Discontinued. Total in Force at End oi Tear. Annual Annual Annual Annual Number. Salaries. Contribu- Salaries. Contribu- Number. Salaries. Contribu- Number. Salaries Contributions. tions. . tions. tions. £ £ £ £ £ £ £ £ 1906-10 .. 3,968 571,694 39,634 106,582 7,130 721 130,344 9,479 3,247 547 932 37 285 1911-15 .. 2,371 317,039 17,199 188,951 10,976 1,174 193,900 12,665 4 444 860 022 52*795 1916-20 .. 2,438 350,721 18,937 613,788 35,706 1,708 325,331 20,038 5,174 87'400 1921 .. 1,048 154,143 8,404 109,148 6,100 350 91,448 5,448 5,872 1,671 043 96'456 1922-23 .. 838 143,524 7,881 —(24,815) —(1,540) 414 112,240 7,517 6,296 1 677'ōl2 95'280 1923-24 .. 1,029 172,597 9,371 40,555 2,595 467 116,594 7,155 6,858 l,774'o70 100'091 1924-25 .. I,044 165,489 8,984 142,812 7,303 459 114,576 6,893 7,443 1,9671795 109'485 1925-26 .. 976 162,789 8,740 85,546 4,463 451 110,679 6,283 7,968 2 105 451 116'405 1926-27 .. 967 160,963 8,721 129,074 7,009 559 143,641 8,334 8,376 2,25li847 123'801 1927-28 .. 841 131,745 6,997 83,058 4,247 532 139,632 8,062 8,685 2 327 018 126'983 1928-29 .. 1,160 161,466 8,318 97,275- 4.885 559 146,406 8,487 9 286 2 439'353 131*699 1929-30 .. 911 117,497 6,391 122,031 6,749 576 148,741 8,531 9,621 2'ō30'l40 136'308 Adjustments —10 ... .. .. .. _g .. __ _g 9,616 Totals .. 17,581 2,609,667 149,577 1,694,005 95,623 7,965 1,773,532 108,892 I

By Pensions. By By Withdrawal Transfer y or Dismissal. „ _ , , . to Total discontinued. Ordinary (Age Extended TTllflt Other or Service). Provisions. Medically Unfit. Funds. Year. ~ " " ~ ' * —— I & f ■&§ "M I 11 S3 11 S3 1 I SB S3 'I S3 53 1 1 1 |§! if i i§! i || | il | pi | pi | g | || «1 m S § «! g £ £ £ £ £ £ £ £ £ £ 1906-10 .. 51 1,737 1,174 462 6,762 167 11,816 10 938 29 422 1,913 2 30 721 8 951 15 841 1911-15 .. 84 5,100 932 807 23,798 175 15,808 48 7,326 51 .. 4,457 9 1 009 1 174 29'907 28'52-i 1916-20 .. 16616,214 1;956 1,234 47,399 208 27,744 22 3,076 60 .. 7,303 18 l!o59 l'708 64'672 4o'o79 1921 •• 14 2,105 206 271 13,604 48 9,170 4 527 11 .. 1,505 2 95 '350 lō'804 11'408 1922-23 .. 18 4,835 395 275 11,522 95 19,169 13 2,301 9 .. 2,084 4 394 414 16'751 23*949 1923-24 .. 24 3,015 405 339 16,052 79 16,617 15 2,767 8 .. 1 145 2 10 467 19'o77 2o'934 1924-25 .. 18 2,583 516 347 15,679 65 13,684 14 2,518 101,106 1,773 5 .. 459 19'368 18*491 1925-26 .. 14 1,991 507 364 18,298 56 10,659 4 374 8 .. 1,864 5 384 451 2o'ô73 13'404 1926-27 .. 22 3,236 875 440 21,910 80 20,091 6 1,548 9 711 1,536 2 733 559 26'590 24*060 1927-28 .. 13 3,194 922 407 22,546 97 21.925 6 1,129 5 .. 797 4 336 532 2e'o76 24*773 1928-29 .. 18 4,119 690 428 22,639 92 20,605 2 172 Ī6 .. 2,043 3 23 559 26*781 23*510 1929-30 .. 29 5,701 922 439 24,168 80 17,842 7 1,751 15 .. 1,213 6 .. 576 29*869 21'728 Adjustments .. .. +4788 -5 .. .. +8,218 .. +383 .. .. +1450 .... -5 !. +14839 Totals .. 471 53,83ojl4,288 5,808244,377 1242213,348 151 24,8102312,23929,083 62 4,073 7,965 304,519 281,529 * Compiled from annual reports.

E. —Ba.

TABLE III. Statement of Progress of Pensions.*

8

Attainment of or Length of Extended Provisions. Retired Medically Unfit. , v , Void by Granted. V^,£ y In Force. Granted. In Force. Granted. Death or In Force. Year. Death. L)eatn - Expiry. §3 a fe P §3 P §3* P S3 a & 9 & 9 S3 a .S3 a ,o .2 Ja .2 & .2 rO .2 !a .2 2 .2 rO .2 -2 -2 -2 -2 S § S g g 3 Sggagaga|a|a a s a & ,p <u a © a o> a u ft Ah ft Ah & Ah & Ah ft Ah ft Ah ft . Ah 3 Ah ft An £ £ £ £ £ £ £ ££ 1906-10 .. 167 11,816 19 1,317148 10,499 10 938 .. .. 10 938 29 1,913 8 505 21 1,408 1911-15 .. 175 15,808 35 2,726 288 23,581 48 7,326 .. .. 58 8,264 51 4,457 11 1,063 61 4,802 1916-20 .. 208 27,744 59 5,056437 46,269 22 3,076 4 854 76 10,486 60 7,304 22 2,203 99 9,903 1921 .. 48 9,170 10 1,046475 54,393 4 527 2 315 78 10,698 11 1,505 8 760102 10,648 1922-23 .. 95 19,169 16 1,388554 72,174 13 2,301 3 509 88 12,490 9 2,084 3 515108 12,217 1923-24 .. 79 16,617 13 1,314620 87,477 15 2,766 4 712 99 14,544 8 1,145 5 818111 12,544 Adjustments .. -50 87,427 -1 -277 .. ..98 14,267 +] +206 112 12,750 1924-25 .. 63 13,684 16 2,612 667 98,499 14 2,518 5 633107 16,152 12 1,772 5 704119 13,818 1925-26 .. 56 15,909 18 2,394 705 112,014 4 1,054 2 433 109 16,773 9 2,482 2 215126 16,085 1926-27 .. 82 23,109 19 2,897 768 132,226 4 1,529 3 379110 17,923 9 2,162 10 1,528 125 16,719 1927-28 .. 97 21,925 22 4,597843 149,554 6 1,129 7 1,548109 17,504 5 797 2 311 128 17,205 1928-29 .. 92 20,615 24 4,190911 165,979 2 171 4 425 107 17,250 16 2,056 5 826 139 18,435 1929-30 .. 80 17,842 18 3,125973 180,696 7 1,751 3 353 111 18,648 15 1,213 7 882 147 18,766 Totals.. 1242 213,358 269 32,662 .. .. 148 24,809 37 6,161 235 29,096 88 10,330 .. ! - ' Death of Contributor : Family Pension. Total Pensions. Year Granted. Y or Expiry^ 11 In F ° rCe ' Granted. Void. In Force. Pension. Pension. Pension. Pension. Pension. Pension. £ £ £ £ £ £ 1906-10 .. .. 105 1,613 14 197 91 1,416 311 16,280 41 2,019 270 14,261 1911-15 .. .. 106 1,618 49 682 148 2,352 380 29,209 95 4,471 555 38,999 1916-20 .. .. - 151 2,278 75 1,080 224 3,550 441 40,402 160 9,193 836 70,208 1921 .. .. 12 206 10 140 226 3,616 75 11,408 30 2,261 881 79,355 1922-23 .. .. 25 395 17- 251 234 3,760 142 23,949 39 2,663 984 100,641 1923-24 .. .. 25 405 11 168 248 3,997 127 [20,934] 33 3,013 .1,078 [118,562] Adjustments .. .. .. .. .. .. .. .. 20,813 .. .. .. 118,441 1924-25 .. .. 32 516 20 295 260 4,218 121 18,490 46 4,244 1,153 132,687 1925-26 .. .. 18 3,848 21 516 257 7,550 87 23,293 43 3,558 1,197 152,422 1926-27 .. .. 30 875 17 477 270 7,948 125 27,675 49 5,281 1,273 174,816 1977-28 : ..32 922 18 498 284 8,372 140 24,773 49 6,954 1,364 192,635 1928-29 .. .. 23 668 20 550 287 8,490 133 23,510 53 5,991 1,444 210,154 1929-30 .. .. 32 922 20 555 299 8,857 134 21,728 48 4,915 1,530 226,967 Totals.. .. 591 14,266 292 i 5,409 .. .. 2,216 281,530 686 54,563 * Compiled from annual reports.

2—E. BA.

E—B a.

TABLE IV. Classification of Pensions granted, showing the Ages at which granted, for Period from 1st February, 1927, to 31st January, 1930, inclusive.*

9

Att n^th 0f nf Sprvirp^^ 6 Retired Medically Unfit Retired under extended Widows and _ , . Age at (Section 75}! (Section 77). Provisions (Section 75). Children. TotaI - which «•anted Number - Number. Number, j S3 B d Number. _ Amount of Amount of ! Amount of -g g .2 Amount of I Pension. i Pension. Pension. § o § ~ I Pension M. F. M. I F. M. F. I S£ M. F. I Total. I I l_< I £ s. d. £ s. d. £ s. d. £ £ g . d. 84 •• .... .. .... .. 1 31 .. I 1 31 0 0 83 .. .... . . .... .. 82 .. .... .. 1 -si .. i i si' 0 o 81 .. .... .. .... so .. .. .. .. .... .. ;; 79 .. .... I .. .... .. 1 31 .. 1 1 31 0 0 78 .. .... .. .... .. 77 .. .. .... .. 1 3i .. i i 3i' 0 0 76 .. .... .. .... 75 .. .... .. .... .. ;; 74 .. .... .. .... .. 2 62 .. 2 2 62 0 0 73 .. .... .. .... .. 4 124 .. 4 4 124 0 0 72 .. .... . . .... . . 71 .. .... .. .... .. 2 62 .. 2 2 62 0 0 70 .. .... .. .... .. 69 .. .... .. .... .. 1 31 .. i i 3i 0 0 68 .. 3 .. 670 5 0 .... .. .... .. 2 62 3 2 5 732 5 0 67 .. 1 .. 11 13 0 .. .. .. .... .. 1 31 11 2 42 13 0 66 .. 3 .. 1,069 3 0.... .. .... .. 2 62 32 5 1,131 3 0 65 .. 17 1 4,476 13 0 .. .. .. 1 .. 112 2 0 1 31 18 2 20 4,619 15 0 64 .. 7 1 2,920 18 0 1 .. 279 14 0 1 .. 196 19 0 4 124 9 5 14 3,521 11 0 63 .. 5 1 1,973 7 0 5 .. 500 12 0 2 .. 464 6 0 2 62 12 3 15 3,000 5 0 62 .. 8 2 2,803 12 0 1 .. 194 8 0 1 .. 103 17 0 1 31 10 3 13 3,132 17 0 61 •• 10 10 4,623 8 0.... .. .... .. 1 31 10 11 21 4,654 8 0 60 .. 8 6 3,547 9 0 2 .. 302 6 0 2 .. 633 10 0 4 124 12 10 22 4,607 5 0 59 .. 9 2 3,420 18 0 2 .. 557 12 0 .. .. .. 3 93 11 5 16 4,071 10 0 58 .. 5 6 3,064 18 0 3 .. 318 1 0 .. .. .. 1 31 8 7 15 3,413 19 0 57 .. 8 10 4,735 9 0.... .. .... .. 1 31 8 11 19 4,766 9 0 56 .. 8 14 4,552 18 0 .. .. .. 1 .. 180 10 0 .. .. 9 14 23 4,733 8 0 55 .. 5 37 7,161 9 0 2 .. 292 9 0 2 .. 700 15 0 .. .. 9 37 46 8,154 13 0 54 .... 11 2,179 2 0 1 .. 277 19 0 .. 2 337 2 0 .. .. 1 13 14 2,794 3 0 53 .. .. 14 2,410 13 0 .. 1 88 5 0 .. 1 68 4 0 16 16 2,567 2 0 52 .... 11 2,180 8 0 .. .. .. .. 1 189 11 0 1 31 ..13 13 2,400 19 0 51 .. .. 10 1,994 1 0.. 2 228 16 0 .. .. 2 62 ..14 14 2,284 17 0 50 .. .. 10 1,869 7 0.... .. .. 1 59 6 0 1 31 ..12 12 1,959 13 0 49 .. .. 11 1,915 18 0 .. .. .. .... .. 11 11 1,915 18 0 48 .. .. 7 1,221 40 1.. 204 90.... .. .. .. 1 7 8 1,425 13 0 47 .. .. 6 1,066 19 0 .. 1 79 3 0 .. .. 7 7 1,146 2 0 46 .... 1 175 0 0 .. 1 193 4 0 .... .. 2 2 368 4 0 45 .... 1 175 9 0 1 .. 163 16 0 .... .. 1 31 1 2 3 370 5 0 44 .. .. 1 32 8 0 .. .. .. 1 31 .. 2 2 63 8 0 43 .. .. 1 124 15 0 .... .. 1 1 124 15 0 42 .. .... .. .... .. 2 62 .. 2 2 62 0 0 41 .. .... .. .... 40 .. .... .. .... .. 39 .. .... .. .... .. 1 31 .. i 1 31 0 0 38 .. .. 1 36 1 0 .... .. 1 1 36 1 0 37 .. ..1 17 19 0 .. .. .. 2 62 .. 3 3 79 19 0 36 .. .... .. .... . . 1 31 .. 1 1 31 0 0 35 .. .... .. .... .. 34 .. 1 .. 15 4 0 .. .. .. .. 1 .. J 15 4 0 33 .. .... .. .... .. 2 62 .. 2 2 62 0 0 32 .. .... .. .... 31 .. .... .. .... 30 .. .... .. .... .. 29 .. 1 2 63 4 0 .. .. .. .. .. 1 2 3 63 4 0 28 .. 1 1 25 10 0 .. .. .. .. .. 1 1 2 25 10 0 27 .. .... .. .... .. | 26 .. .. 1 18 4 0 .. .. .. 1 31 .. 2 2 49 4 0 25 .. .... .. .... .. 24 .. .. 1 11 17 0 .. .. .. | .. '.. .. 1:1 11 17 0 23 .. .... .. .... .. .. | j .. 22 .. .... .. .... .. 1 31 .. 1 1 31 0 0 14 .. .... .. .... i 1 26 ~ i 26 0 0 13 .. .... .. .... .. 3 78 78 0 0 12 .. .... .. .... .. 4 , 104 104 0 0 11 .. .... .. .... .. 4 104 104 0 0 10 .. .... .. .... .. 3 78 78 0 0 9 .. .... .. .... .. 4 104 | 104 0 0 8 .. .... .. .... .. 1 ! 26 S-24 13- 37 > 26 0 0 7 .. .... .. .... .. 3 78 78 0 0 6 .. .... .. .... .. 2 52 52 0 0 5 .. .... .. .... .. 2 52 ! 52 0 0 4 .. .... .. .... .. 3 78 78 0 0 3 .. .... .. .... . . 4 104 104 0 0 2 j .. .... .. .... .. 3 78 J 78 0 0 Adjust- .. .. | 161 14 0 .. .. 39 13 0 .. .. 5 18 0 j .. ........ 207 5 0 ments Totals ! 97 172 [60,381 15 0 22 14 4,065 9 0 10 5 3,052 0 0 | 89 |2,574 153 256 ! 409 70,073 4 0 * Compiled from cards. T71 ,-v

E.—Ba.

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

10

f ; I Number as at 31st Present Annual Pay as from Present Annual Contributions January, 1930. 1st February, 1930. as from 1st February, 1930. . Age attained. | attained. Males. Females. Males. Females. Males. Females. £ £ £ £ 16 .... 3 1 247 52 12 3 16 17 .. .. 13 22 1,192 1,730 60 86 17 18 .. .. 39 115 3,355 9,280 168 464 18 19 .. .. 102 247 8,960 20,274 448 1,014 19 20 .. .. 97 279 10,162 25,330 508 1,266 20 21 .. .. 131 306 16,635 36,746 832 1,837 21 22 .. .. 153 350 26,330 51,238 1,316 2,562 22 23 .. .. 178 402 38,905 72,683 1,945 3,634 23 24 .. .. 220 395 55,080 79,045 2,754 3,952 24 25 .. .. 218 365" 59,493 77,734 2,975 3,887 25 26 .. .. 189 346 57,030 77,671 2,851 3,884 26 27 .. .. 145 303 46,935 69,711 2,347 3,486 27 28 .. .. 137 220 44,990 51,832 2,249 2,592 28 29 .. .. 120 198 41,241 47,765 2,062 2,388 29 30 .. .. 108 168 38,218 42,010 1,911 2,100 30 31 .. .. 89 159 32,826 40,078 1,647 2,008 31 32 .. .. 83 149 32,396 39,383 1,642 1.984 32 33 .. .. 80 120 30,499 32,058 1,554 1,629 33 34 .. .. 79 137 33,015 37,982 1,686 1,937 34 35 .. .. 91 125 36,001 35,829 1,847 1,827 35 36 .. .. 75 119 31,387 33,292 1,627 1,727 36 37 .. .. 92 103 38,311 31,135 2,041 1,634 37 38 .. .. 85 105 35,089 31,781 1,866 1,697 38 39 .. .. 70 93 30,098 28.611 1,621 1,529 39 40 .. .. 79 96 35,175 29,732 1,889 1,595 40 41 .. .. 71 80 30,181 25,510 1,584 1,403 41 42 .. .. 65 75 30,315 23,670 1,683 1,321 42 43 .. .. 64 73 29,419 24,380 1,582 1,384 43 44 .. .. 60 82 28,286 24,888 1,556 1,457 44 45 .. .. 68 74 33,974 23,138 1,857 1,346 45 46 .. .. 53 60 24,462 19,627 1,388 1,169 46 47 .. .. 63 59 28,295 19,180 1,526 1,170 47 48 .. .. 70 51 32,341 16,663 1,809 995 48 49 .. .. 52 50 25,325 16,343 1,470 1,017 49 50 .. .. 64 65 32,980 21,889 1,888 1,344 50 51 .. .. 59 37 27,594 12,074 1,636 793 51 52 .. .. 43 46 21,498 14,760 1,279 938 52 53 .. .. 43 38 21,379 13,024 1,233 819 53 54 .. .. 48 40 24,155 13,080 1,599 913 54 55 .. .. 46 26 24,607 8,760 1,627 627 55 56 .. .. 41 18 18,296 5,988 1,211 426 56 57 .... 29 8 13,690 2,668 915 209 57 58 - .. 34 10 16,805 3,015 1,079 233 58 59 .... 27 8 15,225 2,554 1,102 201 59 60 .... 26 4 14,903 1,695 1,103 128 60 61 .... 19 1 9,055 160 682 16 61 62 .... 18 2 9,245 505 708 45 62 63 .. .. 14 .. 7,070 .. 542 .. 63 64 .. .. 10 .. 4,110 .. 347 .. 64 65 .... 8 2 3,780 440 328 44 65 66 .... 2 2 755 525 72 44 66 67 .... 1 .. 420 .. 38 .. 67 68 .. .. .. .. .. .. .. .. 68 69 .... 1 I 1,050 175 105 17 69 70 .. .. 2 .. 1,300 .. 126 .. 70 71 .. .. .. .. .. .. .. .. 71 72 .. .. .. .. .. .. .. .. 72 73 .. .. 2 .. 1,300 .. 130 .. 73 Totals .. 3,779 5,835 1,315,385 1,297,693 72,063 68,781 * Compiled from cards.

E— 8A

TABLE VI. EXPERIENCE TABLE. Probabilities per Cent. per Annum of Withdrawal, Death, and Retirement used in the Calculation of Valuation Factors for the Teachers' Superannuation Fund.

3—E. Ba.

11

Contributing Members : Males. Contributing Members : Females. Probabilities of Withdrawal, Death, and Retire- Probabilities of Withdrawal, Death, and Retirement within a Year (expressed as a Percentage \ ment within a Year (expressed as a percentage of the Number existing in the Service at the | of the Number existing in the Service at the Age. beginning of the Year). # I beginning of the Year). Age. Withdrawal. Death. Retirement. : Withdrawal. Death. Retirement.Per Cent. Per Cent. Per Cent. Per Cent. Per Cent. Per Cent. 15 .. 2-40 0-17 .. 2-40 0-08 .. 15 16 .. 2-40 0-18 .. 2-60 0-08 .. 16 17 .. 2-4.0 0-18 .. 2-80 0-08 .. 17 18 .. 2-40 0-19 .. 3-10 0-08 .. 18 19 .. 2-39 0-19 .. 3-60 0-08 .. 19 20 .. 2-37 0-20 .. 4-20 0-08 .. 20 21 .. 2-35 0-20 .. 5-00 0-09 .. 21 22 .. 2-32 0-21 .. 5-90 0-09 .. 22 23 .. 2-29 0-21 .. 7-00 0-09 .. 23 24 .. 2-25 0-22 .. 8-30 0-09 .. 24 25 .. 2-21 0-22 .. 9-80 0-09 .. 25 26 .. 2-16 0-23 .. 10-40 0-10 .. 26 27 .. 2-11 0-23 .. 10-70 0-10 0-04 27 28 2-06 0-24 0-05 10-40 0-10 0-04 28 29 .. 2-01 0-25 0-05 9-70 0-11 0-04 29 30 .. 1-95 0-26 0-06 8-90 0-11 0-04 30 31 .. 1-89 0-27 0-06 8-00 0-12 0-04 31 32 .. 1-83 0-28 0-06 7-20 0-13 0-04 32 33 .. 1-77 0-29 0-06 6-50 0-14 0-04 33 34 .. 1-70 0-30 0-07 5-90 0-15 0-04 34 35 .. 1-63 0-31 0-07 5-30 0-16 0-05 35 36 .. 1-56 0-32 0-07 4-80 0-17 0-06 36 37 .. 1-50 0-33 0-08 4-30 0-18 0-07 37 38 .. 1-45 0-34 0-08 3-80 0-19 0-09 38 39 .. 1-40 0-36 0-08 3-40 0-20 0-12 39 40 .. 1-35 0-38 0-09 3-00 0-21 0-16 40 41 .. 1-31 0-40 0-09 2-60 0-22 0-24 41 42 .. 1-28 0-42 0-10 2-20 0-23 0-36 42 43 .. 1-26 0-45 0-11 1-80 0-24 0-53 43 44 .. 1-24 0-48 0-12 1-50 0-25 0-76 44 45 .. 1-22 0-51 0-14 1-20 0-26 1-35 45 46 .. 1-19 0-54 0-16 0-90 0-27 2-10 46 47 .. 1-15 0-57 0-18 0-60 0-28 3-00 47 48 .. 1-10 0-61 0-20 0-40 0-29 4-00 48 49 .. 1-03 0-65 0-24 0-20 0-30 5-00 49 50 .. 0-95 0-69 0-31 .. 0-32 6-00 50 51 .. 0-86 0-73 0-41 .. 0-34 7-60 51 52 .. 0-76 0-77 0-55 .. 0-36 9-40 52 53 .. 0-66 0-81 1-00 .. 0-38 12-80 53 54 .. 0-55 0-86 2-40 .. 0-41 20-00 54 55 .. 0-43 0-91 4-00 .. 0-44 23-00 55 56 .. 0-30 0-96 6-00 .. 0-48 24-00 56 57 .. 0-16 1-01 8-00 .. 0-53 24-50 57 58 .. .. 1-06 10-00 .. 0-59 24-80 58 59 .. .. M2 12-00 .. 0-65 25-00 59 60 .. .. 1-18 14-00 .. .. 100-00 60 61 .. .. 1-24 16-00 62 .. .. 1-30 19-00 63 .. .. 1-37 22-00 64 .. .. 1-44 26-00 65 .. .. .. 100-00

Ē.--BA.

TABLE VII. LIFE AND SERVICE TABLE. Based upon the Probabilities per Cent. per Annum of Withdrawal, Death, and Retirement given in Table VI.

12

Males. j Females. Age. B slrrice ln Withdrawals, j Deaths. Retirements. Withdrawals. Deaths. Retirements. Age. J I I I ' • 15 .. 100,000 2,400 170 .. 100,000 2,400 80 .. 15 16 .. 97,430 2,338 175 .. 97,520 2,536 78 .. 16 17 .. 94,917 2,278 171 .. 94,906 2,657 76 .. 17 18 .. 92,468 2,219 176 .. 92,173 2,857 74 .. 18 19 .. 90,073 2,153 171 .. 89,242 3,213 71 .. 19 20 .. 87,749 2,080 175 .. 85,958 3,610 69 .. 20 21 .. 85,494 2,009 171 .. 82,279 4,114 74 .. 21 22 .. 83,314 1,933 175 .. 78,091 4,607 70 .. 22 23 .. 81,206 1,860 171 .. 73,414 5,139 66 .. 23 24 .. 79,175 1,781 174 .. 68,209 5,661 61 .. 24 25 .. 77,2Ê0 1,707 170 .. 62,487 6,124 56 .. 25 26 .. 75,343 1,627 173 .. 56,307 5,856 56 .. 26 27 .. 73,543 i 1,552 169 .. 50,395 5,392 50 20 27 28 .. 71,822 | 1,480 172 36 44,933 4,673 45 18 28 29 .. 70,134 1,410 175 35 40,197 3,899 44 16 29 30 .. 68,514 1,336 178 41 36,238 3,225 40 14 30 31 .. 66,959 1,266 181 40 32,959 2,636 40 13 31 32 .. 65,472 1,198 .183 39 30,270 2,179 39 12 32 33 .. 64,052 1,134 186 38 28,040 1,822 39 11 33 34 .. 62,694 1,066 188 44 26,168 1,544 39 10 34 35 .. 61,396 1,001 190 43 24,575 1,302 39 12 35 36 .. 60,162 939 193 42 23,222 1,114 39 14 36 37 .. 58,988 885 195 47 22,055 948 40 15 37 38 .. 57,861 839 197 46 21,052 800 40 19 38 39 .. 56,779 795 204 45 20,193 686 40 24 39 40 .. 55,735 752 212 50 19,443 583 41 31 40 41 .. 54,721 717 219 49 18,788 488 41 45 41 42 .. 53,736 688 226 54 18,214 401 42 66 42 43 .. 52,768 665 237 58 17,705 319 42 94 43 44 .. 51,808 642 249 62 17,250 259 43 131 44 45 .. 50,855 620 259 71 16,817 202 44 227 45 46 .. 49,905 594 269 80 16,344 147 44 343 46 47 .. 48,962 563 279 88 15,810 95 44 474 47 48 .. 48,032 528 293 96 15,197 61 44 608 48 49 .. 47,115 485 306 113 14,484 29 43 724 49 50 .. 46,211 439 319 143 13,688 .. 44 821 50 51 •• 45,310 390 331 186 12,823 .. 44 974 51 52 .. 44,403 337 342 244 11,805 .. 42 1,109 52 53 .. 43,480 287 352 435 10,654 .. 40 1,363 53 54 .. 42,406 233 365 1,018 9,251 .. 38 1,849 54 55 .. 40,790 175 371 1,632 7,364 .. 32 1,692 55 56 .. 38,612 116 371 2,317 5,640 .. 27 1,352 56 57 .. 35,808 57 362 2,865 4,261 .. 23 1,042 57 58 .. 32,524 .. 345 3,252 3,196 .. 19 791 58 59 .. 28,927 .. 324 3,471 2,386 .. 15 595 59 60 .. 25,132 .. 297 3,518 1,776 .. .. 1,776 60 61 .. 21,317 .. 264 3,496 62 .. 17,557 .. 228 3,336 63 .. 13,993 .. 192 3,078 64 .. 10,723 .. 154 2,788 65 .. 7,781 .. .. 7,781 .. 1 ' ■ L ' .

E.— BA.

TABLE VIII. SUMMARY OF TEACHERS' SUPERANNUATION FUND RESULTS. Valuation Balance-sheet, as at 31st January, 1930. Males — Liabilities. £ £ Value of 477 pensions for £117,913 17s. per annum already granted .. 1,045,147 „ 216 pensions for £6,709 3s. per annum granted to widows of contributors and pensioners .. .. .. .. 65,840 ~ 84 pensions for £2,184 per annum granted to children of deceased contributors and pensioners . . .. .. .. 6,846 „ prospective pensions for back service .. .. .. 1,656,786 „ prospective pensions for future service .. .. ■ .. 1,378,978 „ prospective pensions to widows .. .. .. .. 212,281 „ prospective pensions to children .. .. .. .. 42,634 ~ return of contributions on death .. .. .. .. 15,441 „ return of contributions on withdrawal .. .. .. 140,662 4,564,615 Females — Value of 754 pensions for £100,195 17s. per annum already granted .. 1,175,368 ~ prospective pensions for back service .. .. .. 1,219,644 „ prospective pensions for future service .. . . .. 1,308,193 » ~ prospective death benefits—viz., return of contributions and pensions to children . . .. .. .. .. 24,948 „ return of contributions on withdrawal .. .. .. 242,155 3,970,308 £8,534,923 Assets. £ Accumulated funds .. .. .. .. .. .. ... .. 1,198,711 Value of future contributions from males .. .. .. .. .. 973,380 ~ future contributions from females .. .. .. .. .. 662,301 ~ subsidy of £68,000 per annum now being paid .. .. .. .. 1,511,111 „ subsidy under section 114 Public Service Superannuation Act, 1927. . . . 141,329 „ future increase in subsidy to be provided .. .. .. .. 4,048,091 £8,534,923

TABLE IX. Statement showing Subsidies paid as compared with Subsidies required under the System indicated in the Act.

Approximate Cost of Paper.—-Preparation, not given; printing (2,090 copies), £24 10s.

Authority : W. A. G. Skinneb, Government Printer, Wellington.—l 932.

Price 6d.~\

13

Shortage accumuYear ended. Subsidy required. Subsidy paid. Shortage. Cent to End^of 1931. £ £ £ £ 31st March, 1906 .. Nil 5,000 —(5,000) —(15,703) 1907 .. 2,000 Nil 2,000 6,011 1908 .. 5,000 Nil 5,000 14,380 31st December, 1908 .. 5,000 Nil 5,000 13,761 1909 .. 8,000 7,000 1,000 2,634 1910 .. 11,000 7,000 4,000 10,080 1911 .. 17,000 7,000 10,000 24,117 1912 .. 17,000 7,000 10,000 23,079 1913 .. 17,000 17,000 Nil Nil 1914 .. 33,000 17,000 16,000 33,815 1915 .. 33,000 17,000 16,000 32,358 1916 .. 33,000 17,000 16,000 30,964 1917 .. 43,000 17,000 26,000 48,151 1918 .. 43,000 17,000 26,000 46,077 1919 .. 43,000 43,000 Nil Nil * „ 1920 .. 68,000 43,000 25,000 40,571 1921 .. 68,000 43,000 25,000 38,825 31st January, 1923* .. 73,667 71,583 2,084 3,097 1924 .. 93,000 63,833 29,167 41,478 1925 .. 137,000 68,000 69,000 93,900 1926 .. 137,000 68,000 69,000 89,856 1927 .. 137,000 68,000 69.000 85,986 1928 .. 173,000 68,000 105,000 125,214 1929 .. 173,000 68,000 105,000 119,822 1930 .. 173,000 68,000 105,000 114,663 Totals .. .. 1,542,667 807,416 735,251 1,023,136 * Period of thirteen months.