EDUCATION: TEACHERS' SUPERANNUATION FUND.

Appendix to the Journals of the House of Representatives, 1936 Session I, E-08

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1936. NEW ZEALAND.

EDUCATION: TEACHERS' SUPERANNUATION FUND.

Presented to both Homes of the General Assembly by Command of His Excellency.

No. I.—THIRTIETH ANNUAL REPORT OF THE TEACHERS' SUPERANNUATION BOARD. For the Year ended 31st January, 1936. The Hon. the Minister of Education. g IR) Wellington, 27th August, 1936. The Board has to submit the following report for the year ended the 31st January, 1936 : — The Board. —The usual quarterly meetings of the Board were held in February, May, August, and November. The following figures show the transactions, &c., of the fund for the year ended 31st January, 1936, as compared with those for previous year : — 1936. 1935. Contributors on roll at 31st January .. .. .. 8,148 8,500 Decrease from previous year .. .. .. •. 352 403 Retiring and other allowances — Annual rate granted during'year .. .. .. £18,547 £15,577 Total annual rate at 31st January .. .. £315.438 £304,860 Number granted during year — On retirement .. . . • • • • • • 93 84 To widows .. . • • • • • • • 19 29 To children .. .. ■ • • • • ■ 19 8 Number discontinued during year — By death .. .. .. • • • • 46 69 By other causes .. .. . • • ■ • • 8 14 Number current at 31st January— Retired members .. •• •• 1,629 1,575 Widows and children .. . • ■ ■ • • 367 344 Income for year— £ £ Contributions .. .. •• -■ 119,568 114,699 Government subsidy— Section 112 of Act .. •• 43,000 43,000 Section 114 of Act .. •• •• 4,652 4,538 Section 17, Finance Act (No. 2), 1934 .. .. 112,800 108,000 Special on account of interest reductions .. .. 9,594 10,510 Total Government subsidy .. .. 170,046 166,048 Interest .. •• •• •• •• • 46,056 48,327 Profit on realization of investments, &o. .. .. 38 750 Total income <• . £335,708 £329,824 I—E. 8.

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1936. 1935. Expenditure— £ £ Retiring and other allowances' .. .. .. .. 313,372 306,350 Contributions refunded or transferred .. .. . . 33,508 33,462 Administration expenses, &c. .. .. .. .. 3,423 3,887 Total expenditure .. .. .. .. £350,303 £343,699 £ £ Net loss for year .. .. .. .. .. 14,595 13,875 Balance at credit of Fund .. .. .. .. 974,715 989,310 Funds invested at 31st January— At 3 per cent. .. .. .. .. .. 5,000 At 3| per cent. .. .. .. .. . . 2,855 At 3| per cent. .. .. .. .. .. 200 At 3| per cent. . . .. .. . . . . 1,200 At 4 per cent. .. .. .. .. .. 80,215 59,820 At 4| per cent. .. .. .. .. .. 174,055 54,160 At 4f per cent. .. . . .. . . . . 1,800 At 4| per cent. .. .. .. .. .. 70,082 17,195 At 4f per cent. .. .. .. .. .. 2,000 At per cent. .. .. .. .. .. .. 500 At 6 per cent. .. .. .. .. .. .. 5,385 At 6 per cent, /"subject to reduction under the National \ 607,365 802,502 At 6J per cent.\ Expenditure Adjustment Act, 1932 / 6,250 9,431 Mortgage security acquired .. .. .. .. 3,109 3,255 Total .. .. .. .. .. £954,131 £952,248 f unreduced rate .. 5-374 5-745 Average rate of interest (per cent.) after reduction as [_ shown above .. 4-729 4-881 Unclaimed contributions held at 31st January .. .. £1,279 £1,680 Cost-of-living Bonus. —The payment of this bonus has been continued in necessitous cases. For the Teachers' Superannuation Board, C. E. Crawford, Secretary.

No. 2.—STATEMENTS IN ADDITION TO THOSE PRESCRIBED BY THE ACT AND REGULATIONS. A. Number of Contributors on the 31st January, 1936, arranged according to Percentage of Contribution.

B. Total Number of Contributors who have joined and left the Fund since its Establishment (1st January, 1906, to 31st January, 1936).

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5 per Cent. 6 per Cent. 7 per Cent. 8 per Cent. 9 per Cent. r Totals. M. P. M. F. M. P. M. 1 P. M. P. M. P. M. P. Total I ! I Number at 31st January, 1935 3,218 4,203 264 249 133 177 67 84 38 32 28 7 3.748 4,752 8,500 New contributors entered during 26 65 4 18 2 8 2 5 2 2 1 1 37 99 136 year Transfers from other funds .. 1 1 1 j 2 3,245 4,269 268 267 135 185 69 89 40 34 29 8 3,786 4,852 8 638 Number left during year . . 68 342 18 12 9 14 5 12 1 5 1 3 102 388 490 Number at 31st January, 1936 3,177 3,927 250i 255 126[ 171 64 77 39 29 28 5 3,684 4,464 8,148 I '

Number. _ Annual Annual Rate Salary. n 1* M. F. Total, i Contribution. £ £ Total entered (including net increases in salary 6,501 13,039 19,540 4,809,509 272 223 and contributions) Total discontinued .. .. .. .. 2,817 8,575 11,392 2,563,453 153,524 Total existing at 31st January, 1936 .. 3,684 4.464 8,148 2,246,056 118 699

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C. Table showing Progress of Fund since its Inception (1st January, 1906).

No. 3. —ACCOUNTS AND STATEMENTS AS PRESCRIBED BY REGULATIONS IN TERMS OF SECTION 110 OF THE PUBLIC SERVICE SUPERANNUATION ACT, 1927. (1) (A) REVENUE ACCOUNT tor the Year ended 31st January, 1936. £ s. d. £ s. cl. To Balance, 31st January, 1935 .. .. 989,310 310 By Retiring and other allowances .. .. 313,372 4 4 Contributions of members .. .. 118,798 17 2 Contributions refunded — £ s. d. Contributions transferred from other funds.. 562 3 5 On voluntary retirement 28 ,115 2 9 Additional contribution from Fiji Govern- On death of members 1,171 3 11 ment in respect to teachers in Fiji schools 206 16 0 On lapse of membership . . 3,995 11 2 Government subsidy— £ s. d. 33,281 17 10 Under the Act, section 112 43,000 0 0 Rebate of contributions to annuitants on Under Finance Act (No. 2), retirement under National Expenditure 1934, section 17 .. 112,800 0 0 Adjustment Act, 1932, section 9 (2) .. 222 6 9 Under the Act, section 114 4,652 8 5 Contributions transferred to other funds .. 319 10 On account of reduction of Administration expenses— £ s. d. interest during year Commission, G.P.O. . . 606 17 6 ended 31st March, 1935, Commission, Public Trustee 1,448 18 10 under National Expendi- Clerical assistance . . 900 0 0 ture Adjustment Act, Postage and telegrams . . 103 5 4 1932.. .. .. 9,594 0 0 Office expenses .. .. 169 14 11 170,046 8 5 Travelling-expenses of Interest: — Board members .. 93 14 5 On investments .. 46,082 8 8 Medical fees .. .. 50 8 0 On contributions in arrears 175 15 2 Audit fees .. .. 50 0 0 3,422 19 0 46,258 310 Balance, 31st January, 1936 .. .. 974,715 5 7 Less investments written down (proportion of premium on purchase of bonds) .. .. 202 0 0 46,056 3 10 Premium on conversion of debentures . . 38 0 8 £1,325,018 13 4 £1,325,018 13 4 COST-OF-LIVING BONUS ACCOUNT FOR THE YEAR ENDED 31st JANUARY, 1936. £ s. d. By Balance due from Consolidated Fund, January, £ s. d. To Refund from Consolidated Fund .. .. 481 7 9 1935 . . .. .. .. .. 72 16 4 Balance due from Consolidated Fund, 31st Janu- Payment of bonus .. .. .. .. 546 10 7 ary, 1936 .. .. •• •• •• 137 19 2 £619 6 11 £619 6 11 2—E. 8.

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tj tJ T3 ri £ >Cl I Tj ©73 $> M ® <Uf-< © H a>(-j ] 0) f-( ,-, f -1 'CJtj r O?2 25 TJ 2? T3 ®! >x3 "3 Q c3 @|S 8|a S|Ē3 sag s|g s|s : Sgg lis a2s l^S 03 XJl Co I-) 03 ,0 C3 _o CO OT C3 r. _o © th .©OB ® 00 © 0Ū ©to © co .© » H ■£ -1 * 53 i*s ; g Total number of contributors 2,182 6,858 8,377 9,616 9,355 8,903 8,148 Total amount of contributions £32,320 £101,594 £146,804 £140,832 £113,549 £114,556 £119,361 £2,547,994 Interest received .. . . £864 £48,725 £73,420 £70,144 £61,117 £54,310 £46,056 £1,067,688 Subsidy from Government .. £5,000 £63,833 £71,428 £71,831 £47,020 £55,948 £170,046 £1,436,669 Subsidy from Fiji Government .. £38 £214 £262 £215 £219 £207 £2,625 Number of allowances payable 84 1,078 1,273 1,530 1,842 1,881 1,996 Total amount paid on account of £3,147 £112,861 £184,707 £222,423 £283,738 £299,516 £313,372 £3,512,473 retiring and other allowances Total amount of contributions £260 £19,189 . £26,590 £30,377 £33,478 £31,802 £33,508 £496,982 refunded and transferred Accumulated fund .. .. £34,734 £858,662 £1,083,155 £1,198,711 £1,111,642 £1,003,185 £974,715

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(B) BALANCE-SHEET as at 31st January, 1936. Liabilities. £ s. d. Assets. Fund as per Revenue Account .. .. 974,715 5 7 Amount held by Public Trustee— £ s. d. £ s. d. Retiring and other allowances due and unpaid .. 2,199 15 8 Invested .. .. .. 954,131 12 2 Refund of contributions due and unpaid .. 1,206 6 9 Uninvested .. .. 13,892 0 6 Administration expenses unpaid — 968,023 12 7 Commission, Post and Tele- £ s. d. Premium paid on purchase of graph Department .. 18 15 6 rural bonds .. .. 3,186 19 0 Clerical assistance .. .. 750 0 0 Less amount written off .. 202 0 0 Postage and telegrams .. 83 6 8 2,984 19 0 Office expenses, printing, and Amounts paid to protect securities .. 281 18 0 stationery .. .. 32 18 3 Contributions of members— Medical fees .. .. 3 3 0 In transit .. .. .. 3,363 8 7 Audit fee .. .. .. 41 13 4 Due and outstanding .. 3,011 10 9 929 16 9 6,374 19 4 Unclaimed contributions .. .. 1,278 15 2 Interest on investments— Amounts paid into fund in error .. 10 19 7 Due and outstanding .. 13,136 0 5 Government subsidy—Statutory Accrued, but not due .. 11,330 14 9 grant paid in advance for 1936 39,416 13 4 24,466 15 2 Less additional subsidy under sec- Interest on arrears of contribution 114 of Act not yet paid .. 376 4 0 tions due and outstanding Less additional subsidy under sec- (contributors) .. .. .. 379 17 2 tion 114, payable in respect to Due by annuitants— allowances outstanding at 31st Contributions and interest .. 70 4 11 January. 1936 .. .. 167 10 1 Allowances overpaid .. 460 14 5 38,872 19 3 531 9 4 Rent received from securities Cash in Post Office Account .. 40,858 110 leased (held for rates and ex- Less vouchers issued but unpenses) .. .. .. .. 184 9 4 paid at 31st January, 1936 19,990 3 5 Reserve — 20,867 18 5 Fox 1 commission payable to Public Trustee in respect to interest due or accrued . . 848 0 0 For commission to Post and Telegraph Department in respect to vouchers issued but unpaid .. .. .. 38 0 0 For cost of actuarial examination .. .. .. 350 0 0 1,236 0 0 Reserve for loss on investments — Balance at 31st January, 1935 3,462 14 4 Less written-off interest .. 47 14 3 3,415 0 1 £1,024,049 8 2 £1,024,049 8 2 Notes.- —Since the closing of the Account for the year the Government has given a further subsidy on account of the loss suffered by the reduction of interest under the provisions of the National Expenditure Adjustment Act, 1932. The amount accrued for the period to 31st January, 1936 —not included in the year's accounts—is £7,875. The liability under section 9 (2) of the National Expenditure Adjustment Act, 1932, as amended by section 25 of the Finance Act (No. 2), 1932-33, in respect to the rebate to those contributors who did not elect to continue to contribute on the higher rate of salary before the reductions in 1932 has not been taken into account in the foregoing statement. The benefit (which is payable upon retirement) will amount in the aggregate, to approximately £30,000 ; but the additional liability is only approximately £5,000, as the remaining £25,000 would, in any case, be refunded as contributions in the ordinary way upon retirement before full age or service. C. E. Crawford, A.R.A.N.Z., Education Department, Secretary, Teachers' Superannuation BoardWellington, 27th May, 1936. I hereby certify that the Revenue Account and Balance-sheet have been duly examined and compared with the relative books and documents submitted for audit, and correctly state the position as disclosed thereby, subject to the departmental notes enfaced thereon. —G. F. C. Campbell, Controller and Auditor-General.

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(2) STATEMENT of CONTRIBUTORS, showing Annual Rates of Salaries and Contributions as at the 31st January, 1936.

(3) PARTICULARS of CONTRIBUTIONS discontinued and Allowances granted and Refunds of Contributions made during the Year ended 31st January, 1936.

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Number. Annual Rate of Annual Rate of M F Total Salary. Contributions. £ £ Contributors at 31st January, 1935 .. 3,748 4,752 8,500 2,141,884 113,720 New contributors entered during the year 37 99 136 25,011 1,457 ended 31st January, 1936 Transfers from other funds during the year 1 1 2 270 13 Net increase in salaries and contributions .. .. .. 193,125 9,770 during the year Totals .. .. .. 3,786 4,852 8,638 2,360,290 124,960 Contributions discontinued during the 102 388 490 114,234 6,261 year ended 31st January, 1936, by resignations, &c. Totals at 31st January, 1936 .. 3,684 4,464 8,148 2,246,056 118,699

Number of 1 Annual Rate at Date of _ Contributors. , Withdrawal. -Benefits. How discontinued. „ , D m T? Snlor,7 Contribu- Allowances: Other i ayM. F. -g Salary. tions _ Annua ] Rate . ments (nonEn j recurring). By death, before allowance entered upon — £ s. d. £ s. d. (a) Contributions paid to 4: 10 14 4,364 218 .. 3,531 0 2 personal representatives (b) Leaving widow or child 4 1 5 1,263 88 488 0 0 By voluntary retirement .. 43 304 347 67,435 3,520 .. 28,115 2 9 By lapsed membership .. 9 22 31 5,274 266 .. 1,280 17 5 By transfer to other funds 1 .. 1 79 4 .. 3 19 10 By allowances granted on retirement — (а) Ordinary .. .. 23 40 63 25,601 1,584 13,175 1 0 (б) Medically unfit ..14 9 23 7,687 444 3,010 4 0 (e) Extended provisions .. 4 1 5 2,066 110 1,118 12 0 Id) Section 14, Finance Act, .. 2 2 667 43 159 18 0 1931 By death of annuitants .. .. 595 0 0 61 18 3 102 389 491 114,436 6,277 18,546 15 0 32,992 18 5 Deduct (previously in lapsed .. 1 1 202 16 now included in Medically unfit) Totals.. .. 102 388 490 114,234 6,261 18,546 15 0 32,992 18 5

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(4) STATEMENT of RETIRING-ALLOWANCES (including Allowances to Widows and Children) for the Year ended 31st January, 1936.

By Authority : G. H. Loney, Government Printer, Wellington.— 1936.

Approximate Cost of Paper.—Preparation, not given; printing (834 copies), £9 15s.

Price 6d.]

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® Details of Column (2). Retiring-allowances. Allowances to Total Allowances. ~ ~~ , 0 7~. Ordinary (Age or Service). Medically Unfit. Widows. Children. Particulars. ' ' ' Number. i Number. : Number. | Number, j g 1 Number. 1 [3 i Annual Rate. t j Annual Rate. 1 Annual Rate, Annual Rate. g Annual Rate. ■ Annual Rate. M. F. | £ M. j F. M. F. ! M. F. g M. F. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ a. d. Allowances as at 31st January, 1935 .. 5941,3251,919304,860 4 0 390 864 250,112 10 0 79 58 21,120 18 0 90 9423,279 17 0 279 8,656 19 0 35 30 1,690 0 0 Allowances granted during the year at 46 65 111 17,951 15 0 21 43 13,175 1 0 4 3 1,278 10 0 13 9 3,010 4 0 4 124 0 0 8 6 364 0 0 retirement or decease of contributors Allowances granted during the year 2 18 20 595 0 0.. .. .. .... .. .... .. 15 465 0 0 2 3 130 0 0 to widows and children of deceased annuitants . . .. . . Totals .. .. .. 6421,4082,050323,406 19 0 411 907263,287 11 0 83 6122,399 8 0 103 10326,290 1 0 298 9,245 19 0 45 39 2,184 0, 0 Allowances discontinued during the year 30 24 54 7,968 13 0 17 13 6,316 13 0 2 .. 496 19 0 6 1 715 1 0 10 310 0 0 5 .. 130 0 0 Allowances existing at end of year ,.| 6121,3841,996 315,438 6 0 394 894256,970 18 0 81 6121,902 9 0 97 10225,575 0 0 288 8,935 19 0 40 39j 2,054 0 0 Particulars of Allowances discontinued during the Year. How discontinued — By death .. .. .. 25 21 46 7,745 13 0 17 13, 6,316 13 0 2 .. 496 19 0 6 1 715 1 0 7 217 0 0 .. .. By expiry .. . . .. 5 3 8 223 00.. .. .. .... .. .... .. 3 93 00 5.. 130 0 0 Totals .. .. .. 30 24 54 7,968 13 0 17 13l 6,316 13 0 2 .. 496 19 0 6 1 715 1 0 10 310 0 0 5 .. 130 0 0 Progress of Allowances since Establishment of Fund to the 31st January, 1936. \ ! i ' I Total granted .. .. .. 1,1991,8843,083421,046 9 0 6731,066 324,706 12 0 142 6532,098 5 0 197 14-143,882 9 0 43712,845 3 0 187 175 7,514 0 0 Total discontinued .. .. .. 587 5001,087105,608 3 0 279 172 67,735 14 0 61 410,195 16 0 100 3918,307 9 0 149 3,909 4 0 147 136 5,460 0 0 Total existing .. .. 6121,3841,996 315,438 6 0 J 393 8941256,970 18 0 81 6121,902 9 0 97 10225,575 0 0 288 8,935 19 ol 40 39 2,054 0 0