PUBLIC SERVICE SUPERANNUATION BOARD (THIRTIETH ANNUAL REPORT OF THE), WITH ACCOUNTS, FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1938.

Appendix to the Journals of the House of Representatives, 1938 Session I, H-26

H.—26

1938. NEW ZEALAND.

PUBLIC SERVICE SUPERANNUATION BOARD (THIRTIETH ANNUAL REPORT OF THE), WITH ACCOUNTS, FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1938.

Presented to Parliament pursuant to the, Provisions of the Public Service Superannuation Act, 1927. ♦ —

REPORT. The Board has the honour to submit the following report upon the transactions in connection with the Public Service Superannuation Fund : — , . The Revenue Account, Balance-sheet, and statements regarding membership and retiring and other allowances will be found appended. The Board. —The triennial election of members of the Board was held in the month of March last. Mr. D. J. Cummings was re-elected unopposed as representative of contributors belonging to the Police Department; Messrs. J. H. Jerram, H. W. C. Mackintosh, and R. Sinel were re-elected unopposed as representatives of contributors belonging to Departments other than the Post and Telegraph and the Police. For two members to represent contributors belonging to the Post and Telegraph Department three nominations were received. A postal ballot resulted in the election of Messrs. R. H. Brown and M. W. W. Cummins. . The number of statutory members of the Board has been reduced by one by virtue of the Finance Act, 1937, which authorized the omission of the State Advances Superintendent. Contributors— The number of new contributors who joined the scheme during the year, and other particulars, are contained in the following table : —

Number. Rate per Cent, of I ' Annual Salary. Annual Contributions. Contribution. Male. Female. Total. . ■ £ s. d. £ s. d. 5 2 017 1,107 3,124 355,367 8 4 17,768 7 5 6 142 21 163 43,459 11 8 2,607 11 6 7 108 14 122 33,547 1 8 2,348 5 11 8 66 2 68 19,810 8 4 1,584 16 8 9 27 3 30 8,705 16 8 783 10 6 10 7 .. 7 3,020 0 0 302 0 0 Transfers from other 17 2 19 3,350 15 0 169 19 9 funds Totals .. 2,384 | 1,149 3,533 467,261 1 8 25,564 11 9 I

11.—26

The following table shows particulars of the public servants who were contributing to the fund on the 31st March, 1938 (after allowing for deaths, retirements, and withdrawals), grouped according to their respective rates of contribution : —

Retiring and other Allowances granted. —Pensions for £45,904 7s. per annum were granted during the year as follows : For age or length of service, £37,336 14s. to 146 members (131 male and 15 female members) ; for medical unfitness for duty, .£4,580 13s. to 38 members ; to widows and children of deceased members, £2,635 per annum to 85 widows and £1,352 per annum to 52 children. Under section 114 of the Public Service Superannuation Act, 1927, the statutory allowances to widows and children were increased from £18 to £31 per annum and from ss. per week to 10s. per week respectively. The additional expenditure on this account is recovered from the Consolidated Fund. Civil Service Act, 7866 : Compensation Rights. —The total amount of such compensation for which the fund became liable since the initiation of the scheme is £561,134. To this amount must be added accretions to the date of retirement, approximately £143,000, for which the Consolidated Fund would otherwise have been liable, and the whole may be fairly set against the total subsidies paid to the fund during the past thirty years, amounting to £2,633,521. There are now no contributors to the fund with compensation rights. Allowances discontinued. —One hundred and thirty-one retiring or other allowances were discontinued by death, and 75 for other causes —viz., 1 pensioner retired as medically unfit recovered in health and reinstated, 6 widows remarried, and 68 children reached the age of fourteen years. Annual Amount of Allowances.—The annual amount payable at the close of the year was £522,712 lis. 4d., as shown in the statement attached. Income. —The total income for the year was made up as follows : — £ Members'ordinary contributions, &c. .. .. .. .. 344,911 Subsidy, Cook Islands and Samoan Administrations, &c. " .. .. 1,285 Contributions from Government .. .. .. .. .. 174,259 Fines, &c. .. .. . . . . . . . . . . 323 Interest.. .. .. .. .. .. .. .. 137,751 Total income for year .. .. .. .. .. £658,529 Outgo.—The pensions paid during the year to contributors who have retired and to dependants of deceased contributors amounted to £515,043 13s. 2d.—viz., £470,802 Is. 2d. to members and £44,241 12s. to widows and children. Refunds of contributions to contributors who have left the Service amounted to £35,385 16s. 2d., while the refunds under section 42 to personal representatives of deceased contributors and annuitants amounted to £16,672 13s. 9d. Four contributors who were retired elected to accept a refund of their contributions under section 34, amounting to £1,395 19s. 10d., in lieu of retiring-allowances. Eight contributors were transferred to other funds in accordance with the provisions of section 120, and their contributions, amounting to £245 3s. 5d., were accordingly transferred to such funds. The salaries of the staff and other office expenses were £2,747 18s. 4d. and £2,450 lis. lid. respectively. Court orders issued under the authority of the Mortgagors and Lessees Rehabilitation Act, 1936, reduced investments by £7,496 17s. Id. Premium paid on purchase of inscribed stock in 193P amounted to £5,072 13s. 9d., and is to be written off during the currency of the stock ; £370 17s. lid has been written off this year. The total outgo for the year was £584,242. Accumulated Funds. —These amounted at the end of the year to £3,072,185 6s. Balance-sheet. —On the 31st, March the total assets of the fund, which include provision for the outstanding accounts, amounted to £3,184,541 12s. 6d. The balance-sheet appended gives full particulars as to the liabilities and assets.

2

Rate per Cent. Number " A . r * — Annual Salary. ConiZlLs. Contribution. Male> y^ £ s. d. £ s. d. 5 17,501 3,371 20,872 5,396,936 15 0 269,846 16 9 (I 1,518 145 1,663 559,799 11 8 33,587 19 6 7 913 97 1,010 342,240 16 8 j 23,956 17 2 8 450 42 • 492 169,705 0 0 13,576 8 0 9 151 11 162 57,720 0 0 5,194 16 0 10 34 2 36 15,726 0 0 1,572 12 0 Totals .. 20,567 3,668 24,235 6,542,128 3 4 347,735 9 5 i

H— 26

Investment of the Fund. —The total investments of the fund at each rate of interest were as follows :— New|Zcaland Government inscribed stock — £ s. d. £ s. d. 3| per cent. .. .. .. . . 226,530 0 0 4 percent. .. .. .. .. 466,560 0 0 693,090 0 0 Rural Advances bonds— 5 percent.* .. .. .. .. .. 236,155 10 0 Mortgage Corporation of New Zealand inscribed stock— 3§ per cent. . . . . .. . . .. 50,000 0 0 Debenture securities— per cent. .. . .. .. 240,635 16 2 4J per cent. .. .. .. .. 423,861 16 11 5 per cent.f .. . . .. . . 1,980 0 0 5J per cent.f . . . . .. .. 600 0 0 6 per cent.f . . .. .. . . 33,500 0 0 700,577 13 1 Mortgage securities— 3 percent. .. .. .. .. 20,225 0 0 3f per cent. . . . . . . .. 4,000 0 0 4 J per cent. .. .. .. .. 10,809 6 8 4J per cent. .. .. .. .. 423,767 5 8 4| per cent. .. .. .. .. 400,480 12 3 5 percent. .. .. .. .. 13,316 3 1 5J per cent.J .. .. .. .. 1,705 3 0 6 per cent.f .. .. .. .. 378,682 5 8 6f per cent.f •• •• ■■ 1,843 9 8 1,254,829 6 0 £2,934,652 9 1 * Subject to an interest-tax at the rate of 20 per cent, charged on all interest on and from Ist April, 1933. Vide section 6, Finance Act, 1932-33. f Interest on and from Ist April, 1933, 20 per cent, lower than the rate proscribed by the securities or to the rate of 4J per cent, per annum, whichever rate is the higher. Section 5, Local Authorities Interest Reduction and Loans Conversion Act, 1932-33. { Subject to a reduction of 20 per cent., but not to be reduced below the rate of 5 per cent, per annum. Part 111, National Expenditure Adjustment Act, 1932. A special payment into the fund was made by Treasury (amounting to £18,648), being the amount of the reduction in the interest-rate of the four classes of securities. The above total includes £22,338 16s. 6d. invested on Stipendiary Magistrates' account. The average rate of interest earned for the financial year on the mean funds was £4 15s. Id. per cent., a reduction of 3s. 7d. per cent, as compared with the previous year. In this connection it must be understood that the amount of interest due and outstanding and interest accrued but not due at the balance date is taken into account in arriving at the before-mentioned rate. Reference to the balance-sheet discloses that the sum of £30,172 is overdue on mortgage securities. The Courts, acting under the powers contained in the Mortgagors and Lessees Rehabilitation Act, 1936, have written off during the year arrears of interest totalling £5,769 13s. 7d. ; whilst the Board, acting under the provisions of section 77 of the same Act, has written off £342 10s. Operations of the Fund.—The following comparative statement shows the operations of the fund (to the nearest pound) as disclosed in the Revenue Accounts and Balance-sheets for the twelve-year period ended 31st March, 1938 : —

3

Income. Expenditure. Contributions. Interest on Year. : wiippI i< Adminis- Mlacel- \cciimu--P'oyees. x I ~ tt fi=£ K ~ "' E~, >™ U&KSu. £ £ £ ££££ ££ £ 1926-27 .. 246,635 100,669 139,369 899 328 45,341 322,759 7,881 28 2,429,290 1927-28 .. 249,301 100,955 146,351 439 504 50,193 338,138 7,932 2,124 2,528,454 1928-29 .. 253,593 101,130 147,040 332 269 44,234 351,396 8,070 1,176 2,625,943 1929-30 .. 263,424 201,707 154,612 146 405 50,107 367,496 8,158 2,472 2,818,004 1930-31 .. 271,423 102,289 162,888 264 422 40,754 381,243 8,418 8,775 2,917,154 931-32 .. 190,347 102,757 168,453 238 486 48,552 431,922 8,650 2,277 2,888,034 1932-33 .. 226,420 141,038 166,814 447 302 45,345 472,288 7,620 387 2,897,415 1933-34 .. 228,650 144,129 157,200 651 4,464 37,551 486,925 7,180 1,287 2,899,564 1934-35 .. 238,844 149,766 153,333 185 19,086 40,065 488,836 7,429 6,997 2,917,452 1935-36 .. 256,249 148,512 151,599 176 8,770 44,804 494,988 7,250 1,477 2,934,240 1936-37 .. 306,292 164,668 142,831 689 2,551 45,644 498,677 7,150 1,901 2,997,898 1937-38 .. 344,583 175,544 137,751 327 323 53,454 515,044 7,543 8,201 3,072,185

H.—26

Consolidated Revenue Account for the Period Ist January, 1908, to 31st March, 1938. Dr. Or. Members' contributions— £ s. d. Retiring-allowances— £ s . d. Under section 19 (ordinary) .. .. 5,944,096 110 To members .. .. .. .. 6,648,000 14 7 Transferred from other Superannuation To widows and children.. .. .. 605,852 6 2 Funds* .. .. .. .. 49,271 12 9 Contributions returned .. .. .. 1,102,638 16 2 Interest on arrears of contributions .. 8,629 7 4 Contributions transferred to other SuperannuaGovernment subsidy— tion Funds, section 120§ . . .. 20,522 9 4 Statutoryf .. .. .. 2,569,021 4 4 Compensation: Section 22(/) .. .. 14,357 18 !) Section 114, Public Service Superannuation Loss on realization of securities .. .. 22,961 10 3 Act, 1927 (widows and children) .. 207,066 18 2 Interest: Section 38, Public Service SuperInterest on investments! .. .. 2,809,856 15 8 animation Act, 1927 .. .. .. 2,441 9 8 Premium on conversion, New Zealand Govern- Unclaimed moneys recovered .. .. 118 11 9 ment inscribed stock and local-body deben- Investments written down by tures .. .. .. .. .. 32,999 16 9 Courts: Mortgagors and Fines, fees, and sundries .. .. .. 13,211 5 8 Lessees Rehabilitation Act, £ s. d. Subsidy, Cook Islands and Samoa .. .. 13,451 16 5 1936 .. .. .. 7,496 17 1 Subsidy, Imperial War Graves Commission .. 60 19 1 Investments written down by Board: Section 77, Mortgagors and Lessees Rehabilitation Act, 1936 .. . . 722 16 10 8,219 13 11 Premium on purchase inscribed stock : Proportion written oil' .. . . .. 741 15 7 Administration expenses .. .. .. 149,025 5 10 Balance .. .. .. .. 3,072,185 6 0 £11,647,665 18 0 £11,647,665 18 0 * Includes £32,785 15s. 4(1. transferred from Police Provident Fund and £2.877 10s. 7d. from Westpdrt Harbour Board Fund. t Does not include £64,500, being portion of subsidy for period Ist April, 1938, to 31st December, 1938, to reconcile with figure of £2,633,521 as shown on page 2 of tlie annual report for the financial year ended 31st March, 1938. t Includes payment by Treasury of £147,678 3s lod to reimburse fund on account of statutory reduction of interest on mortgage and other securities. § Includes contributions of Magistrates transferred to Stipendiary Magistrates' Fund. Vrrw^. Chairman.

4

Liabilities. Assets. Sundry Creditors. Sundry Debtors. Yp ., r Other, Investments M °P e y* f , Accumu- including (including \ "(wJn Cash at I Misee| - lated Fund. Pen- Re- Em- Govern- Accrued j Em- Govern- Govern- Bank. I laneous. sions. funds, ployees. ment Interest). | ployees. ment,&c. ™^J^ m™!"- J |_ £ £ £ £ £ £ £££ ££ 1926-27.. 2,429,290 3,059 922 1,587 22,075 2,474,867 120,942 241 23,103 1,691 I 589 1927-28 .. 2,528,454 | 3,526 1,983 1,903 19,072 2,577,894 21,305 215 12,253 5,195 2,570 1928-29.. 2,625,943 j 3,825 943 ■ 2,232 ! 14,739 2,678,470 18,118: 255 10,881 4,062 398 1929-30.. 2,818,004 14,323 1,340 j 676 17,012 2,862,747 17,267; 126 25,067 1,457 246 1930-31 .. 2,917,154 J 4,097 j 1,735 I 517 14,178; 2,974,146 14,391 277! 12,074 1,004! 288 1931-32.. 2,888,034 13,566 1,617 4,725 54,472 I 2,979,354 16,101 243 20,406 326 483 1932-33 .. 2,897,415 3,056 1,444 398 14,853 2,892,282 24,541 j 212 61,510 652 2 469 1933-34.. 2,899,564 2,684 1,692 212 3,386 2,882,531 29,191 231 56,922 1,018 2,147 1934-35.. 2,917,452 3,302 904 288 10,803 1 2,777,030 13,957 198 73,625 ! 130,378 2,062 1935-36 .. 2,934,240 3,703 1,980 407 22,123 I 2,861,347 24,919 ! 276 ' 70,801 67,906 ] 707 1936-37.. 2,997,898 3,722 j 1,517 596 48,386 ; 2,923,232 j 40,543 \ 1,923 70,555 74,088 6 278 1937-38 .. 3,072,185 ! 3,895 2,621 980 40,047 j 2,971,340 42,451 | 2,109 : 20,413 142,555 5 675

H—26

PUBLIC SERVICE SUPERANNUATION FUND. Revenue Account fob the Year ended 31st March, 1938. Dr. £ s. d. Or. Amount of fund at beginning of year .. 2,997,898 9 0 Retiring-allowances — £ s. d. £ s. d. Members'contributions — To members .. .. 470,802 1 2 Under section 19 (ordinary) .. .. 344,130 8 5 To widows and children .. 44,241 12 0 Transferred from other Superannuation Funds 440 12 4 515,043 13 2 Interest on arrears of contributions . . 327 10 0 Contributions returned— Government subsidy— Under section 37 (left service) 35,385 10 2 Under section 50, Public £ s. d. Under section 42 (death) .. 10,072 13 9 Service Superannuation Under section 34 (retirement) 1,395 19 10 Act, 1927 .. .. 80,000 0 0 53,454 9 9 Under section 19, Finance Contributions transferred to other SuperannuaAct (No. 3), 1934 .. 41,097 010 tion Funds .. .. .. .. 245 3 5 Under section 9, Finance investments written down by orders of the Act (No. 2), 1938 .. 27,000 0 0 Court, Mortgagors and Lessees Rehabilitation Under section 114, Public Act, 1936 .. .. .. .. 7,496 17 1 Service Superannuation Premium on stock : Proportion written off .. 370 17 11 Act, 1927 (widows and Unclaimed Recovery Account .. . . 87 19 4 children) .. .. 19,230 17 9 Expenses— £ s. d. Under section 27, Statutes Audit fees .. .. 75 0 0 Amendment Act, 1930 Contingencies .. . . 317 2 (Actuarial Pensions) .. 931 0 0 Election Board members, 174,259 4 7 triennial, expenses of .. 109 10 9 Interest on investments .. 125,214 18 7 Furniture and fittings .. 39 9 11 Less amounts written off by Heating, lighting, and cleanCourt orders —Mortgagors ing . . . . .. 89 8 8 and Lessees Rehabilitation Legal charges .. .. 347 12 1 Act, 1936, £5,769 13s. 7d. ; Medical fees . . .. 98 18 0 also less amounts written Messenger service . . 42 0 0 off by the Board, section Postages and services . . 228 14 1 77, Mortgagors and Lessees Post and Telegraph DepartReliabilitation Act, 1930, ment charges .. .. 1,096 3 0 £342 10s. .. .. 0,112 3 7 Printing and stationery .. 140 18 3 Public Trustees's charges .. 2,344 9 7 119,102 15 0 Rent .. .. .. 144 0 0 Reimbursement by Treasury Salaries .. .. 2,747 18 4 on account reduction in Travelling-expenses (Board interest* .. .. 18,048 0 0 members) .. .. 25 9 8 137,750 15 0 Typewriters and other Subsidy, Cook Islands and Samoa .. .. 1,262 10 1 machines (upkeep) .. 9 910 Subsidy, Imperial War Graves Commission .. 22 10 0 7,542 19 10 Fines, fees, and sundries . . .. . . 283 19 0 Balance as at 31st March, 1938 .. .. 3,072,185 b 0 Stipendiary Magistrates' Account : Administration expenses recovered .. .. .. 39 8 1 £3,656,427 6 6 £3,656,427 6 6 * Payment by Treasury of amount of statutory reduction of interest on mortgage securities (National Expenditure Adjustment Act, 1932, l'art III), £1,083 2s. 10d.; Interest-tax, Rural Advances bonds (section 1, Finance Act, 1032-33), £2,409; statutory reduction of interest, New Zealand Government inscribed stock (New Zealand Debt Conversion Act, 1032-33), .£4,749 4s. 7U.; statutory reduction of interest, local-body debentures (section 5, Local Authorities Interest Reduction and Loans Conversion Act, 1032-33), £5,310 12s. 7d.: total, £18,048.

5

11.—26.

PUBLIC SERVICE SUPERANNUATION FUND—continued. Balance-sheet as at 31st Makch, 1938. . Liabilities. Assets. £ g. d. ouperannuation 1< und Account— £ s. d. £ 8. d. Amount invested by the Board .. .. 2,912,313 12 7 Balance due from Revenue Contributions of members— £ s. d. Account .. ..3,072,185 6 0 In course of transmission .. 35,760 10 4 Add value of office furniture, Due and outstanding .. 6,690 Oil fittings, and machinery .. 312 3 6 42 450 11 3 Interest on investments— 3,072,497 9 6 Accrued but not due .. 27,896 8 11 Less amounts due to con- Due but not overdue .. 957 15 1 tributors under the pro- Due and outstanding .. 30,172 2 7 visions of section 9 (2), gg (j 7 National Expenditure Subsidy— Adjustment Act, 1932 68,389 7 7 Cook Islands and Samoa .. 220 5 1 3,004,108 1 11 Imperial War Graves CommisRetiring and other allowances sion .. .. 5 12 6 due in course of payment— Section 114, Public Service lomembers .. .. 3,429 18 8 Superannuation Act, 1927 .. 1,882 17 3 To widows and children . . 465 2 0 2 108 14 10 3,895 0 8 Retiring-allowances recoverable Refunds of contributions due in (Pensions Department) .. .. 3 7 6 course of transmission— Cost-of-living bonus (recoverable) .. 214 12 8 Under section 37 (left service) 685 10 10 Rates, fees, and premiums paid 011 Under section 42 (death) .. 1,447 16 11 account mortgagors (recoverable) .. 819 10 7 Under section 34 (retirement) 487 13 10 Premium paid on purchase of 2,621 1 7 Government stock .. 4,699 0 6 Expenses due in course of Less amount written off . . 373 13 3 payment- 4 32g 7 3 Heating, lighting, and clean- _ , , , , f s l«i uk ing .. .. .. 10 10 Cash in hand, Public Trustee f '251 4 5 Postages and services .. 17 11 8 LI 20 412 14 1 Post and Telegraph charges 121 2 0 Cash in bank .. .. .. .. 142 554 II 8 Printing and stationery . . 13 15 9 Office furniture, fittings, and Typewriters and other machinery .. .. .. .. 312 3 6 machines (upkeep) .. 0 4 6 153 14 9 Contributions paid in advance or in error .. 560 12 11 Public Trustee's charges 011 accrued interest .. 1,783 14 7 Unclaimed Account (contributions, &c.) . . 419 15 9 Government subsidy (balance)* .. .. 64,500 0 0 Post Office Account .. .. .. 38,110 2 9 Amount due to contributors under the provisions of section 9 (2), National Expenditure Adjustment Act, 1932 .. .. .. 68,389 7 7 £3,184,541 12 6 £3,184,541 12 6 • nil! Government subsidy is paid ill January of each year; owing to the change in the date of the financial year, to show the true position ol the iund it is necessary to state tins item as a liability. + On deposit at call. Stipendiary Magistrates' Account. Revenue Account for the Year ended 31st March, 1938. Dr \ £ s. d. Or. £ d Amount ol fund, Ist April, 1937 .. .. 21,276 2 0 Retiring-allowances .. .. .. 5 jig 13 4 Members' contributions: Section 63, Public Contributions returned: Section 63, Public Service Service Superannuation Act, 1927 .. .. 1,484 1.0 7 Superannuation Act, 1927 .. .. .. 1 292 13 5 Interest on investments .. .. .. I,Oil 6 8 Investments written down by orders of the Court • Subsidy under section 9, Finance Act, (No. 2) 1938 5,000 0 0 Mortgagors and Lessees Rehabilitation Act, 1936' 55 17 11 Premium on stock : Proportion written off .. 2 15 4 Administration expenses .. .. .. 39 8 I Balance as at 31st March, 1938 .. .. 22,262 11 2 £28,771 19 3 £28,771 19 3 Balance-sheet as at 31st March, 1938. Liabilities. Assets. £ s. d. Stipendiary Magistrates' Account— £ s. d. £ s. d. Amount invested by the Board 22 318 Hi <; n 1 1 r> n a " ' ' •'« j xv» u Balance due from Revenue Account .. .. .. 22,262 11 2 Less amounts due to contributors under the provisions of section 10 (3), National Expenditure Adjustment Act, 1932 .. 471 5 11 21,791 5 3 Retiring-allowances due in course of payment .. 76 5 4 Amount due to contributors under the provisions of section 10 (3), National Expenditure Adjustment Act, 1932 .. . . .. .. 471 5 11 | £22,338 16 6 , £22,338 16 6

6

H.—26

PUBLIC SERVICE SUPERANNUATION FUND—continued.Subsidiary Account. Cost-of-living Bonus -paid to Annuitants of the Public Service Superannuation Fund on behalf of the Treasury. Dr. £ s. d. Or. £ s. d. Balance due from Treasury .. .. .. 214 2 6 Amount received from Treasury .. .. 2,683 18 10 Amount disbursed for period Ist April, 1937, to Balance due from Treasury .. .. .. 214 12 8 31st March, 1938 .. .. .. .. 2,684 9 0 £2,898 11 6 £2,898 11 6 R. S. Wogan, Secretary, M. P. Finnigan, Accountant, Wellington, 12th July, 1938. Public Service Superannuation Board. I hereby certify that the Revenue Account and Balance-sheet have been duly compared with the relative books and documents submitted for audit, and correctly state the position as disclosed thereby.—J. H. Fowler, Controller and Auditor-General.

Statement of Contributors for the Year ended 31st March, 1938.

Particulars of Contributions discontinued during the Year.

Progress of Contributors since Date of Establishment of the Fund to 31st March, 1938.

7

■ Number. — Annual Salary. oJSSSLm. M. F. Total. . I £ s. d. £ s. d. Contributors at beginning of the year .. 18,830 3,060 21,890 5,841,197 9 2 310,675 0 3 New contributors entered during the year .. 2,367 1,147 3,514 463,910 6 8 25,394 12 0 Contributors transferred from other funds .. 17 2 19 3,350 15 0j 169 19 9 Increase by promotion during the year .. .. .. .. 489,691 10 10 j 25,519 16 10 Total .. .. .. 21,214 4,209 25,423 6,798,150 1 8 361,759 8 10 Contributions discontinued during the year .. 647 541 1,188 256,021 18 4 14,023 19 5 Total contributors at end of year 20,567 3,668 J 24,235 6,542,128 3 4 347,735 9 5

Number - ., lnl]n . Amount EetWngHow discontinued. Annual Salary. ; n-JjiKrJf,.., j paid on allowance M P Total contributions, i Retirement _ | granted. : ' " i [ [_ £ s. d. £ s. d. £ s. d. £ s. d. By death before retiring-allowance en- 65 6 71 23,526 3 4 1,453 19 10 14,613 2 7 1,789 0 0 tered upon (sees. 42, 43 and 32 (e.e)) By retirement before retiring age (sec. 408 513 921 150,919 13 4 7,829 16 7 35,385 16 2 37) By retirement (sec. 34) .. .. 4 .. 4 1,067 1 8 74 5 3 1,395 19 10 By retirement medically unfit (sec. 32) 33 5 38 12,051 1 8 663 2 3 .. 4,580 13 0 By retirement (sec. 61) .. ........ By retirement at retiring age or for 131 15 146 66,238 11 8 3,886 14 4 .. 37,336 14 0 length of service (sec. 26) By transfer to other funds (sec. 120) .. 6 2 8 1,169 15 0 58 9 9 245 3 5 By reduction .. .. 1,049 11 8 57 1] 5 Total .. .. .. 647 541 1,188 256,021 18 4 14,023 19 5 51,640 2 043,706 7 0

HTumber. -j- Annual Salary. oJSSSL. M. F. Total. . £ s. d. I £ s. d. Total entered .. .. ] 40,482 11,979 52,461 12,692,712 10 10 j 723,479 2 8 Total discontinued .. .. .. 19,915 | 8,811 , 28,226 6,150,584 7 6; 375,743 1'! 3 Total existing at 31st March, 1938 .. 20,567 j 3,668: 24,235 6,542,128 3 i\ 347,735 9 5

H.—26

ft. S. Wogan, Secretary, M. P. Finnigan, Accountant, Public Service Superannuation Board.

PUBLIC SERVICE SUPERANNUATION FUND— continued. Statement of Retiring and other Allowances for the Year ended 31st March, 1938.

Approximate Cost of Paper.—Preparation, not given ; printing (2,030 copies), £16 10s.

By Authority: E. V. Paul, Government Printer, Wellington.— 1938.

|i ■ • j i_ Wellington, 14th July, 1938.

Price 6d.]

8

Section 26: ««»nm> qs> • ! Section 61 ■ Police Section 39, Section 28, Section 14, Finance Act, Section 42: Sections 42 (c) and 43 (o): Total Retiring and other MedTcX unfit. ' inJureVon Duty Fin^& Act - ' *»1. Widows. Children. Allowances. „ i Num- Num- ! Num- Tjnmher Number. Number. Annual Annual Annua, K\ Annua. Annual Am»J Nun,- Annual I _L Annual Annual M _ I ,_ I nJ Amount. M _ 9 J I Amount. — Amount. " Amount. ~ Amount. f _ | Amount. ber. Amount __ Amount „_ __ Amount. I ' I I H 1 [ i ' ' & I i Retiring and other allowances £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. I | £ s. d. £ £ £ *- rt - Existing at beginning of year .. 1,525 290 1,815 403,210 6 6 261 62 323 34,147 4 7 11 1,788 9 0 50 7,524 7 0 36 5,977 8 0 21 4 25: 3,659 5 0 1,141 35,371 169 Hβ 315 8,190 2,073 1,643 3,TWi*>,869 0 1 Granted during year at retire- j 131 15 146 37,336 14 0 1 33 5 38 4,580 13 o! .. .. ..j ■• ... ■• !j • 25 775 1/ 22 39 1,014 181 b7j 248 4<J,70b 7 0 „ " le " t . , 60 1 860 5 8 isi S38 5 68 731 2,198 0 0 Granted during year a/ter «-....!.. .. | •• •• •■ •• •• ■• •■ | ■• ,OTI tirement j: \ Total . I 1 656 305 1 961 440,547 0 6 ls»l 67 361 j 38,727 17 7 11 1.789 9 0 50 7,524 7 J 86 5,977 8 0 j 21 4 25| 3,659 5 0 1,226 38,006 191 176 .'167 9 ; 542 2,259 1,778 4,0371545,773 7 1 Discontinued during year .. 70 7 77 16,173 15 9 2 3 j 2 25 3,324 9 0 .. .. .. j .. 4 j ____J_ ._. 3 ° 93 ° 35 j $4 "i 1,764 " g| '' 23 ' 06 ° 15 9 Existing at end of year .. 298 1.884J 424,373 4 9 271 65 1 336 35,403 8 7 "IT 1,789 9 0 50 7,524 7 oj 32 I 5,348 14 0 j 20 4 24J3.449 8 0 1,196 37,076 156 U2 298 7,748 2,126| 1,705 3,8311522,712 11 4 Particulars op Eetiking and othbk Allowances discontinued during the Year. i i i j ii I ii i ii i i fj I \~ I Total .. .., 7o'~l 77 16,173 15 |L 2 Is] 3,324 9 0.. .. .. .. , *1 628 14 0,~T"l 209 17 oj 30 eSOJJ 3 5 | 34. 69 1,794 133 73 ; 206123,060 15 9 ] I I [j I I ' I l ! '- ! ' ! ' Progress of Retiring and other Allowances since Establishment of the Fund to 31st March, 1938. ■ Tota. granted .. .. 2,«39 363, 3,302 058,784 3 o| 6O4! 84 688 ; 66,191 16 5 17 2,46114 0 59 |j 8,747 14 0 49 7,688 8 0 23 4 27 3,841 8 0 1,718,51,048 8U| 767 1,579 1 35,087 833,850 3 5 Total discontinued .. .. 1,858 65J 1,418 234,410 18 3 333J 19, 352 : 30,788 7 10, 6 672 6 0 9 11,223 7 0 17 2,339 14 0 3 .. 3 392 0 0 522 13,972 656 625, 1,281 27,339 2,377 1,231, 3,608 311,137 12 1 Total 1938 1,884 424,373 4 9 Id 651336,35,403 8 ?J 11 1,789 9 0 50 17,524 7 0 8? 5,348 14 0 20 4 24j3,449 8 0J 1,196 37,076 15 6 ;i42 298 7,748 2,126 1 1.705 3,831 522,712 11 4 I . I II- I i " ' ! ! !