PUBLIC SERVICE SUPERANNUATION BOARD. (THIRTY-THIRD ANNUAL REPORT OF THE), WITH ACCOUNTS, FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1941.

Appendix to the Journals of the House of Representatives, 1942 Session I, H-26

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1941. NEW ZEALAND.

PUBLIC SERVICE SUPERANNUATION BOARD. (THIRTY-THIRD ANNUAL REPORT OF THE), WITH ACCOUNTS, FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1941.

Presented to both Houses of the General Assembly pursuant to the Provisions of the Public Service Superannuation Act, 1927.

REPORT. The Board has the honour to submit its report upon the transactions in connection with the Public Service Superannuation Fund. Owing to the exigencies of war conditions, the report this year is confined to the following accounts, statements, and tables. Contributors. —The number of new contributors who joined the scheme during the year, and other particulars, are contained in the following table : —.

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1 Number. Rate per Gent, of I Annual Salary. r Contribution. ' Contributions. Male. I Female. Total. I I £ £ 5 1,516 940 2,456 261,355 13,068 6 60 14 74 20,083 1,205 7 43 10 53 15,630 1,094 8 19 1 20 6,335 507 g 7 7 2,045 184 10 3 1 4 2,000 200 Transfers from other funds 16 7 23 7,426 387 1,664 973 2,637 314,874 16,645

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The following table shows particulars of the public servants who were contributing to the fund on the 31st March, 1941 (after allowing for deaths, retirements, and withdrawals), grouped according to their respective rates of contribution :—

Investment of the Fmid.- £28,471 invested on Stipendiary Magistrates' account, the total investments of the fund amount to £3,136,552. The average rate of interest earned for the financial year was £4 4s. 9d. per cent., an increase of 3s. sd. per cent, as compared with the previous year. 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-vear period ended 31st March, 1941 :—

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4 Rate per Cent. Number. Annual Salary. n Contribution. m , J Contributions. Male. Female. Total. £ £ 5 21,618 4,233 25,851 6,740,910 337,045 6 1.622 131 1,753 596,897 35,814 7 959 76 1,035 363,527 25,447 8 446 19 465 168,739 13,499 9 150 7 157 58,733 5,286 10 32 2 34 15,060 1,506 Totals .. 24,827 4,468 29,295 7,943,866 418,597

Income. I Expenditure. Contributions. I Interest on i i Ypar — . Minppi- Adininis- . . - , Govern- Invest- Arrears of , Refunds. Pensions. tration Miscel- , AceumuEmployees. ment Ckmtribu- lanoous - Expenses. laneous - 'ated Funds. tions. £££££££££ £ 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'<)]7V)4 1931-32 .. 190,347 102,757 168,453 238 486 48,552 431,922 8,650 2,211 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 ]'901 2'<w'8q8 1937-38 .. 344,583 175,544 137,751 327 323 53,454 515,044 7,543 s'201 3'o72'l85 1938-39 .. 370,400 244,114 130,688 227 1,347 64,220 527,726 7,691 20 314 s'mq'oio 1939-40 .. 393,380 170,766 128,577 410 635 76,760 550,143 8,263 1'954 3'2S6 MR 1940-41 .. 411,534 160,164 135,978 280 691 88,750 569,001 8,006 2,'008 312961540 Liabilities. Assets. Sundry Creditors. Sundry Debtors. Year Other, Investments Money at Accumu- including (including wl th n., a i. , lt V i.... lated Fund. Pen- Re- Em- Govern- Accrued Em- Govern- Bank. laneous sions. funds, ployees. merit Interest). ployees. ment &c nient DeDepurt- ' partments. men's. £ £ £ £ £ £ £ £ £ £ c 1929-30 .. 2,818,004 4,323 1,340 676 17,012 2,862,747 17,267 126 25 067 1 457 1 246 1930-31 .. 2,917,154 4,097 1,735 517 14,178 2,974,146 1 4,391 277 1 2 074 l'004 ->88 1931-32 .. 2,888,034 3,566 1,617 4,725 54,472 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 24,541 212 6l'510 652 '>469 1933-34 .. 2,899,564 2,684 1,692 212 3,386 2,882,531 29,191 231 56'922 1 018 ''l47 1934-35 .. 2,917,452 3,302 904 288 10,803 2,777,030 13,957 198 73*625 13o'37S 2W ' 1935-36 .. 2,934,240 3,703 1,980 407 22,123 2,861,347 24,919 276 70 801 67'906 l'707 1936-37 .. 2,997,898 3,722 1,517 596 48,386 2,923,232 40,543 1,923 70 555 74*088' I 6 '78 1937-38 .. 3,072,185 3,895 2,621 980 40,047 2,971,340 42,451 2,109 20 413 142 555 5 675 1938-39 .. 3,199,010 2,896 2,557 1,152 3,686 3,056,597 33,587 453 28 071 85'993 4'884 1939-40 .. 3,255,658 3,713 7,097 1,728 1,473 3,063,458 39,598 2,045 104781 4595 1940-41 .. 3,296,540 4,211 3,536 2,999 1,381 3,148,951 57,993 2,113 35,469 60,377 4^643

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Consolidated Revenue Account for the Period Ist January, 1908, to 31st March, 1941. Dr - Cr. Members Contributions £ Retiring-allowances— v Under section 19 (ordinary) .. .. .. 7,114,006 To members .. 8 155 682 Transferred from other superannuation funds* .. 54,677 To widows and children '745641 Interest on arrears of contributions .. .. 9,546 Contributions returned .. .. " 1 om'^S Government subsidy— Contributions transferred to other superannuation Statutory . .. .. .. .. 3,080,416 funds} .. .. 40 9"0 Section 114, Public Service Superannuation Act, Compensation, section 22 (q) 14*358 1927, Widows and Children 267,786 Loss on realization of securities .. " " 23 620 Interest on investments-)-.. .. 3,205,379 Interest section 38, Public Service Superannuation Act, Premium on Conversion New Zealand Government 1927.. .. 2 441 inscribed stock and local-body debentures .. 33,635 Unclaimed moneys recovered .. . 119 Fines, fees, and sundries .. .. .. .. 14,970 Investments written down by order of the £ bubsidy— Courts : Mortgagors and Lessees' RehabiliCook Islands and Samoa .. .. .. 16,248 tation Act, 1936 .. .. .. 8 959 Imperial War Graves Commission .. .. 128 Investments written down by Board, section I alestme Government 66 77, Mortgagors and Lessees' Rehabilitation Act, 1936 .. .. .. .. 1,250 — 10,209 Kates and fees written off by Courts : Mortgagors and Lessees' Rehabilitation Act, 1936 . . .. 120 Premium on purchase inK< r ' bed stock : Proportion written off .. t _ j §54 Administration expenser .. Balance 3,296 ,'539 £13,796,857 £13,796,857 * Includes £32,785 transferred from Police Provident Fund and £2,877 from WestDOrt Harbour Hoard fmui * . , , , of £187.015 to reimburse fund oil account of statutory reduction of interest on mortgage and other securities t Includes contributim !?nf e f asur ? to Stipendiary Magistrates' Fund and certain of nursing staff of Health Department to National Provident Fund. contributions of Magistrates transferred YtAuL^ Chairman.

PUBLIC SERVICE SUPERANNUATION FUND. Revenue Account for the Year ended 31st March, 1941. Dr. £ Cr. £ £ Amount of Fund at beginning of year .. .. 3,255,658 Retiring-allowances— Members' contributions— To members .. .. ~ 521 *?96 Under section 19 (ordinary) .. .. .. 409,670 To widows and children !47*705 ' Transferred from other superannuation funds' .. 1,864 ' s gg Interest on arrears of contributions .. .. 280 Contributions returned— ' Government subsidy— Under section 37 (left service) .. 63 336 Under section 50, Public Service Super- £ Under section 42 (death) .. .. 19'480 annuation Act, 1927 .. .. 86,000 Under section 34 (retirement) .. .. 5 934 Under section 19, Finance Act (No. 3), 1934 40,288 '' go Under section 10, Finance Act, 1940 .. 11,500 Contributions transferred— Under section 114, Public Service Super- To other superannuation funds .. 1 293 annuation Act, 1927 (widows and To National Provident Fund (section 30, Finance children) .. .. .. .. 20,732 Act, 1938) .. .. .. .. .. 345 Under section 27, Statutes Amendment Premium on Government stock : Proportion written 1936 (actuarial pensions) .. .. 837 off .. .. 370 159,357 Expenses— £ Interest on investments .. .. .. 124,274 Audit fees .. .. .. 75 Reimbursement by Treasury on account Contingencies.. . . .. '' 4 reduction in interest* .. .. .. 11,704 Furniture and fittings .. .. .. 372 135,978 Heating, lighting, and cleaning .. .. 38 Subsidy, Cook Islands and Samoa.. .. .. 718 Legal charges .. 9g Subsidy, Imperial War Graves Commission .. 22 Medical fees .. '' '' 13') Subsidy, Palestine Government .. .. .. 66 Overtime and meal-allowance !'. !! 122 Fines, fees, and sundries .. .. .. .. 649 Postage and services .. .. . 470 Stipendiary Magistrates' Account : Administration Post and Telegraph Department charges .. 1 198 expenses recovered .. .. .. .. 43 Printing and stationery .. .. 209 Public Trustee's charges .. .. 2,506 Removal expenses .. .. .. 23 Rent .. .. .. .. 63 Salaries .. .. .. .. 2 725 Travelling-expenses (Board members) .. 21 Typewriters and other machines (upkeep) 21 8,007 Balance as at 31st March, 1941 .. .. .. 3,296 539 £3,964,305 £3,964,305 TTT ,^ a SS Bnt ai b ? treasury °J amount of Statutory reduction of interest on mortgage sscurities, National Expenditure Adjustment Act 1932 Part ! t t°7 reduction of interest, New Zealand Government inscribed stock, New Zealand Debt-conversion Act, 1932-33 £4 749- Statutorv reduction of interest, local-body debentures, section 5, Local Authorities Interest Reduction and Loans Conversion Act, 1932-33, £5,005 total £11 70/

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PUBLIC SERVICE SUPERANNUATION FUND—continued. Balance-sheet as at 31st Makch, 1941. Liabilities. Assets. £ £ Superannuation Fund Account— £ £ Amount invested by the Board .. .. .. 3,108,081' Balance due from Revenue Account .. 3,290,539 Contributions of members— Add value of office furniture, fittings, In course of transmission .. .. 40,062 and machinery.. .. .. 879 Due and outstanding .. .. .. 11,931 57,993 3,297,418 Contributions transferable from other superannuation Less amounts due to contributors fund .. .. .. .. .. 159under the provisions of section 9 Interest on investments— £ (2), National Expenditure Adjust- Accrued but not due .. .. .. 28,617 ment Act, 1932 .. .. 63,874 Due but not overdue .. .. .. 2,665 3,233,544 Due and outstanding .. .. .. 9,588 Retiring and other allowances due in 40,870 course of payment — Subsidy— To members .. .. .. 3,676 Cook Islands and Samoa .. .. 100 To widows and children .. .. 535 Imperial War Graves Commission .. 6 4,211 Palestine Government .. .. .. 14 Refund of contributions due in course of Section 114, Public Service Superannuation transmission — Act, 1927 (widows and children) .. 1,993 Under section 37 (left service) .. 2,222 2,113 Under section 42 (death) .. .. 1,314 Cost-of-living bonus (recoverable) .. .. .. 39 3,536 Rates, fees, and premiums paid on account mortgagors Contributions transferable to other superannuation (recoverable) .. .. .. .. .. 362 funds .......... 25 £ Expenses due in course of payment — £ Premium paid on purchase Government Stock 3,578 Heating and lighting .. . . 1 Less amount written off .. .. 374 Postages and services .. .. 29 3,204 Post and Telegraph Department charges 263 , ,T, , m , f 8,750 Printing and stationery .. . 20 Cash in hand, Pubhc Trustee .. {*12] 251 -— 313 . 21,001 Unclaimed Account (contributions, &c.) .. .. 488 Post Office Account .. .. .. .. 14,468 Contributions paid in advance or in error .. .. 2,512 Bank Account .. .. .. .. .. 60,377 Public Trustee's charges on aceured interest .. 1,043 Office furniture, fittings, and machinery .. .. 879 1 Amounts due to contributors under the provisions of section 9 (2), National Expenditure Adjustment Act, 1932 .. .. .. .. .. 63,874 £3,309,546 £3,309,546 * On deposit at call. Stipendiary Magistrates' Account. Revenue Account for the Year ended 31st March, 1941. Dr. £ Cr. £ Amount of Fund Ist April, 1940 .. .. .. 25,538 Retiring-allowances .. .. .. .. 4,804 Member's contributions : Section 63, Public Service Premium on purchase stock : Proportion written off 3 Superannuation Act, 1927 .. .. .. 1,662 ' Administration expenses .. .. .. .. 43 Interest on investments .. .. .. .. 1,121 Balance as at 31st March, 1941 .. .. .. 28,471 Subsidy under section 10, Finance Act, 1940 .. .. 5,000 £33,321 £33,321 Balance-sheet as at 31st March, 1941. Liabilities. Assets. £ Stipendiary Magistrates' Account—• £ £ Amount invested by the Board .. .. 28,471 Balance due from Revenue Account 28,471 Less amounts due to contributors Under the provisions of section 10 (3), National Expenditure Adjustment Act, 1932 .. 471 28,000 Amount due to contributors under the provisions of section 10 (3), National Expenditure Adjustment Act, 1932 .. .. .. .. .. .. 471 £28,471 £28,471 Subsidiary Account. Cost-of-living Bonus paid to Annuitants of the Public Service Superannuation Fund on behalf of the Treasury. Dr. £ Cr. £ Balance due from Treasury .. .. .. 44 Amount received from Treasury .. .. .. 464 Amount disbursed .. .. .. .. .. 459 Balance due from Treasury .. .. .. 39£503 £503 M. P. Finnigan, Acting Secretary, Public Service Superannuation Board. Wellington, 24th November, 1941. I hereby certify that the Revenue Account and Balance-sheet hav-e been duly compared with the relativebooks and documents submitted for audit, and correctly state the position as disclosed thereby.—Cyril G. Collins. Controller and Auditor-General.

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Statement of Contributors for the Year ended 31st March, 1941.

Particulars of Contributions discontinued during the Year.

Progress of Contributors since Date of Establishment of the Fund to 31st March, 1941.

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i Number. | j "j Annual Salary, contributions. 1 M. F. Total. 1 1 I __ ___; ■ £ £ Contributors at beginning of the year .. .. 24,180 4,307 28,487 7,710,403 407,446 New contributors entered during the yea* 1 .. .. 1,648 966 2,614 307,448 16,258 Contributors transferred from other Funds .. .. 16 7 23 7,426 387 Increase by promotion during the year .. .. .. •• •• 300,200 15,010 Total .. - .. .. 25,844 5,280 31,124 8,325,477 439,101 Contributions discontinued during the year .. .. 1,017 812 1,829 381,611 20,504 Total contributors at end of year .. 24,827 4,468 j 29,295 7,943,866 418,597

• ' fi Number. Annual Amount Retirlng- £» ! How discontinued. : ' j Annual Salary. roTI , T ihiitions paid on allowance M. F. Total. Retirement. granted. | 2 £ £ £ £ By deatfh. before retiring-allowance en- 92 5 97 30,380 1,699 18,9(55 2,340 tered 'upon (sees. 42 and 43) By retirement retiring age (sec. 37) 710 772 1,482 253,770 13,283 63,335 By retirement (sec. 34) .. .. 16 .. 16 4,894 361 5,934 By retirement medically unfit (sec. 32) 33 7 40 13,155 735 .. 4,965 By retirement (sec. i>l) .. .. 3 .. 3 1,068 53 .. 527 By retirement at retiring age or for 148 26 174 73,805 4,143 .. 43,346 length. ..of service 26) By retireriient (set;.: 30, Finance Act, 2 2 4 790 40 345 ' ,. By transfer to other funds (sec. 120) .. 13 .. 13 - 3,749 190 1,293 Total 1. .. .. 1,017 812 1,829 381,611 20,504 89,872 51,178

Number. Annual Salary. Coi^Sj ons M. F. Total. i | j £ £ Total entered I 47,502 15,022 ; 02,524 15,151,276 851,811 Total discontinued .. .. . • .. 22,675 10,554 | 33,229 7,207,410 433,214 Total existing at 31st March, 1941.. .. 24,827 j 4,468 |' 29,295 7,943,866 418,597 ■ I I I

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PUBLIC SERVICE SUPERANNUATION FUND— continued. Statement of Retiring and other Allowances for the Year ended 31st March, 1941.

By Authority: E. V. Paul, Government Printer, Wellington.— 1941.

Approximate Cost of Paper.—Preparation, not given; printing (745 copies), £13.

Price 6d."\

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n„ ect.ion 26. Section 32: x> s ?? tl0 . 11 , 61 •, Section 39, Section 28, Section 14, Finance Act, Section 42: ! Sections 42 (c), and 43 (a): Total Retiring and other On Attainment of Retiring MprHcaiiv Police injured Finance Act Finance Act, iqoi ' Widows I Children Allowances Age or for Length of Service. Medically unht. on Duty _ (2); 1930 1921 1931. w idows. Lnuoren. Allowances. Number. J Number. i| ''be™' 1 " '' Number. j! j Number. i Number. j Annual | Annual 1_ Annual 1 ; Annual 1 Annual ij Amount. Num- Annual j Annual Annual Amount. I Amount. Amount. Amount. Amount. -3 Annual ber. Amount. I Amount I Amount. M. F. Total. M. F. Total.! M. M. ! M. M. F. o M. F. Total. M. F. Total. i i 1| h h ij I | j Retiring and other aiiowances — £ £ £ £ £ £ £ I £ £ Existing at beginning of year .. .. 1,635 323 1,958 455,726 289 69 358 38,243 14 2,397 50 7.524 29 5,018 19 4 23 3,342 1.270 39,370 158 137 295 7,670 2,194 1,803 3,997 559,290 G-ranted during year at retirement .. 148 26 174 43,346 : 33 7 40 : 4,965 3 527 . .. 1. 26 806 34 25 59 1,534 218 84 302 51,178 Granted during year after retirement .. .. .. .. .. .. .. .. .. .. .. .. .. 61 1,891 4 9 13 338 4 70 74 2,229 Total .. .. .. 1,783 349 2,132 499.072 322 76 398 43,208 17 2.924 50 7,524 29 5,018 19 4 23 3,342 1,357 42,067 196 171 367 9,542 2,416 1,957 4,373 612,697 Discontinued during year .. .. 85 15 100 2i;645 17 2 19 2,150 .. . 1 91 4 465 1 1 2 317 50 1,550 22 21 43 1,118 130 89 219 27,336 Existing at end of year .. .. 1,698 334 2,032 477,427 305 74 379 41,058 17 2 924 49 7 433 25 4,553 18 3 21 3,025 1,307 40,517 174 150 324 8,424 2,286 1,868 4,154 585,361 | Particulars of Retiring and other Allowances discontinued during the Year. How discontinued — By death .. .. .. .. 85 15 100 20.800 16 2 18 2,100 .. . 1 91 4 465 1 1 2 317 38 1,178 | .. 107 56 163 : 24,951 By expiry .. .. .. 845 1 | .. 1 50 .. .. .. .. .. .. .. 12 372 I 22 21 43 1,118 23 33 56 2,385 Total .. .. .. 85 15 100 21,645 17 j 2 19 2,150 .. .. 7~ 91 4 465 1 1 | 2 317 50 1,550 22 21 43 1,118 130 89 j 219 27,336 Progress of Retiring and other Allowances since Establishment of the Fund to 31st March, 1941. Total granted .. .. .. .. ! 3,340 427 3,767 778,065 693 101 794 78.833 23 ' 3,596 59 8,748 49 1 7 688 I 23 4 27 " 3,841 1,997 59,697 901 851 1,752 39,585 5,088 3,380 8,468 980,053 Total discontinued .. .. .. j 1,642 93 1,735 300,638 388 27 415 I 37.775 6 j 672 10 1,315 24 j 3,135 5 1 6 j 816 690 19,180 i 727 701 (1,428 31,161 2,802 1,512 4,314 394,692 Total existing at 31st March, 1941 .. 1,698 334 2,032 477,427 305 74 379 | 41,058 17 2,924 49 7,433 25 4,553 | 18 3~: 21 j 3,025 1,307 40,517 174 150 j 324 8,424 2,286 1,868 4,154 585,361 Wellington, 24th November, 1941. M. P. Finnigan, Acting-Secretary.