PUBLIC SERVICE SUPERANNUATION BOARD (THIRTY-SEVENTH ANNUAL REPORT OF THE), WITH ACCOUNTS FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1945

Appendix to the Journals of the House of Representatives, 1948 Session I, H-26-part02

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1948 NEW ZEALAND

PUBLIC SERVICE SUPERANNUATION BOARD (THIRTY-SEVENTH ANNUAL REPORT OF THE), WITH ACCOUNTS FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1945

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

By Authority: E. V. Paul, Government Printer, Wellington.—l94B

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REPORT The Board has the honour to submit its report upon the transactions in connection with the Public Service Superannuation Fund. 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: —

Investment of the Fund.—lncluding £28,851 invested on Stipendiary Magistrates' account, tlie total investments of the fund amount to £3,150,886. The average rate of interest earned for the financial year was £3 19s. sd. per cent., a decrease of lid. 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 Balancesheets for the twelve-year period ended 31st March, 1945.

The following table shows particulars of the public servants who were contributing to the fund on the 31st March, 1945 (after allowing for deaths, retirements, and withdrawals), grouped according to their respective, rates of contribution.

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Rate per Cent, of Number. Annual Annual Contribution. Male. Female. Total. Salary. Contributions. £ £ 5 690 395 1,085 131,543 6,577 6 75 75 25,705 1,542 7 39 39 14,824 1,038 8 20 20 7,118 569 9 2 2 1,340 121 10 1 1 615 62 Transfers from 14 6 20 7,100 355 nf.nAT TiiTinQ U ullCi 1UILUO 841 401 1,242 188,245 10,264

Rate per Cent, of Contribution. Male. Number. Female. Total. Annual Salary. Annual Contributions. £ £ 5 23,083 4,232 27,315 7,470,758 373,538 6 1,588 109 1,697 613,113 36,787 7 905 52 957 360,534 25,237 8 381 16 397 149,683 11,975 9 130 5 135 55,671 5,010 10 29 1 30 16,160 1,616 26,116 4,415 30,531 8,665,919 454,163

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Income. Expenditure. Year. Contributions. Interest on Administration Expenses. 1 Accumulated Eunds. Employees. Government, &c. Investments. Arrears of Contributions. Miscellaneous. Refunds. Pensions. Miscellaneous. 1933-34 1934-35 1935-36 1936-37 1937-38 1938-39 1939-40 1940-41 1941-42 1942-43 1943-44 1944-45 £ 228,650 238,844 256,249 306,292 344,583 370,400 393,380 411,534 429,717 437,371 457,912 527.389 £ 144,129 149,766 148,512 164,668 175,544 244,114 170,766 160,164 154,421 149,964 157,598 151,712 £ 157,220 153,333 151,599 142,831 137,751 130,688 128,577 135,978 138,550 133,547 136,129 131,222 £ 651 185 176 689 327 227 410 280 1,053 3,155 4,826 942 £ 4,464 19,086 8,770 2,551 323 1,347 635 691 1,312 2,053 1,501 6,257 1 £ 37,551 40,065 44,804 45,644 53,454 64,220 76,760 88,750 99,723 75,065 97,023 114,570 £ 486,925 488,836 494,988 498,677 515,044 527,726 550,143 569,001 587,924 587,099 587,843 655,089 £ 7,180 7,429 7,250 7,150 7,543 7,691 8,263 8,006 7,898 8,338 8,346 8,466 £ 1,287 6,997 1,477 1,901 8,201 20,314 1,954 2,008 1,899 1,136 1,921 2,918 £ 2,899,564 2,917,452 2,934,240 2,997,898 3,072,185 3,199,010 3,255,658 3,296,540 3,324,148 3,378,602 3,441,435 3,477,914 Liabilities. II II Assets. Sundry Creditors. Investments (Including Accrued Interest). Sundry Debtors. Money at Call with Government Departments. Year. Accumulated Fund. Pensions. Refunds. Employees. Other, Including Government Departments. Employees. Government, &c. , Cash at Bank. Miscellaneous. 1933-34 1934-35 1935-36 1936-37 1937-38 1938-39 1939-40 1940-41 1941-42 1942-43 1943-44 1944-45 1 £ 2,899,564 2,917,452 2,934,240 2,997,898 3,072,185 3,199,010 3,255,658 3,296,540 3,324,148 3,378,602 3,441,435 3,477,914 £ 2,684 3,302 3,703 3,722 3.895 2.896 3,713 4,211 4,768 5,786 5,928 7,885 £ 1,692 904 1,980 1,517 2,621 2,557 7,097 3,536 10,508 6,747 12,322 16,847 £ 212 2S8 407 596 980 1,152 1,728 2,999 4,937 8,424 8,162 9,332 £ 3,386 10,803 22,123 48,386 40,047 3,686 1,473 1,381 2,304 102,595 45,518 26,375 £ 2,882,531 2,777,030 2,861,347 2,923,232 2,971,340 3,056,597 3,063,458 3,148,951 3,148,486 3,337,485 3,160,733 3,159,588 £ 29,191 13,957 24,919 40,543 42,451 33,587 39,598 57,993 107,855 218,285 236,176 277,785 | £ 231 198 276 1,923 2,109 453 2,045 2,113 2,445 119,068 4,753 24,804 £ 56,922 73,625 70,801 70,555 20,413 28,071 55,756 35,469 24,680 19,324 19,173 29,648 £ 1,018 130,378 67,906 74,088 142,555 85,993 104,781 60,377 50,142 86,159 91,043 44,379 £ 2,147 2,062 1,707 6,278 5,675 4,884 4,595 4,643 5,056 2,679 2,186 2,149

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Consolidated Revenue Account foe the Period Ist January, 1908, to the 31st March, 1945 Dr. j Gr. Members' contributions— £ ; Retiring-allowances— £ Under section 19 (ordinary) .. .. .. .. 8,952,343 ; To members .. .. .. .. .. 10,364,524 Transferred from other superannuation funds* .. .. 68,728 j To widows and children .. .. .. .. 954,755 Interest on arrears of contributions .. .. .. 19,522 | Contributions returned .. .. .. .. 1,718,749 Government subsidy— ! Contributions transferred to other funds J .. .. 47,237 Statutory .. .. .. .. .. .. 3,599,175 j Compensation: Section 22 (gr) .. .. .. .. 14,358 Section 114, Public Service Superannuation Act, 1927 I Loss on realization of securities .. .. .. .. 23,683 (widows and children) .. .. .. .. 358,668 j Interest: Section 38, Public Service Superannuation Act, 1927 2,441 Interest on investmentsf .. .. .. .. 3,744,827 Unclaimed moneys recovered .. .. .. .. ..119 Premium on conversion New Zealand Government inscribed j Investments written down by order of the Courts— £ stock and local-body debentures .. .. .. 38,269 i Mortgagors and Lessees Rehabilitation Act, 1936 8,959 Fines, fees, and sundries .. .. .. .. 21,340 j Investments written down by Board: Section 77, Subsidy— j Mortgagors and Lessees Rehabilitation Act, 1936 1,250 Cook Islands and Samoa .. .. .. .. 19,397 j 10,209 Imperial War Graves Commission .. .. .. 224 ] Rates and fees written off by Courts : Mortgagors and Lessees Palestine Government . . .. .. .. 178 Rehabilitation Act, 1936 .. .. .. .. 120 Government Service organizations .. .. .. 698 Premium on purchase of inscribed stock : Proportion written off .... .. .. .. .. 3,345 1 Administration expenses .. .. .. .. 205,915 Balance as at 31st March, 1945 .. .. .. .. 3,477,914 £16,823,369 | £16,823,369 * Includes £32,785 transferred from Police Provident Fund and £2,877 from Westport Harbour Board Fund. t Includes payment by Treasury of £231,656 to reimburse fund on account of statutory reduction of interest on mortgage and other securities. J Includes contributions of Magistrates transferred to Stipendiary Magistrates' Fund and certain of nursing staff of Health Department to National Provident Fund. VtTW^ Chairman.

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PUBLIC SERVICE SUPERANNUATION FUND Revenue Account for Year ended 31st March, 1945 Dr. £ 1 Or. Amount of fund at beginning of year .. .. .. 3,441,435 j Retiring-allowances— £ £ Members'contributions— j To members .. .. .. .. .. 600,286 Under section 19 (ordinary) .. .. .. .. 524,562 j To widows and children .. .. .. 54,803 Transferred from other superannuation funds .. . . 2,827 i 655, 089 Interest on arrears of contributions .. .. .. 942 ! Contributions returned— Government subsidy— ; Under section 37 (left Service) .. .. .. 65,550 Under section 50, Public Service Superannuation £ | Under section 42 (death) .. .. .. 39,733 Act, 1927 .. .. .. .. .. 86,000 Under section 34 (retirement) .. .. .. 9,287 Under section 19, Finance Act (No. 3), 1934 .. 39,642 —- 114,570 Under section 114, Public Service Superannuation I Contributions transferred— Act, 1927 (widows and children) .. .. 24,386 ! To other superannuation funds .. . , .. 1,291 Under section 27, Statutes Amendment Act, 1936 | To National Provident Fund : Section 30, Finance (actuarial pensions).. .. .. .. 764 ! Act, 1938 .. .. .. .. .. 1,253 150,792 j 2,544 Interest on investments .. .. ..120,711 j Premium on purchase of Government stock: Proportion written Reimbursement by Treasury on account of reduction j off .. .. .. .. .. .. .. 374 in interest .. .. .. .. ..10,511 > Expenses— £ 131,222 | Audit fees .. .. .. .. .. 75 Premium on conversion of New Zealand Government stock .. 4,634 | Contingencies .. .. .. .. .. 10 Subsidy— £ j Furniture and fittings .. .. .. .. 14 Cook Islands and Samoa . . .. .. 799 j Medical fees . . .. .. .. . . 102 Imperial War Graves Commission .. .. 28 j Overtime and meal allowances .. .. .. 446 Palestine Government .. .. .. 27 Postages and services .. .. .. .. 370 Government Service organizations .. .. 66 | Printing and stationery .. .. . . .. 163 - 920 Post and Telegraph Department charges .. .. 1,462 Fines, fees, and sundries .. .. .. • 1,586 Public Trustee's charges .. .. .. 2,288 Stipendiary Magistrates' account: Administration Salaries .. .. .. .. .. 3,402 expenses recovered .. .. .. .. .. 37 Travelling-expenses of Board members . . .. 7 War-damage-insurance premiums .. .. 127 8,466 Balance as at 31st March, 1945 .. .. .. .. 3,477,914 £4,258,957 £4,258,957

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PUBLIC SERVICE SUPERANNUATION FUND— continued Balance-sheet as at the 31st March, 1945 Liabilities Assets £ Superannuation Fund Account— £ £ Amounts invested by the Board .. .. .. .. 3,122,035 Balance due from Revenue Account .. .. 3,477,914 Contributions of members— £ Add value of office fittings and machinery .. 634 In course of transmission .. .. .. 250,972 Due and outstanding . . .. .. .. 26,813 3,478,548 277,785 Less amounts due to contributors under the Interest on investments— provisions of section 9 (2), National Accrued but not due .. .. .. .. 27,334 Expenditure Adjustment Act, 1932 .. 56,821 Due but not overdue .. .. .. .. 1,520 3,421,727 Due and outstanding . . .. .. .. 8,699 Retiring and other allowances due in course of 37,553 payment— Subsidy— To members .. . . . . .. 6,846 Cook Islands and Samoa .. .. .. 101 To widows and children . . .. .. 1,039 Imperial War Graves Commission .. .. 11 7,885 Palestine Government .. .. .. 21 Refunds of contributions due in course of trans- Government Service organizations .. .. 3 mission— Section 114, Public Service Superannuation Act, Under section 37 (left Service) .. .. 4,941 1927 (widows and children) .. .. .. 4,465 Under section 42 (deaths) .. .. .. 11,886 4,601 16,827 Contributions transferable from other funds .. .. 440 Contributions transferable to National Provident Fund .. 20 Cost-of-living bonus (recoverable) .. .. .. 20,203 Rates, fees, and premiums payable on account of mortgagors .. 375 Expenses due in course of payment— £ Premium paid on purchase of Government stock .. 2,083 Audit fees .. . . . . .. 75 Less amount written off .. .. . . 374 Postages and services .. .. .. 36 1,709 Post and Telegraph charges .. .. .. 350 Cash in hands of Public Trustee .. .. .. 12,251* 461 17,397 Public Trustee's charges on accrued interest .. .. 905 29,648 Unclaimed Account (contributions, &c.) .. .. 502 Bank account .. .. .. .. .. .. 44,379 Contributions paid in advance or in error .. .. 8,830 Office furniture and fittings .. .. .. .. 634 Post Office Account .. .. .. ... .. 24,634 Amounts due to contributors under the provisions of section 9 (2), National Expenditure Adjustment Act, 1932 56,821 £3,538,987 £3,538,987

* On deposit at call.

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Stipendiary Magistrates' Account Revenue Account for the Year ended 31st March, 1945 Dr. £ Cr. £ Amount of fund, Ist April, 1944 .. .. .. .. 31,118 Retiring-allowances .. .. .. .. .. 5,665 Members contributions : Section 63, Public Service Superannuation Administration expenses .. .. .. .. .. 37 Act, 1927 .. .. .. .. .. .. 1,416 Balance, 31st March, 1945 .. .. .. .. .. 28,859 Interest on investments .. .. .. .. .. 1,166 Premium on conversion of Government stock .. .. 41 Government subsidy : Section 3, Finance Act, 1942 (2) .. 820 £34,561 £34,561 Balance-sheet as at 31st March, 1945 Liabilities £ £ Assets £ Stipendiary Magistrates' account: Balance due from Amount invested by the Board . . .. .. 28,851 Revenue Account .. .. .. 28,859 Contributions due in course of transmission .. .. .. 8 Less amounts due to contributors under the provisions of section 10 (3), National Expenditure Adjustment Act, 1932 .. .. . . .. .. 298 • 28,561 Amount due to contributors under the provisions of section 10 (3), National Expenditure Adjustment Act, 1932 .. .. .. .. .. .. 298 £28,859 £28,859

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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. £ Cr. £ Balance due from Treasury .. . . .. .. 74 Amount received from Treasury .. ... .. .. 25,802 Amount disbursed.. .. .. .. .. ..45,931 Balance due from Treasury .. .. .. .. 20,203 £46,005 £46,005 J. R. Rhoades, Accountant. G. J. Merrington, Acting-Secretary. Wellington, 4th October, 1948. 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. P. Rutherford, Controller and Auditor-General.

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PUBLIC SERVICE SUPERANNUATION FUND—continued Statement of Contributors for the Year ending 31st March, 1945

Particulars of Contributions Discontinued During the Year

Progress of Contributors Since Date of Establishment of the Fund to 31st March, 1945

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Number. Annual Annual M. F. Total. Salary. Contributions. Contributions at beginning of the year .. New contributors entered during the year Contributors transferred from other Funds • 26,378 827 14 4,495 395 6 30,873 1,222 20 £ 8,927,608 181,145 7,100 £ 468,081 9,909 355 Total Contributions discontinued during the year 27,219 1,103 4,896 481 32,115 1,584 9,115,853 449,934 478,345 24,182 Total contributors at end of year 26,116 4,415 30,531 8,665,919 454,163

How Discontinued. Number. Annual Annual ContriAmount Paid on Retiringallowance Granted. M. F. Total. Salary. butions. Retirement. £ £ £ £ By death before retiring-allowance 231 12 243 71,820 3,840 37,551 2,783 enter fed upon (sees. 42 and 43) By retirement before retiring age 487 417 904 190,369 9,906 65,334 (sec. 37) By retirement (sec. 34) 20 20 6,278 472 9,287 By retirement medically unfit 31 3 34 11,472 600 4,986 (sec. 32) By retirement (sec. 61) 2 2 720 36 430 By retirement at retiring age or 319 45 364 163,635 9,039 for length of service (sec. 26) By retirement (sec. 30, Finance 6 3 9 2,465 123 1,253 97,466 Act, 1938) By retirement (sec. 14, Finance 1 1 370 26 103 Act (1), 1931) By transfer to other funds 6 1 7 2,805 140 1,291 (sec. 120) By reduction Total 1,103 481 1,584 449,934 24,182 114,716 105,768

Number. Annual Annual M. F. Total. Salary. Contributions. Total entered Total discontinued 52,490 26,374 17,170 12,755 69,660 39,129 £ 17,193,511 8,527,592 £ 958,326 504,163 Total existing at 31st March, 1945 26,116 4,415 30,531 8,665,919 454,163

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PUBLIC SERVICE SUPERANNUATION FUND— continued Statement of Retiring and Other Allowances for the Year Ending 31st March, 1945

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Section 26 : On Attainment of Retiring Age or for Length of Service. Section 32: Medically Unfit. Section 61 : Police Injured on Duty. Section 39, Finance Act (2), 1930. Section 28, Finance Act, 1921. Number. Annual Number. Annual Number. Annual Number. Annual Number. Annual M. F. Total. Amount. M. F.' Total. Amount. M. Amount. M. Amount. M. Amount. Retiring and other allowances — Existing at beginning of year Granted during year at retirement Granted during year after retirement .. 1,779 319 372 45 2,151 364 £ 508,341 97,466 331 31 74 3 405 34 £ 45,477 4,986 19 £ 3,362 430 46 £ 7,137 17 £ 3,415 Total Discontinued during year 2,098 82 417 12 2,515 94 605,807 19,072 362 20 77 3 439 23 50,463 3,176 21 3,792 46 3 7,137 398 17 2 3,415 412 Existing at end of year 2,016 405 2,421 586,735 342 74 416 47,287 21 3,792 43 6,739 15 3,003 Section 14, Finance Act, 1931. Section 42: Widows. Sections 42 (c), and 43 (a): Children. Total Retiring arad Other Allowances, Number. Annual Number. Annual Number. Annual Number. Annual M. F. Total. Amount. Amount. M. F. j Total. Amount. M. F. Total. Amount. Retiring and other allowances — Existing at beginning of year Granted during year at retirement Granted during year after retirement .. 18 1 3 21 1 £ 3,026 103 1,452 47 66 £ 45,012 1,457 2,294 179 24 1 180 27 2 359 51 3 £ 9,334 1,326 78 2,389 377 1 2,081 122 68 4,470 499 69 £ 625,104 105,768 2,372 Total Discontinued during year 19 1 3 1 22 2 3,129 189 1,565 75 48,763 i 2,325 204 39 209 26 413 65 10,738 1,690 2,767 147 2,271 117 5,038 264 733,244 27,262 Existing at end of year 18 2 20 2,940 1,490 46,438 165 183 348 9,048 2,620 2,154 4,774 705,982

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Particulars of Retiring and Other Allowances Discontinued During the Year

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— Section 26 : On Attainment of Retiring Age or for Length of Service. • Section 32: Medically Unfit. Section 61: Police Injured on Duty. Section 39, Finance Act (2), 1930. Sectioi Finance 192 l 28, i Act, 1. Number. Annual Amount. Number. Annual Amount. Number. Annual Amount. 1 Number. Annual Amount. Number. Annual Amount. M. F. Total. M. F. Total. M. M. M. How discontinued — By death .. By expiry Total .. 82 12 94 £ 19,072 20 3 23 £ 3,176 £ 3 £ 398 2 £ 412 82 12 94 19,072 20 3 23 3,176 3 398 2 412 Section 14, Finance Act, 1931. Section 42 : "Widows. Sections 42 (c), and 43 (a): Children. Total Retiring and Other Allowances. Number. Annual Amount. Number. Annual Number. Annual Amount. Number. Annual Amount. M. F. Total. Amount. M. F. Total. M. F. Total. How discontinued — By death By expiry Total 1 1 1 1 £ 148 41 59 16 £ 1,829 496 1 38 ' 26 1 64 £ 26 1,664 109 38 74 43 183 81 £ 25,061 2,201 1 1 2 189 75 2,325 39 26 65 1,690 147 117 264 27,262

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Wellington, 3rd November, 1948. Gr. J. Merrington, Acting-Secretary. Approximate Cost of Paper.—Preparation, not given: printing (1013 copies) £43 10s.

PUBLIC SERVICE SUPERANNUATION FUND— continued Progress of Retiring and Other Allowances Since Establishment of the Fund to 31st March, 1945

By Authority: E. V, Paul, Government Printer, Wellington.— 1948,

Price 6d .]

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Section 26: On Attainment of Retiring Age or for Length of Service. Section 32: Medically Unfit. Section 61: Police Injured on Duty. Section 39, Finance Act (2), 1930. Section 28, Finance Act, 1921. Number. Annual Number. Annual Number. Annual Number. Annual Number. Annual M. F. Total. Amount. M. F. Total. Amount. M. Amount. M. Amount. M. Amount. Total granted Total discontinued 4,013 1,997 537 132 4,550 2,129 £ 974,831 388,096 803 461 109 35 912 496 £ 96,571 49,284 27 6 £ 4,464 672 59 16 £ 8,748 2,009 49 34 £ 7,688 4,685 Total existing at 31st March, 1945 2,016 405 2,421 586,735 342 74 416 47,287 21 3,792 43 6,739 15 3,003 Section 14, Finance Act, 1931. Section 42 : Widows. Sections 42 (c), and 43 (a): Children. Total Retiring anil Other AlEowances. Number. Annual Number. £ Annual Number. Annual Number. Annual M. F. Total. Amount. Amount. M. F. Total. Amount. M. F. Total. Amount. Total gvanted Total discontinued 24 6 4 2 28 8 £ 3,944 1,004 2,422 932 £ 73,120 26,682 1,022 857 986 803 2,008 1,660 £ 46,241 37,193 5,997 3,377 4,058 1,904 10,055 5,281 £ 1,215,607 509,625 Total existing at 31st March, 1945 18 2 20 2,940 1,490 46,438 165 183 348 9,048 2,620 2,154 4,774 705,982