I—E. 9.

E.—9

1913. NEW ZEALAND

EDUCATION: TEACHERS' SUPERANNUATION FUND.

Laid before Parliament in 'pursuance of the Act.

CONTENTS. Page Part 1. Extract from Report of Minister .. .. .. .. .. .. l 2. Report of Board, with Additional Statements to those prescribed by Regulations .. '2 • Statements prescribed by Regulations .. .. .. .. .. .. 4 No. 1. EXTRACT FROM THE THIRTY-SIXTH ANNUAL REPORT OF THE MINISTER OF EDUCATION. The contributors to the fund consist of— (1.) Those who joined under the original Act of 1905 and elected to remain thereunder ; the retiring-allowance being one-sixtieth of the total salary received by the contributor during the period of contributing to the fund (or, in other words, one-sixtieth of his average salary for each year of service during the whole period of contribution), together with one one-hundred-and-twentieth of the salary during the years of service between the Ist January, 1878, and the Ist January, 1906 ; the retiring-allowance to •" original" contributors being in no case less than £52. (2.) Those who joined subsequently to the passing of the amending Act in 1908, together with such of the members as did not exercise the option of remaining under the original Act; the retiringallowance being for each year of service one-sixtieth of the average rate of salary received during the three years next preceding retirement, with a limitation of the total allowance to two-thirds of the average salary ; and for those who joined after the 24th December, 1909, a further limitation to £300 per annum. Under the provisions of the Public Service Classification and Superannuation Amendment Act, 1912, those persons who were in the Education service on the Ist January, 1906, and who were still in the service, could elect, on or before the 30th June, 1913, to become contributors to the fund, contributions being payable as from the Ist January, 1906. Provision was also made whereby those persons employed in the University colleges at the date of the coming into operation of the Act (7th November, 1912) could elect, on or before the 30th June, 1913, to become contributors to the fund, and in these cases such contributors would be entitled to count back service. The allowance for back service will be one one-hundred-and-twentieth part of the mean of the last three years' salary for each year of service. All persons first permanently employed under the University of New Zealand and the University colleges after the date of the passing of the Amendment Act must become contributors to the fund.