E.—9

The triennial investigation of the fund, as provided for under the Public Service Classification and Superannuation Amendment Act, 1908 (section 38), has been made by the Actuary appointed by the Governor for the purpose, and his report thereon will be laid before Parliament during the coming session.

Part 2. NINTH REPORT OF THE BOARD CONSTITUTED BY THE PUBLIC SERVICE CLASSIFICATION AND SUPERANNUATION AMENDMENT ACT (PART I), 1908. For the Year ended 31st December, 1914. The Honourable the Minister of Education. ".«■. Sir, — Wellington, Bth June, 1914. The Board has to submit the following report for the year ended the 31st December, 1914: — Meetings. —The usual quarterly meetings of the Board were held in February, May, August, and November. Contributors. —The number of contributors increased from 4,017 at the end of 1913 to 4,269 at the end of 1914, an increase of 252. Table A shows the contributors arranged according to percentage of contribution, together with the number admitted and the number left during the year. Retiring and other Allowances.' —Allowances amounting to £6,610 13s. per annum were granted during the year. Details are given in Table 3. The annual amount payable at the end of the year was £35,190 lis. Seventeen allowances were discontinued by death, and thirteen from other causes—viz., twelve children attained the age of fourteen years, and one annuitant (retired medically unfit) permanently rejoined the Education service, his allowance consequently ceasing. Income. —The total income for the year was £78,626, made up as follows :— £ ■" Members'ordinary contributions .. .. .. 49,252 Recredits . . . . . . .. . . 57 Government subsidy .. .. .. .. 17,000 Interest from Public Trustee .. .. .. 11,798 Interest on arrears of contributions . . . . . . 519 Total for year .. . . .. .. £78,626 It will be seen on reference to the balance-sheet that considerable amounts of contributions and interest were outstanding at the end of the year, the figures being £5,120 2s. 3d. and £805 17s. 3d. respectively. That these sums are so large is due to the fact that many of the contributors who failed to join in 1906, and who were admitted in 1913 under section 5 of the amending Act of 1912, have not yet paid up the full amount of arrears due from the Ist January, 1906, payment of which was a condition of their admission. The regulations allow them to pay the arrears by annual or monthly instalments. Of outstandings on the 31st December, 1913, £1,062 3s. lid. contributions and £425 Bs. interest were paid off in 1914. Expenditure. —The allowances paid to contributors who have retired, and to dependants of deceased contributors, and annuitants, amounted to £33,484 lis. 4d, an increase of £5,197 16s. sd. over that of 1913. Refunds of contributions on voluntary retirement from the Education service amounted to £6,382 Bs. 10d., while the refunds to personal representatives of deceased contributors amounted to £1,015 19s. 6d.

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