E.—Oa

1915. NEW ZEALAND.

TEACHERS' SUPERANNUATION FUND: ACTUARIAL EXAMINATION FOR THE TRIENNIAL PERIOD ENDED 31st DECEMBER, 1913.

Laid before Parliament in pursuance of Section 88 (J/J of the Pithlic Service Classification and Superannuation Amendment Act, 1908. •

R E P 0 R T. By the Actuary appointed by Hib Excellency the Governor to make the Actuarial Examination of the Teachers' Superannuation Fund for the Triennial Period ended 31st December, 1913. Wellington, Bth March, 1915. 1. I have the honour to submit the following report on the Teachers' Superannuation Fund as at the 31st December, 1913, as required by section 38 of the Public Service Classification and Superannuation Amendment Act, 1908. "_'. The Teachers' Superannuation Act, 1905, whicli came into operation on the Ist January, 1906, established a superannuation scheme for teachers. The benefits under this Act, however, compared unfavourably with those granted to public servants, and by the Public Service Classification and Superannuation Amendment Act, 1908, the scheme was brought more into line with the Public Service and Government Railway Funds. The chief difference between the old and new schemes is in the manner of calculating the pensions, only half the usual rate of pension being allowed for back service under the old scheme, and the whole pension being calculated on a lower average salary—viz., the average for the whole period of service instead of for the last three years. A minimum pension of £52 per annum, however, formed one of the benefits under the old scheme for those in the service on the Ist January, 1906. Of the 2,505 original members on the 31st March, 1908, there were at the 31st December, 1913, only ninety-seven contributors who had elected to remain subject to Part IX of the Eduoation Act, 1908, with which the Teachers' .Superannuation Act, 1905, was consolidated. 3. By the Public Service Classification and Superannuation Amendment Act, 1912, the scheme was further extended to include service under the Universities, and persons so employed at the date of the amendment were given the option of joining the scheme before the Ist July, 1913, their pensions to be computed in the same manner as in the case of new entrants, save that there will be added thereto a one-hundred-and-twentieth part of their salaries for every complete year of service, whether continuous or not, prior to the 7th November, 1912, the date of the commencement of the Act. 4. The last-mentioned Act also revived the right of teachers permanently employed on the Ist January, 1906, who had not joined the scheme, to elect to do so, the election to be exercised before the Ist July, 1913. Subject to the payment of the arrears of contribution with 5 per cent, interest from the Ist January, 1906, these teachers obtained the same rights as if they had joined on that date. One hundred and fifty-six became contributors on these conditions. 5. It is compulsory for all persons to become contributors to the fund who arc first permanently employed after the passing of the Act— (a.) In the Education service as a teacher in any public school; (6.) In any branch of the Education service Which is also a branch of the Government service; (c.) Under the University of New Zealand, Auckland University College, Victoria College, University of Otago, Canterbury College, or the Canterbury Agricultural ('ollcge. Other persons first permanently employed in the Education service, not included above, have the option of joining the fund within six months of the date of their appointment. 6. "Education service" means service in any capacity for not less than twenty hours a week— (a.) Under an Education Board ; or (b.) Under the governing body of a secondary school; or (c.) Under the Managers of associated classes under Part VTI of the Education Act. 1008; or

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