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1917. NEW ZEALAND.

TEACHERS' SUPERANNUATION FUND. ACTUARIAL EXAMINATION FOR THE TRIENNIAL PERIOD ENDED 31st DECEMBER, 1916.

Laid before Parliament in pursuance of Section, 38 of the Public Service Classification and Superannuation, Amendment Act, 1908,

REPORT. Hγ the Actuary appointed by His Excellency the Governob-Gbneral to make the Actuaeial Examination of the Teachers' Superannuation Fund for the Triennial Period ended 31st December, 1916. Wellington, 22nd September, 1917. 1. I have the honour to submit the following report on the Teachers' Superannuation Fund as :il, the 31st December, L 916, as required by section 38 of (lie Public Service Classification and Superannuation Amendment Act, 1908. 2. The fund was established by the Teachers' Superannuation Act, 1905, which came into operation on the Ist January, 1906, but the scheme was recast and brought more into line with ihe Public Service and Government Railways Funds by the Public Service Classification and Superannuation Amendment Act, 1908. The chief difference between the benefits granted by the two Acts lies in the manner in which the pensions arc calculated, on]} , one-half the usual rate of pension being allowed under the original Act for service prior to the Ist January, 1906, and the pensions being calculated on a lower average salary—viz., the average for the whole period of service, instead o!' I'm , (lie lasl three years. A minimum pension of .£52 per annum, however, formed one of the benefits under the old scheme for "original members" —viz., those in the service on the coming into operation of I lie Act- and male contributors had the right to retire, ai age 60 and females at age 50; irrespective of their length of service. Of the 2,505 "original members" on the 31st March, 1908. there were only eighty contributors on the 31st December, 1916, who hud elected to remain subject to Part IX of the Education AH, 1908, with which the Teachers' Superannuation Act was consolidated. 3. The scheme was further extended by the Public Service Classification and Superannuation Amendment Act, 1912, 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. on special terms —viz., their pensions for the time they contribute to lie increased by one one-hiiiidred-and-twentietli part of their salaries for every complete , year of service, whether continuous or not, prior to the 7th November, 1912, the date of the Act ; or, in other words, service prior to the commencement of the Act will be counted towards their pension at half the usual rate. 4. It is compulsory for all persons to b< , come contributors to the fund who are first permanently employed after the passing of the Act— (<i.) In the Education service as a teacher in any public school; (b.) 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 College. Other persons first permanently employed in the Education service, not, included above, have ihe option of joining the fund within si\- months of the dale of their appointment,

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