3

H.—s

The total number of .members who joined the scheme during the period was sixty-nine, but of these eleven had withdrawn and two had died, leaving fifty-six contributors at the date of the valuation. The pensions payable amounted to £31 per annum —viz., £18 to the widow of a deceased contributor and £13 to a child. The liabilities and assets of the fund at the 31st December, 1916, were as follows :— Liabilities. £ Value of one pension for £18 per annum granted to a widow .. .. 179 Value of one pension for £13 per annum granted to a child .. . . 64 Value of prospective pensions for service since contributing .. .. 1,808 Value of prospective pensions for future service .. .. . . 9,390 Value of prospective pensions to widows and children .. . . . . 1,973 Value of return of contributions on death or withdrawal .. . . 1,886 Surplus .. .. .. .. .. .. .. .. 2,528 £17,828 Assets. £ Accumulated funds .. . . . . . . . . . . 3,958 Value of future contributions .. .. .. .. .. 8,669 Subsidy of 60 per cent, of contributions . . . . .. . : 5,201 £17,828 Bullee County Council Supeeannuation Fund. This fund was established on the Ist October, 1913, and relates to the permanent staff. Persons employed in the service of the Council at that date were given the option of joining the scheme, to be exercised within six months, and it was made one of the conditions of employment for those entering the service after that time. The Council contributes an annual subsidy equivalent to 80 per cent, of the members' contributions, and provides pensions at half-rates— (viz., of salary) —for each year of service prior to the establishment of the fund. The revenue and expenditure for the period Ist October, 1913, to 31st December, 1916, has been as follows : — Revenue. £ s. d. Expenditure. £ s. d. h'unds at Ist October, 1913 .. .. Nil. Retiring-allowances .. .. .. 11 5 0 Members' contributions .. . . 573 8 4 Contributions refunded to members .. 134 13 3 Subsidy from Council (80 per cent, of mem- Amount of funds at 31st December, 191.6 934 4 II bers' contributions) . . .. .. 458 14 7 Interest .. .. .. .. 48 0 3 £1,080 3 2 £1,080 3 2 The accounts for the year ending 31st December, 1916, are, however, still subject to audit. Nineteen members had joined the scheme, but six left the service of the Council and one had been pensioned, leaving twelve contributors at the date of the valuation. The pensions payable amounted to £95 per annum, of which £5 was payable by the fund and £90 by the Council. The liabilities and assets of the fund at the 31st December, .1916, were as follows :— Liabilities. £ Value of one pension of £5 per annum granted to a member .. .. 38 Value of prospective pensions for service since contributing . . . . 395 Value of prospective pensions for future service .. .. .. 1,659 Value of prospective pensions to widows and children .. .. . . 727 Value of return of contributions on death or withdrawal .. . . 270 Surplus . . . . . . . . . . .. . . . . 525 £3,614 Assets. £ Accumulated funds . . .. . . .. . . .. 934 Value of future contributions . . . . .. .. . . 1,489 Value of subsidy of 80 per cent, of contributions . . .. . . 1,191 £3,614 Peecy Mutee, F.1.A., Actuary, Government Insurance Department.