3

H.—26

Progress of the Fund. —The following table illustrates the position of matters in relation to the fund since its inception : —

Legislation. —Section 29 of the War Legislation Act, 1917, provides that during the continuance of the present war no contributor shall be entitled to retire on pension on the grounds that he has completed forty years' service, or reached age sixty-five, without the consent of the Ministerial Head of the Department in which he is employed. Persons who have applied to retire and are retained in the service pursuant to the section are, however, not obliged to contribute to the fund. Tho valuation of the fund as at 31st December, 1916, has been completed by the Actuary, Mr. Percy Muter, F.1.A., and his report will be presented to Parliament and circulated amongst the contributors as early as possible. The basis of the scheme is that the current pensions, in so far as they are not provided for by the pensioners' own contributions, should be paid out of subsidy, and tho investigation shows that a further £20,000 per annum will be required for this purpose during the current triennium. Owing to the war the previous increase of £18,000 has not yet been paid, so £38,000 is now required. It is strongly urged by the Board that the legislation necessary to enable this amount to be paid will be placed on the statute-book this session. G. W. Russell, Chairman.

Public Sekvice Supekannuation Fund. Revenue Account for the Year ended 31st December, 1917. £ s. d. Retiring-allowances— £ s. d. Amount of fund at beginning of year .. 890,568 0 3 To members .. .. .. 85,071 0 1 Members'contributions— To widows and children .. .. 8,578 14 1 Under section 29 (ordinary) .. .. 145,911 12 6 Contributions returned— Transfers from other superannuation Under section 46, Amendment Act funds .. .. .. .. 290 10 4 . (loft sorvioe) .. .. .. 19,618 2 1 Government contribution .. .. 48,000 0 0 Under section 42 or 43 (death) .. 5,915 6 5 Interest .. .. .. .. 49,377 19 10 Dnder section 32 (cc) .. .. 751 17 5 Fines, &c. .. .. .. .. 306 4 0 Under section 32 (/) .. .. 1,436 17 10 Under seotion 38 (retirement) .. 758 14 8 Transfers to other superannuation funds (section 48) .. .. 175 4 5 Interost paid, soction 2, Amendment Aot, 1909 .. .. .. 43 19 8 Expenses— Salaries .. .. .. 9.18 12 11 Office expenses .. .. .. 227 18 4 Publio Trustee's charges .. .. 1,234 9 1 Election expenses .. .. 6 6 0 Post Office charges .. .. 50 0 0 Medioal fees .. .. .. 73 10 0 Board members' travelling-expenses 20 4 6 Amount of fund at end of year .. 1,015,603 9 5 £1,140,484 6 11 £1,140,484 6 11

1908. Year ended 31st Ded imber, 1910. 1913. 1915. 1917. 13,784 £146,039 £49,378 1,373 1917. Total number of contributors Total amount contributed annually ... Interest received ... Number of pensions and allowances payable Annual value of retiring and other allowances payable Total amount of contributions refunded Expenses of administration Total amount of accumulated fund ... ii; ra; y •• Dee is 7,235 £79,831 £1,295 122 8,371 £92,589 £10,212 487 10,809 £118,006 £20,804 811 12,780 £136,224 £30,558 1,126 o the .r £8,881 £39,944 £60,970 £79,271 £100,389 idee id £484 £890 £71,481 £5,745 £1,657 £263,948 £10,750 £1,167 £537,914 £18,820 £1,104 £775,953 £28,656 £2,531 £1,015,603