H.—26

Retiring and other Allowances. —Pensions for £15,544 18s. per annum were granted during the year as follows: For age or length of service, £10,933 17s. per annum to fifty-five members (fifty-one male and four female members) ; for medical unfitness for duty, £1,137 Is. to fifteen members (thirteen male and two female members); to widows and children of deceased members £1,602 per annum to eighty-nine widows, and £1,872 per annum to one hundred and forty-four children. The largest retiring-allowance granted during the year to a contributor was £600 and the smallest £3 ss. per annum, while the average was £172 Bs. 9d. Those officers who retired during the year would have been entitled to receive the sum of £21,608 Is. Bd. accrued compensation under the Civil Service Act, 1866, had they not become participants in the benefits of the Superannuation Eund, making a total of £341,130 ss. 3d. since the initiation of the scheme, for which the Consolidated Fund would otherwise have been liable. This amount may fairly be set against the subsidies paid to the fund, amounting to £396,500. Forty-nine retiring-allowances were discontinued by death, and forty-three for other causes— viz., nine widows remarried, thirty-two children reached the age of fourteen, and two allowances granted to officers were discontinued on their re-employment. The annual amount payable at the close of the year was £110,166 ss. 4d., as shown in the statement attached. Income. — The total income for the year was made up as follows : — £ Members'ordinary contributions ... ... ... .. 150,806 Transferred from other funds ... ... ... ... ... 93 Contributions from Government ... ... ... ... 48,000 Fines, &c. ... ... ... .., ... ... ... 258 Interest ... ... ... ... ... ... ... 55,703 Total income for year ... ... ... ...£254,860 Outgo. —The pensions paid during the year to contributors who have retired and to dependants of deceased contributors amounted to £102,899 13s. 6d. —viz., £92,921 6s. Id. to members, and £9,978 7s. sd. to widows and children. Refunds of contributions to contributors who have left the service amounted to £21,05.1 os. 10d., while the refunds under section 42 to personal representatives of deceased contributors amounted to £10,733 lis. sd. Seven contributors who were retired elected to accept a refund of their contributions under section 38, amounting to £946 7s. Id., in lieu of retiring-allowances. Eefunds of contributions under section 32 (ee), owing to the death of contributors while in the Public Service who were entitled to compensation from the Consolidated Fund, amounted to £1,293 19s. Bd. during the year. Other refunds under section 32 amounted to £5,095 Is. lOd. Six contributors were transferred to other funds in accordance with the provisions of section 48 of the Amendment Act of 1908, and their contributions, amounting to £195 19s. 9d., were accordingly transferred to such other funds. The salaries of the staff (excluding that of the Secretary, paid out of the Consolidated Fund, as provided under section 25 of the Act) and other office expenses were £762 18s. sd. and £280 lis. 2d. respectively. The Public Trustee's commission on interest collected amounted to £1,392 17s. od. Medical fees for reports under section 36 amounted to £46 4s. The travelling-expenses of the elected member of the Board amounted to £5 4s. 4d. The total outgo for the year was £144,757 18s. 2d. Accumulated Funds. —These amounted at the end of the year to £1,125,705 10s. 4d., being an increase of £110,102 os. lid. as compared with the previous year. Balance-sheet. —On the 31st December the total assets of the fund, which include provision for the outstanding accounts, amounted to £1,141,323 3s. lid. The balance-sheet appended gives full particulars as to the liabilities and assets. Investment of the Fund. —During the year the sum of £20,000 was invested in inscribed stock, war loan, whilst the balance of the investments were in mortgage securities at 5£ per cent. The total investments of the fund at each rate of interest were as follows : — £ £ Inscribed stock—4£ per cent. ... ... ... 30,000 Debenture securities:— 4£ per cent. ... ... ... ... 46,350 5 per cent.... ... ... ... ... 48,016 5£ per cent. ... ... ... ... 11,423 per cent. ... ... ... ... 6,100 141,889 Mortgage securities :— 4f per cent, ... ... ... ... 4,000 5 percent.... ... ... ... ... 9,946 5J per cent. ... ... ... ... 906,448 6"per cent. ... ... ... ... ... 6,348 926,742 Total ... ... ... £1,068,631 The rate of interest earned on the mean funds was £5 4s. Id. per cent., compared with a return of £5 3s. 3d. per cent, for the previous year and £5 Is. 2d. per cent, for 1916.

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