3

H—26

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

General. —As the result of experience in working it is found that several alterations in the Superannuation Act are necessary, and the Government will be requested to introduce a Bill to Parliament at the first opportunity embodying the proposed amendments. The triennial examination of the fund for the period ended the 31st December, 1919, is being made by Mr. P. Muter, F.1.A., Actuary to the Government Insurance Department, under the authority of section 48 of the principal Act, and the result will be reported to Parliament. The cost-of-living bonus granted to widows and children and to certain other annuitants is being paid out of the fund in the first instance as a convenience to the Treasury Department, and the amount so paid is recouped to the Superannuation Fund out of the Consolidated Fund. Wm. Downik Stewakt, — Chairman. Public Sekvice Supekannuation Fund. Revenue Account for the Year ended 31st December, 1920. £ s. d. Retiring-allowances— £ s. d. Amount of fund at beginning of year.. 1,288,197 10 2 To members .. .. .. 118,806 9 3 Members'contributions — To widows and children .. .. 13,266 13 7 Under section 29 (ordinary) .. 227,619 16 8 Contributions returned— Transfers from other superannuation Under section 46, Amendmont Aot funds.. .. .. .. 634 17 10 (left service) .. .. .. 43,799 8 2 Government subsidy ... .. 86,000 0 0 Under section 42 (death) .. 5,945 11 1 Government contribution, special, on Under section 32 (c) .. .. 598 7 1 account of military contributors .. 20,000 0 0 Under section 32 (cc) .. .. 3,103 4 0 Interest .. .'. .. .. 71,949 12 6 Under seotion 32 (/) .. .. 1,54111 2 Fines, &c... .. .. .. 511 1 4 Under seotion 38 (retirement) .. 886 8 8 Interest, section 2, Amendment Act .. 30 14 4 Contributions to other superannuation funds (section 48) .. .. 238 6 5 Expenses— Salaries .. .. .. 1,650 14 0 Office expenses .. .. .. 208 8 7 Publio Trustee's charges .. .. 1,798 15 0 Election expenses .. .. 6 6 0 Medioal fees .. .. .. 74 11 0 Board members' travelling-expenses 1 13 8 Post Offioe oharges .. .. 50 0 0 Amount of fund at end of year .. 1,502,905 16 6 £1,694,912 18 6 £1,694,9f2~1iT6 Balance-sheet as at the 31st December, 1920. Liabilities. £ s . a. I Assets. & s d Fund as per Revenue Account .. 1,502,905 16 6 Amount invested by the Board .. 1,388,967 12 11 Retiring and other allowances due, in Retiring allowances recoverable (Inoourse of payment— ternal Affairs) .. .. .. 271 10 1 To members .. .. .. 2,302 7 0 Contributions due, in course of transTo widows and children .. .. 203 11 1 mission.. .. .. .. 20,819 4 7 Refunds of contributions due, in course Interest due and aoorued .. .. 22,757 13 10 of payment- Bank aooount .. .. .. 55,988 19 3 Under section 46, Amendmont Aot Balance in hands of Postal Depart(left service) .. .. .. 1,611 17 5 ment .. .. .. .. 17,121 13 0 Under section 42 and 43 (death) .. 1,125 16 0 Balance in hands of Publio Trustee.. 9,736 810 Under section 32 (cc) .. ~ 019 3 Transfers to other funds due, in course of payment .. .. .. 7 1.2 0 Expenses due, in course of payment— Salaries .. .. .. 437 6 2 Office expenses .. .. .. 15 1 Post Office charges .. .. 50 0 0 Publio Trustee's charges .. .. 568 18 10 Valuation fees due to Valuation Department .. .. .. 15 12 6 Cost-of-living bonus due to Treasury Department .. .. .. 56 6 3 Unolaimed Aooount (contributors, &o.) 2,767 16 11 Contributions paid in advance or in error 3,607 17 6 £1,515,663 2 6 £1,515,663 2

Year ondod 31st Dec* ismber, 1908. 1911. 1914. 1917. 1920. 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 ... 7,2 £79,8 £1,2 1 7,235 £79,831 £1,295 122 23* S3. 12'. 5 9,140 11,803 1 £100,670 £128,930 5 £12,646 £25,607 2 574 959 9,1.40 £100,670 £12,646 574 13,784 £146,039 £49,378 1,373 15,387 £241,639 £71,950 1,826 £8,8 £8,881 38 i 1 £47,136 £70,399 £47,136 £100,389 £142,719 £4 £8 £71,4 £484 £890 £71,481 18< 1-81 1 £7,712 £12,790 3 £1,319 £933 1 £341,736 £655,811 £7,712 £1,319 £341,736 £28,656 £2,531 £1,015,603 £56,113 £3,790 £1,502,906