31

E.—l

Teachers' Superannuation. The position of the fund at the 31st January, 1924, and the principal figures concerning the transactions for the year, compared with those for the thirteen months ended 31st January, 1923, are given below: — Thirteen Months to 1923-24. 31/1/23. £ £ Balance at credit of fund at beginning of year .. .. .. 779,635 858,662 Increase over balance at end of previous year.. .. .. .. 97,858 79,027 Income for the year — Members'contributions.. .. .. .. .. ..*100,309 101,632 Interest .. .. .. .. .. .. .. 45,041 48,725 Government subsidy .. .. .. .. .. ..71,583 63,833 Total income .. .. .. .. ..£216,933 £214,190 Kxpenditure— Retiring and other allowances .. .. .. .. .. 100,132 112,861 Contributions refunded, &c. .. .. .. .. ..16,755 19,189 Administration expenses .. .. .. .. .. 2,188 3,113 TofcsJ expenditure .. .. .. .. ..£119,075 £135,163 Number of contributors at 31st January .. .. .. .. 6,296 6,858 Number of members admitted and reinstated (luring period .. .. 838 1,029 Number retiring from the fund during period . . .. .. .. 414 467 Net increase in membership at 31st January .. .. .. . . 424 562 Number of allowances in force at end of period .. .. .. 984 1,078 Representing an annual charge of .. .. .. .. .. £100,641 £118,562 Ordinary retiring-allowances .. .. .. .. 554 £72,174 620 £87,477 Retiring-allowances under extended provisions of section 12 of the Act.. .. .. .. .. .. 88 £12,490 99 £14,544 Retiring-allowances in medically unfit cases .. .. 108 £12,21.7 1.11 £12,544 Allowances to widows .. '.. .. .. .. 141 £2,551 152 £2,749 Allowances to children .. .. .. .. .. 93 £1,209 96 £1,248 Funds invested at 31st January — At 4| per cent. .. .. .. .. .. .. 40,930 38,250 At 5 per cent. .. .. .. .. .. .. 13,031 13,004 At 5£ per cent. .. .. .. .. .. .. 38,360 38,360 At 5J per cent. .. .. .. .. .. ..258,392 146,192 At 5| per cent. .. .. .. .. .. .. 81,905 80,825 At 6 per cent. .. .. .. .. .. .. 28,900 219,400 At 6£ per cent. .. .. .. .. .. .. 274,808 277,306 Total .. .. .. .. .. .. £736,348 £813,337 Average rate of interest on investments at 31st January .. 5-84 per cent. 5-93 per cent.

* After allowing rebates under section 11 (2) of the Public Expenditure Adjustment Aot, 1921-22, amounting to £4,209

Approval was given for the continuance of the cost-of-living bonus to widows and' children, and, in cases of special hardship, to other annuitants, for the year Ist April, 1923, to 31st March, 1924, the rate being — widows, £13 per annum; children, £13 per annum ; other annuitants, sufficient to bring the allowance up to £100 per annum, but with a maximum bonus of £26. Approval has also been given for the continuance of the bonus at the same rate up to the 30th September, 1924. This bonus is not a charge on the Superannuation Eund, but is provided for out of the Consolidated Fund. Under section 56 of the Finance Act, 1922, provision was made for the recognition for superannuation purposes of service in schools under the control of the Fiji Government in the case of those teachers who were or are contributors to the fund at the time of transfer to Fiji, subject to the Fiji Government paying into the fund an additional contribution to be determined by the Superannuation Board. This additional contribution has been fixed at 80 per cent, of the contributions payable by the contributor during his service at Fiji. The section came into force as from the Ist September, 1923.