H.— 26

3

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

General. —The sum of £50,000, in addition to the statutory subsidy, was paid to the fund out of the Consolidated Fund during the financial year. This payment will, to some extent, meet the heavy additional liability thrown upon the fund by the recent retirement of many contributors who had not reached the superannuatioti age. An actuarial examination of the fund as at the close of the financial year will be made at an early date. The Actuary's report will disclose the amount of annual subsidy required to meet that portion of the liability falling due for which the Government subsidy is required. R. H. Rhodes, Chairman. PUBLIC SERVICE SUPERANNUATION FUND. Revenue Account fok the Year ending 3J,st Maboh, 1924. £ s. d. £ s. d. Amount of fund at beginning of year 1,869,127 .10 4 Retiring-allowances— Members'contributions under section To members .. .. .. 225,376 3 4 29 (ordinary) .. .. .. 219,525 5 3 To widows and children .. .. 15,204 210 Transfers from other superannuation Contributions returned— funds .. .. .. •• 93 1 1 Under section 40 (an) (left service).. 44,(144 3 9 Government subsidy .. 80,000 Under section 42 (death) .. 0,540 11 2 Government subsidy (addi- Under section 32 (cc) .. .. 322 510 tional) ••" •■ 50,000 Under section 32 (/) .. .. 590 1 11 130,000 0 0 Under section 38 (retirement) .. 1,125 17 0 Inteiest .. •• ■• •■ 113,007 15 4 Interest, section 2, Amendment Act, 108 18 I Fines, fco. ■■ ■■ ■■ 070 15 9 Contributions to other superannuation funds, section 48 .. .. 68 0 (i Expenses— Salaries .. . . .. 2,622 19 5 Office expenses .. .. . . 277 12 li Public Trustee's charges .. .. 2,840 4 i> Medical fees .. .. .. 01 111 0 Audit fees .. .. .. 50 0 0 Post Office charges .. .. 50 (I 0 Heating and lighting . . . . 28 14 9 Cleaning .. . . .. 100 .1.7 4 Rent .. .. .. .. 120 0 0 Messenger service .. .. 75 0 0 Board members'election expenses 2 2 0 Balance as at 31st March, 1924 .. 2,039,042 19 11 £2,339,324 13 9 £2,339,324 13 9 Balance-sheet as at 31st March, 1924. Liabilities. £ s. d. Assets. £ s. <1 Superannuation Kund Account— Amount invested by the Board .. 2,007,700 it) 4 Balance from Revenue Account .. 2,039,042 19 II Contributions due, in oourse of transRetiring and otHer allowances due, in mission .. ..' .. 15,387 (i 3 course of payment— Interest due and accrued .. .. 34,040 12 0 To members .. •• •• 2,507 16 0 Cost-of-living bonus recoverable (ConTo widows and ohildren .. .. 154 19 5 solidated Fund).. .. .. 15 3 4 Refunds of contributions due, in course Hank Account .. .. .. 42,401 5 7 of payment Balance in hand of Public Trustee .. 15,761 4 7 Under seotion 46 (aa) (left service).. 1,230 311 Rates and taxes .paid on account of Under sections 42 and 43 (death) .. 834 11 8 mortgagors (recoverable) .. 51 IS 0 Under seotion 32 (cc) .. .. 016 4 Retiring-allowances recoverable (Marine Expenses due, in oourse of payment— ' Department) .. .. .. 85 12 2 Office expenses .. • • • • 15 18 I Public Trustee's charges .. .. 860 0 4 Heating and lighting .. . ■ 10 8 Rent .. .. •• •.. 30 0 0 Contributions paid in advance or in error •• 4.563 13 0 Valuation fees due to Valuation Department . • • ■ • ■ 414 0 Unclaimed Account (contributions, &c.) 1,090 12 4 Post Office Account .. •• 1,260 0 7 Balance, Government subsidy* .. 64,500 0 0 £2,116,109 12 9 £2,110,109 J2 9 * The Government subsidy is paid In January of each year. Owing to the change in the date of the financial year, to show the true position of the fund-it is necessary to state this item as a liability.

Year ended 3 1st Deoember, Year ended 31st March, 1924. 1908. 1912. 1916. 1921. I 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 ... 7,235 £79,831 £1,295 122 10,027 £109,840 £16,257 683 13,313 £141,844 £42,314 1,233 15,782 £248,020 £85,312 1,949 15,021 £217,692 £113,608 2,362 £8,881 £53,385 £88,392 £163,355 £251,894 £484 £890 £71,481 £10,749 £1,144 £423,556 £23,391 £2,318 £896,568 £51,705 £4,615 £1,716,837 £53,303 £6,229 £2,039,043