E.—B

1926. NEW ZEALAND.

EDUCATION: TEACHERS' SUPERANNUATION FUND.

Presented to both Houses of the General Assembly by Command of His Excellency.

No. I.—TEACHERS' SUPERANNUATION FUND. The position of the fund at the 31st January, 1926, and the principal figures concerning the transactions for the year, compared with those for the year ended 31st January, 1925, are given below : — 1924-25. 1926-26. £ £ Balance at credit of fund at end of year .. .. .. .. 942,755 1,008,823 Increase over balance at end of previous year .. .. .. 84,093 66,068 Income for the year — — : Members'contributions .. .. .. .. .. 111,025 127,671 Interest .. .. .. .. .. .. 53,689 64,844 Government subsidy .. .. .. .. .. .. 68,000 70,681 Total income .. .. .. .. .. £232,714 £263,196 Expenditure — Retiring and other allowances .. .. .. .. .. 126,232 *169,258 Contributions refunded, &c. .. .. .. .. .. 19,462 20,672 Administration expenses .. .. .. .. .. 2,927 3,144 Bad debts on realization of securities and reserve (£3,700) .. .. 4,055 Total expenditure .. .. .. .. £148,621 £197,129 Number of contributions at 31st January .. .. .. .. 7,443 7,968 Number of members admitted and reinstated during period .. .. 1,044 976 Number retiring from the fund during period .. .. .. 459 451 Net increase in membership at 31st January .. .. .. 585 525 Number of allowances in force at end of period .. .. .. 1,153 1,197 Representing an annual charge of .. .. .. .. .. £132,687 £152,422 Ordinary retiring-allowances .. .. .. .. 667 £98,499 705 £112,014 Retiring-allowances under extended provisions of section 12 of the Act .. .. .. .. .. 107 £16,152 109 £16,772 Retiring-allowances in medically unfit cases .. .. 119 £13,818 126 £16,086 Allowances to widows .. .. .. .. 165 £2,983 171 £5,314 Allowances to children .. .. .. .. 95 £1,235 86 £2,236 Funds invested at 31st January — £ £ At 4| per cent. .. .. .. .. .. .. 38,150 38,050 At 5 per cent. .. .. .. .. .. .. 12,920 12,948 At 5J per cent. .. .. .. .. .. .. 38,260 ' 38,260 At 5J per cent. .. .. .. .. .. .. 137,002 23,100 At 5| per cent. .. .. .. .. .. .. 80,795 74,765 At 6 per cent. .. .. .. .. .. .. 376,531 607,734 At 6J per cent. .. .. .. .. .. .. 216,706 179,586 Total .. .. .. .. .. .. £900,364 £974,443 Average rate of interest on investment at 31st January .. 5-93 per cent. 5-96 per cent. * Includes arrears to 31st January, 1926, under section 29 of Finance Act, 1925, £24,326 13s.

I—E. 8.