E—B

The Act also provided a new method for calculating retiring-allowances, and by section 19 of the Superannuation Amendment Act, 1946, this was made retrospective to existing allowances, but provision was made that no existing allowance should be reduced on recomputation. The changes in legislation referred to threw a heavy burden on the staff already depleted due to conditions arising out of the war. It was impossible, therefore, despite'strenuous efforts, to prevent the. accounts work from falling into arrears. However, the arrears have been overtaken, and the Board is able to present its final accounts. To save further delay the period from Ist February, 1945, to 31st March, 1948, was dealt with as a whole, and separate accounts have not been prepared for each of the financial years ending on 31st January, 1946, 1947, and 1948. At its final meeting the Board placed on record its appreciation of the loyal service given by the staff. The following statements show the transactions, &c., of the fund for the period ended 31st March, 1948. For the Teachers' Superannuation Board, I. L. Gormack, Acting-Secretary.

(A) Revenue Account for the Period Ist February, 1945, to 31st March, 1948 £ £ Balance Ist February, 1945 .. 879,994 Retiring and other allowances .. 1,451,346 Contributions of members (including Contributions refunded — £ transfers) '.. .. •• 792,162 On voluntary retirement 172,310 Additional contribution from Fijian On death of members .. 29,342 and Tongan Governments and On of membership 15,874 N.Z.E.I. .. .. •• 2,140 Under section 16, SuperGovernment subsidies .. .. 993,230 annuation Amendment Interest — £ 4ct, 1945 .. .. 9,114 On investments and con- 226,640 tributions in arrears 123,139 Rebate of contributions under NaLessinvestmentswritten tional Expenditure Adjustment down (proportion of Act, 1932, section 9 (2), to premium on purchase annuitants .. .. .. 444 of investments) .. 1,528 Contributions transferred to other funds .. .. .. 8,562 121,611 Administration expenses .. .. 10,688 Plus investments written War bonus to re-employed annuiup (proportion of'dis- tants (Section 56, Finance Act count on purchase of (No. 2), 1945) .. .. 4,444 investments) .. 2,224 Balance at 31st March, 1948 .. 1,089,237 , 123,835 £2,791,361 £2,791,381

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