PENSIONS FUND.

Auckland Star, Volume LXIX, Issue 206, 1 September 1938, Page 26

PENSIONS FUND.

THE PUBLIC SERVICE. £584,242 PAID LAST YEAR. (By Telegraph.—Parliamentary Reporter.) WELLINGTON. Wednesday. According to the annual report of the Public Service Superannuation Board for the year ended March 31. 1938, the total income of the board was £(>r>B,">2o, against a distribution of £584.242. The accumulated funds of the board lihvc risen from £2.907.898 to £3.072.185. The report was tabled in the House of Representatives. The report states that the total number of new contributors to-the fund was 3533, of which 2384 were males and 114J) fomalee. The total annual salary of these new contributors was £4<i7.201 and their annual contribution £25,5(54. The total number of public servants who were contributing to the fund at- March 31, 1938, was 24,235, of which 20,507 were males and 3608 females. Their annual salary aggregated £6.542.128 and their annual contributions £347,735. Of the total income of £658,529, a sum of £174,259 came from Government contributions and £137.751 from interest. Court orders under the Mortgagors and Lessees Rehabilitation Act reduced investments by £7496. The total investments of the fund were £693,090 in New Zealand Government inscribed, stock, £236,155 in rural advances bonds. £50,000 in Mortgage Corporation stock, £700,577 in debenture securities, and £1,254,829 in mortgage securities.

The report states that the average rate of interest earned by the fund for the year on the mean funds was £4 15/1 per cent, a decrease of 3/7 per cent compared with the previous year.