PUBLIC SERVICE

Manawatu Standard, Volume LV, Issue 238, 5 September 1935, Page 6

PUBLIC SERVICE

SUPERANNUATION FUND. IMPROVEMENT SHOWN. (Bv Telegraph.—Special to Standard.) WELLINGTON. Sept. 4. A somewhat better position is shown in the annual report of the Public Service Superannuation Fund. The accumulated balance carried forward this year (£2,917,451) is an improvement of £17,888. x x There were 833 new contributors during the year, making the total number of members 18,205. Retiring allowances granted during the vear involve annual payments of £21,610. . The total income was £561,215, including £149.211 in Government subsidy, £153,333 in interest and £239.030 in contributions. The pensions in force aggregate £488,836 annually. RAILWAY SUPERANUATION. IMPROVEMENT IN RECEIPTS. The Government Railways Superannuation Fund expenditure last year was £IOO6 in excess of its income, though there was an improvement in the receipts owing to a special subsidy of £87,000 received from the Treasury to compensate for the compulsory reduction in interest, in addition to which the annual subsidy from the working railways of £170,000 was partial restoration of the salary cuts and increases in the staff resulted in a rise of £3BOO in the contributions, but the interest earned was £7226 less. There are 3328 beneficiaries on the fund including widows and children, and the balance carried forward this year (£1,239,705) is £1125 less than the previous year.