Public Service Superannuation

Northern Advocate, 31 August 1938, Page 6

Public Service Superannuation

[Specie! to “Northern Advocate.”} WELLINGTON, This Day.

According to the annual x’eport of the Public Service Superannuation Board, the total income of the board for the year ended March 31, 1938, was £658,529, against *a distribution of £584,242. The report was tabled in the House of Representatives yesterday. The accumulated funds of the board have risen from £2,997,898 to £3,072,185.

The report states that the total number of new contributors to the fund was 3533, of which 2384 were males and 1149 females. The total annual salary of these new contributors was £467,261, and their annual contributions £25,564. The total number of public servants who were contributing to the fund at March 31, 1938, was 24,235, of which 20,567 were males and 3668 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.