SUPERANNUATION FUND

Otago Daily Times, Issue 23592, 31 August 1938, Page 14

SUPERANNUATION FUND

SURPLUS ON YEAR'S OPERATIONS INCREASE IN ACCUMULATED RESERVES (From Our Parliamentary Reporter' WELLINGTON, Aug. 30. The total income of the Public Service Superannuation Board for the year ended March 31, 1938, was £658,529, against an outgo of £584,242. This is shown in the annual report of the board which was laid on the table of the House of Representatives to-day. 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 contributors was £467,261 and their annual contribution £25,564. The total number of public servants who were contributing to the fund at March 31, 1938, was 24,235, of whom 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 £344,911 came from members' contributions, £174,259 from Government contributions, and £137,751 from interest. Court orders under the Mortgagors and Lessees' Rehabilitation Act reduced the 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 mean funds was £4 15s Id per cent., a decrease of 3s 7d per cent, compared with the previous vear.