REPORT OF PUBLIC SERVICE SUPERANNUATION.

Colonist, Volume LV, Issue 13774, 15 July 1913, Page 7

REPORT OF PUBLIC SERVICE SUPERANNUATION.

The fifth annual report of the Public I Service Superannuation Board shows a word of progress greater than any recorded in previous years. The new contributors for the year totalled 1234 males and 237 females. The annual salary represented was £145,395, and the annual contributions were £8980. The number of public servants contributing to the fund at the end of the year was 10,027, with a total salary of £1,666,231, and an annual contribution" of £109,840. Pensions for £99.095 per annum wero granted during the year. The largest retiring allowance granted during the year was £•321 14s, and1 the smallest was £8 4s per annum, and tho average £97 Is 6d. Tho officers who retired during tho year were entitled to receive the snm "of £17,378, accrued compensation under the Civil Service Act, 1866, had they not become participants in the benefits of the Superannuation Fund. Tho total amount saved to the Consolidated Fund in. this manner since the initiation of the superannuation scheme lias been £128,617, which may j be set against the subsidies paid to the fund, amounting to £105,500. The annual amount payable at the close of tho year was £53,384. The total income for tho year was £146,990, made up as follows:—Members' ordinary contributions, £107,224; transferred from other funds, £185; contributions from the Government, £23,000; fines, £323 ; interest, £16,258. The pensions paid to contributors who havo retired and to the dependants of deceased contributors during the year amounted to £50 780, viz., £48,205 to members, and £2575 to widows and children. The net revenue for the year was £81 S2O. The accumulated funds amounted to £423,556, and on December 31st the total assets of the fund, which include provision for tho outstanding accounts, amounted to £433,----431.