POLICE PROVIDENT FUND.

Star (Christchurch), Issue 7765, 24 July 1903, Page 3

POLICE PROVIDENT FUND.

ACTUARIAL REPORT. [Fbom Our correspondent.] WELLINGTON, July 24. A report on the Police Provident Fund was laid op the table of the House yesterday. The fund, on March 31 last, amounted to £18,418 5s 3d, and the present value of the liabilities under the Act was £207,410 6s, leaving a deficiency of £188,992 Os 9d. The actuary attributed the deficiency to insufficient contributions and to the practice of allowing service in the force prior to December, 1899, to count for the pension, although no contributions were made to the fund prior to that date. To have made the fund self-supporting the rate of contribution for entrants should have been — For age 25 £9 10s per cent instead of £5 per cent, and for age 35 £11 18s per cent instead of £6 10s per cent. The actuary says that he is aware that tho fund is believed to be in a flourishing state, and that his report will be received with a certain amount of incredulity. He estimates that for the year ending March 31, 1906, the contributions and pensions will be approximately equal, but it will probably be six or seven years before the accumulated! funds will be exhausted and the Government called upon to pay the differences between expenditure and receipts.