GOVERNMENT RAILWAYS SUPERANNUATION FUND: REPORT BY THE ACTUARY, SHOWING THE RESULTS OF AN ACTUARIAL INVESTIGATION INTO THE FINANCIAL POSITION OF THE GOVERNMENT RAILWAYS SUPERANNUATION FUND AS AT 31st MARCH, 1912.

Appendix to the Journals of the House of Representatives, 1913 Session I, D-05a

Bailways, 1912.]

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1918. NEW ZEALAND.

GOVERNMENT RAILWAYS SUPERANNUATION FUND: REPORT BY THE ACTUARY, SHOWING THE RESULTS OF AN ACTUARIAL INVESTIGATION INTO THE FINANCIAL POSITION OF THE GOVERNMENT RAILWAYS SUPERANNUATION FUND AS AT 31st MARCH, 1912.

Laid on the Table by Leave of the House.

REPORT. Wellington, 21st October, 1913. 1. In accordance with the decision of Cabinet, dated the 31st August, 1912, I have made an actuarial examination of the Government Railways Superannuation Fund. ' The intention to order this investigation and the reasons which render such a course desirable were outlined in the Financial Statement of last year in the following terms : — " The Government has no intention of destroying the benefits derivable by the railway " employees through the operation of the Act which provides for their superannuation. At "the same time it is wise that the country should know when it enters upon these schemes " what responsibilities they entail, and Parliament should make provision that the charges "which must ultimately come upon the taxpayer should be known, in order that the taxpayer of the day should shoulder his fair share of the burden and not leave the whole "liability to posterity. With this end in view, the Government intend to have an actuarial "examination of the Railways Superannuation Fund made, thus bringing it into line in this "respect with the Public Service and teachers' superannuation schemes." 2. Having been charged with the duty of actuarially investigating the Fund I considered that the examination should be as full and complete as in the statutory triennial investigations of the Public Service and Teachers' Funds two years ago. It is true that in the case of the Railways Fund there is no statutory obligation to do so, but bearing in mind the* paragraph of the Financial Statement which I have quoted above I sought and obtained the approval of the Minister of Finance to the investigation being, of the same complete and exhaustive character. I have also been able to give, in the appendix to this report, full statistical and actuarial tables concerning the experience of the Fund, because even those which are of a purely technical nature afford information which will be of interest to others who are concerned in superannuation matters, and with the triennislly accumulating experience of these large funds they will eventually give information of considerable value. 3. Being fully aware that an actuarial report, to be of any real use, should be presented as soon as possible after the date to which the investigation is brought down, I would make it clear that the term of eighteen months which has elapsed sir.cc the date to which the results are brought down is not in any way excessive under the circumstances. The last financial year of the period reviewed ended on the 31st March, 1912, and the decision to have an investigation was come to on the 31st August, 1912. Without any delay arrangements were made with the Chief Accountant of the Railways to have 14,000 cards printed and the necessary data extracted from the Railway records. These card.; were completed and handed to me on the 31st March, 1913. As the Fund has been in existence almost ten years and this was the first time such cards had been prepared, I consider that the Chief Accountant (Mr. Davidson) may be complimented on the accuracy and businesslike promptitude with which the work was done. The complicated valuation of the Fund was then carried out in the Actuarial Branch of the Government Insurance Department and finished in six months, the cards being returned to the Railways Department for future use on the 30th ultimo, since which date I have been engaged in preparing this report. 4. The Government Railways Superannuation Fund Act, 1902 (now embodied in the Government Railways Act, 1908), which came into operation on the Ist January, 1903, established a superannuation fund for persons permanently employed in any capacity by the Railways Department. The scheme, although optional on the part of those qualified to become contributors upon the coming into operation of the Act, is compulsory with respect to all persons who are afterwards first permanently employed in any capacity by the Department. It is administered by a Board of nine members, con-

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[Railways, 1912.

sisting of the Minister of Railways, the General Manager of Railways, the Solicitor-General, the Public Trustee, two contributors elected from the First (or salaried) Division, and three contributors elected from the Second (or wages) Division. 5. This was the first of the three existing large funds which were established for the superannuation • of public servants, and in its original form it differed in some respects from the two others which were formed a few years later. (a.) There was no subsidy, but the Act contained a guarantee to the effect that '■' in the event of the Fund at any time being unable to meet the charges upon it " the deficiency should be met by the Consolidated Fund. The guarantee thus given would throw any deficiency entirely on the future and from the nature of things could not be regarded as satisfactory. The mere fact of a deficiency not being brought to light for a long period would only augment the difficulties which must eventually arise. Long before a cash deficit was actually disclosed any superannuation fund would probably be hopelessly insolvent, and could only be financially rehabilitated by grants greatly in excess of what the future should properly be called upon to bear. Fortunately, a substantial subsidy was granted by an Act passed seven years later, which in this respect placed the Fund more on a par with the other funds at that time. There is, however, still no provision made for periodical valuations, nor for the gradual increase in the subsidy which must inevitably be provided for all of these funds, and the sooner the better in order to ensure equal justice to all and prevent serious trouble in the future. (b.) All the contributors under age fifty paid on a 2-per-cent. lower basis than in the other two funds, the contributions ranging from 3 per cent, to 7 per cent, of salary according to age at entry as against 5 per cent, to 9 per cent. The Railway Fund was, however, also placed on this latter basis in 1908, but only so far as future contributors were concerned, it being of course impossible to increase the contributions of those who were already members of the Fund. (c.) In another important respect this Fund differs from the later ones, in that only the widows of contributors who never entered upon their pensions receive the usual small family annuities, the widows of pensioners receiving no allowance of this kind on the death of their husbands. I have been able to estimate conclusively that the relief to the Fund through the omission of this benefit to existing contributors rather more than counterbalances the extra liability involved in the deficient contributions referred to in (b). I should mention that there is a strong desire, not unnaturally, that this omitted benefit for the widows of pensioners should be included in the scheme. 6. Particulars of the contributions and benefits provided by the Act, with statements of active membership, discontinuance of membership from various causes, and the progress of pensions for each year, will be found in Tables I, 11, and 111 of the appendix to this report.* The ages of the contributors at date of valuation, with their annual contributions and other particulars, are shown in Table IV, and the ages at which pensions have been granted in Table V. 7. In addition to 431 widows and children, who are drawing small annuities amounting to £6,463 per annum, the number of retired contributors on the Fund at the 31st March, 1912, was 714, and their pensions amounted to £52,463 per annum, giving an average pension of £73 9s. 6d. The number of active contributors at the same date was 9,248, with aggregate annual salaries amounting to £1,425,117, and paying contributions at the rate of £61,621 per annum. 8. Before dealing with the results of the investigation, I will as briefly as possible explain the valuation basis—or, in other words, the various assumptions which have been made in estimating the future progress of the Fund. The average yearly rates of interest earned by the Fund during the five years ending 31st March, 1912, were respectively £4 10s. 2d., £4 12s. 5d., £4 145., £4 175., and £4 7s. 2d. per cent. Considering the nature and circumstances of the Fund, I do not think it is advisable to assume a lower financial basis than 4 per cent., and this rate has been used in the valuation. The Experience Table (Table VI) contains the rates per cent, per annum of withdrawal, mortality, retirement, and increase of salary. All these rates have been taken from the actual experience of the Fund, and from them have been constructed the Life and Service Table (Table VII), showing for the First and Second Divisions separately, out of 100,000 entering at age 15, the numbers who will withdraw, die. and retire in each year. This Life and Service Table forms the basis of the present calculations with reference to the Fund. In regard to the mortality of contributors, it has been found practicable to utilize the experience of the Fund itself, but in regard mortality of pensioners the experience of the Fund was too small and irregular. It has, therefore, been considered suitable to take King's rates of mortality amongst superannuated members (J.I.A. XXXIX) for the younger ages, joining on to Farr's Healthy English Males at age 75. In this Fund it is optional to retire at age 60, and compulsory at age 65, beyond which age there are practically no contributors remaining in the Service, and it is assumed that by then all will have retired. For valuing the widows' and children's benefits the latest New Zealand marriage statistics and the living from the New Zealand census were combined with Farr's Healthy English Females' mortality. 9. There is no statutory obligation, as in the case of the Public Service and Teachers' Funds, to estimate " the probable annual sums required by the Fund to provide the retiring and other allowances filling due within the ensuing three years without affecting or having recourse to the actuarial reserve appertaining to the contributors' contributions," but I have been particularly careful to make this

* The statistics contained in the appendix were compiled from the railway superannuation cards, now written up for the first .time, and differ slightly from the statistics contained in the yearly reports of the Railway Superannuation Board. These unavoidable small differences will not effect the value of the statistics in the slightest.

Bailways, 1912.]

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estimate on the present occasion, as it defines very clearly what should be done " in order that the taxpayer of the day should shoulder his fair share of the burden " as laid down in the Financial Statement. The following is the result: —

It will be seen, therefore, that instead of the subsidy of £25,000 per annum now being paid the Fund requires a subsidy of about £50,000 per annum at the present time. Ido not, however, propose that the subsidy should be increased this year, as it will be seen further on that I suggest the amalgamation of the three funds (Public Service, Teachers', and Railways) in certain respects, in order to secure uniformity of treatment financially ; and if effect be given, to my recommendations next year, that will be a more convenient and appropriate time to place the subsidy to the combined funds on an entirely different footing of a more permanent nature. 10. From an inspection of Table VIII it will be noticed that, even at the present higher rates, ranging from 5 per cent, upwards, the contributions are insufficient to secure all the benefits afforded by the Fund. The only effective way of ascertaining how far the total contributions fall short of providing the whole of the benefits is, as has been explained in a previous report, by means of an ordinary actuarial valuation. Following this method the whole of the liabilities and assets are brought to account, the liabilities consisting of the present value of the benefits {i.e., the benefits which will accrue to contributors at future dates duly discounted as at the present date), and the assets consisting of (1) the accumulated funds, (2) the present value of the members' future contributions, (3) the present value of the existing Government subsidy, (4) the present value of the increase in the Government subsidy now found to be necessary, and (5) the present value of future increases in Government subsidy to be provided from time to time. 11. From the resulting valuation balance-sheet, which appears in Table XI, it will be seen that the real assets amount to £1,591,343, consisting of £233,457 accumulated funds, £732,886 present value of the future contributions of existing members, and £625,000 present value of £25,000 annual subsidy already granted. In addition to this there is required, in order to balance with the liabilities, £625,000 the present value of a further subsidy of £25,000 now reported as necessary, and £526,851 the present value of increases in the subsidy which will be necessary in the future. It is noticeable that the last item compares very closely with the present value of the future increases in subsidynecessary for the Public Service Fund, which its last valuation showed to be £532,108 (1912, H.-26A, par. 13). Indeed, it will be seen that, although this Fund differs in important respects from the Public Service Fund, the financial position of the two funds shows much similarity. That this Fund compares so well with the Public Service Fund, considering its greater age, its lower rates of contribution, and the earlier age at which its contributors may retire on pension, is largely accounted for by four causes— (a) No .pensions to the of pensioners, as already explained ; (b) a much higher rate of withdrawal in the Second Division, which comprises the main body of the railway men ; (c) a smaller average of back service, and also (d) a smaller rate of annual increase of salary in the same division. 12. It will be seen from what I have said that with an additional annual subsidy of £25,000 this Fund would be put in a satisfactory position, to maintain which, however, a triennial valuation in future must be arranged for with the resulting periodical adjustment of the subsidy. When this has been done I shall for the first time be able to say unreservedly that the whole of these funds are on a satisfactory actuarial basis. The method of providing the subsidies, however, is capable of improvement. The foundation of the Public Service Superannuation Fund six years ago marked a distinct advance in the actuarial treatment of such funds in New Zealand, and the chief object I had in view was to arrange the subsidy on a scale which would divide the burden equitably between the taxpayer of to-day and posterity. Having little or no actual experience at that time to go upon I adopted the most feasible actuarial arrangement I could devise for ascertaining from time to time how much of the yearly charges of the Fund should be met by the Superannuation Fund itself and how much should be taken from the Consolidated Fund. The working of the method is very troublesome, and requires the application of much care and skill by the leading officers of the actuarial staff, but I believe, and have heard nothing to lessen that belief, that the effect has been an equitable division of the cost. 13. There are, however, evident objections to the practice of finding out, by means of intricate triennial calculations, how much further Government assistance is wanted, and continually asking for irregular special increases in the subsidies. I have known that this would be unavoidable until the Railways Fund should have been actuarially examined, but that Fund's first valuation having now been completed with satisfactory results, covering a period of nearly ten years, the experience thus obtained, together with that afforded by the other two funds, enables me to make a reasonable forecast of the

Required for 1912-13. 1913-14. 1914-15. Current ordinary pensions Prospective pensions to existing contributors now over pension age. . New pensions, family pensions, and miscellaneous benefits £ 51,273 1,214 9,596 £ 47,390 1,127 16,008 £ 43,768 1,048 22,736 Total sums required for retiring and other allowances Deduct amount provided by contributors' contributions without having recourse to the actuarial reserve appertaining thereto 62,083 13,901 64,525 15,409 67,552 17,164 Subsidies required for ensuing three years £48,182 £49,116 £50,388

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[Railways, 1912.

permanent subsidy required for the whole of the funds ; the usual triennial valuations still being necessary, but merely in order to confirm the forecast, and demonstrate that the funds are solvent without the need of any further provision being made. 14. I think it is now a very appropriate time to consider whether the three existing funds cannot be brought more into line with one another in some respects than at present ; indeed, it is very desirable that there should be some amalgamation of their finances before attempting to simplify and improve the method of subsidizing them. To facilitate the consideration of this matter it will be useful to briefly describe how they are at present controlled. The three funds are administered separately by three Boards composed as follows : — Railways Fund (founded 1902) — The Minister of Railways ; The Solicitor-General; The Public Trustee ; The General Manager of Government Railways ; Five elected contributors—two from First Division, three from Second Division. (Nine members.) Teachers' Fund (founded 1905) — The Minister of Education ; The Solicitor-General; The Public Trustee ; The Secretary to the Treasury ; The Inspector-General of Schools ; The President of the New Zealand Educational Institute ; Four elected contributors —two from the North Island, two from the South Island. (Ten members.) Public Service Fund (including Post Office and Police) (founded 1907) — A Minister of the Crown (at present the Minister of Internal Affairs) ; Four persons nominated by the Government, at present being—The Government Insurance Commissioner, the Under-Secretary for Public Works, the Under-Secretary of Lands and Survey, and the Superintendent of Government Advances to Settlers ; Six elected contributors —two from the Post and Telegraph Department, one from the Police Department, three from other Departments. (Eleven members.) The affairs of each fund are administered by its particular Board, except in regard to investments, all moneys being handed over to the Public Trustee. Formerly these funds were specially invested by the Pablio Trustee and were thus enabled to earn 4-J per cent, or more, but owing to a more recent arrangement that has been made they are now barely able to earn 4| per cent. When it is considered that the Government Insurance Board (composed of the Minister of Finance, the Government Insurance Commissioner, the Surveyor-General, the Solicitor-General, the Public Trustee, and the Superintendent of Government Advances to Settlers) lias at the present time no difficulty in placing its surplus funds available for investment in securities, at rates averaging over 5 per cent. (5J per cent, for mortgages and 5 per cent, on local bodies debentures), it will be clear that, even allowing for expenses of administration, the superannuation funds are not earning as much as they might do. 15. The present system of administering the Superannuation Funds by three special Boards is undoubtedly a good one in the early and experimental stage of their careers, because the interests of railway men, teachers, postal officials, policemen, and Civil servants generally are then better dealt with by men possessing an intimate knowledge of the special circumstances of each particular class. To take the case of the teachers, for example : it may be suggested that the terms of their employment under Education Boards throughout the country will cause circumstances to arise which are likely to receive fairer treatment if their superannuation affairs are administered by a body of men specially chosen for their familiarity with the teachers and their surroundings. 16. I do not, therefore, now suggest any alteration of the present system in this respect, but I certainly think that the financial control of the three Superannuation Funds might with much advantage be centralized in one small body of specially qualified men under the Finance Minister, to which body I should entrust the investments and actuarial treatment of the combined funds. If this were done, it would not only secure a better return from interest on the investments, but would also allow the three funds to be dealt with actuarially as a whole, and permit the convenient application of the simpler form of subsidy explained in paragraph 18. 17. The following was the approximate position, in certain respects, of the separate and combined funds at the close of their last year :—

Fund. Number of -, T , o i • Contributors. Yearl y Salarles - Yearly Contributions. Yearly Subsidies. Actuarial. Actual. Teachers' Public Service Railways 3,641 10,027 9,470 I £ 628,789 1,666,231 1,582,965 £ 40,213 109,840 68,068 £ 17,090 47,525 48,182 £ 17,000 48,000 25,000 Total 23,138 £3,877,985 £218,121 £112,797 £90,000

Kail ways, 1912. j

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It will be. seen from the above that 23,138 servants of the State paid in to the Superannuation Funds last year as deductions from their salaries the sum of £218,121, which is equivalent to 5-6 per cent, of their total salaries, amounting to £3,877,985. It will also be seen that the total subsidy required for the year was £112,797, which is equivalent to 2-9 per cent, of the total salaries. Thus the State's subsidy is a fraction more than one-half of the members' own contributions. 18. The second statutory triennial valuations of the Public Service and Teachers' Funds fall to be made as at the end of this year, the results of which I hope will be available fairly early next session, and subject to their not disclosing any unexpected difficulty I can recommend that a regular annual subsidy of 3 per cent, of the total salaries of contributors be paid into the combined funds. I shall also be able to say that it may be looked upon with a degree of confidence approaching to certainty that the rate will not be raised in future. One great advantage, of the method, indeed, in addition to its simplicity, is that for a very long time 3 per cent, of total salaries, though providing a regular and reasonable increase in the yearly subsidy in strict accordance with the actual increase in salaries, will remain a fixed percentage, and any change which may arise in the future will be in the direction of a lower percentage. 19. At the present time the financial years of the three funds do not coincide, the Railways closing on the 31st March and the other two running with the calendar year. When making the proposed financial amalgamation it would be very desirable that they should be on the same footing in this respect. I understand from the Chief Accountant of the Railways that there would be great practical difficulty in the way of changing the Railway Fund's year to end with the calendar year, and he suggests that the Public Service and Teachers' Funds should close their accounts on 31st March each year. It seems a good suggestion and one that will meet the difficulty. It appears to me, indeed, that there might even be some advantage in the accounts of such Government funds coinciding with the account:; of the General Government in this respect. 20. In order to carry out what I have in view I propose that a Government Superannuation Fund Bill be prepared during the recess. The first part of the Bill should deal with the finances of the combined funds, constituting a Government Superannuation Fund Board, of somewhat similar composition to the Government Insurance Board, under the chairmanship of the Minister of Finance. This part of the Bill should provide, inter alia, (a) that all moneys of the Railways Superannuation Fund, the Teachers' Superannuation Fund, and the Public Service Superannuation Fund should be handed over to the Government Superannuation Fund Board for investment ; (6) that an actuarial examination of the Government Superannuation Fund should be made by the Actuary as at the 31st March, 1915, and for each triennial period thereafter ; (c) that in the month of April in each year the Minister of Finance should pay into the Government Superannuation Fund and out of the Consolidated Fund, without further appropriation than this Act, a sum of money equal to 3 per cent, of the total salaries of the contributors to the funds on the last previous 31st March. (In this connection most of section 85 of the Government Railways Act, 1908, sections 48 and 49 of the Public Service Classification and Superannuation Act, 1908, and sections 38 and 39 of the Public Service Classification and Superannuation Amendment Act, 1908, should be repealed.) The other three parts of the Bill should consolidate and simplify the existing legislation regarding Railways, teachers', and Public Service superannuation, which is at present inconveniently involved. 21. I would also suggest that the opportunity should be taken to include in the Bill any amending legislation which may be decided upon as being desirable in reference to the benefits and conditions of these funds, so that after the passing of this consolidating Bill none but purely machinery amendments will be likely to need attention in the future. It would be a relief to every one to get a long respite from matters concerning the superannuation of the Service, and an opportunity would then be available to give more attention to the superannuation needs of others who are outside the Service. 22. This finishes my report on the actuarial examination of the Railways Superannuation Fund, including some results of that examination in the form of recommendations for improving the conditions of the funds generally. It would not have been possible to have produced so full and comprehensive a report unless I had received most willing and able assistance, and my sincere thanks are due to Mr. P. Muter, F.1.A., Assistant Actuary, for the exercise of his great actuarial skill and experience, and in a scarcely less degree to Mr. C. B. Galwey, A.1.A., Chief Computer, for much freely given and useful help of a professional nature. 23. In conclusion, I very earnestly hope that what I have said will prove convincing as to the necessity for financially amalgamating these funds. The amount of subsidy represented by 3 per cent, of the salaries is heavy, yet not heavier than is necessary in order to achieve the desired object— viz., to leave to posterity only its fair share of the burden. I feel that any opposition to the scheme which may have existed hitherto has been principally due to an uncomfortable feeling that the past indefiniteness and irregularity of the subsidies asked for was because the matter was not properly understood. That was not the cause, which was entirely owing to the inevitable lack of the necessary data to work upon during the early years of a scheme of this kind. Now that I have shown how the subsidy may be placed on a simpler and more permanent basis, I believe that any slight opposition there may have been will vanish entirely. Speaking generally, it is the rule rather than the exception throughout the British Empire for Governments, railway companies, police, and educational bodies, as well as private institutions such as banks, insurance offices, and large manufacturers, to establish pension or superannuation schemes for the benefit of themselves as well as their employees ; these schemes being liberally subsidized by Government, municipal, or corporate funds, often to the extent of pound for pound of the employees' contributions, and sometimes even going beyond that limit. The burden on the contributor of providing the whole of his pension is recognized as too heavy.

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[Railways, 1912.

6

Of this Dominion in particular it may be said that a sound and efficient form of superannuation should be regarded as a factor essential to the successful evolution of its Public Service system. That the employees benefit very largely by such a scheme is undeniable, but it may be shown conclusively that their employers, the public, also reap inestimable benefits which are not so clearly recognizable. One of the smallest of these benefits is that the Government is saved the direct payment of large sums of money in some other form ; the inauguration of the Public Service Fund, for instance, caused the cessation of yearly payments by way of compensation and gratuities amounting to more than the subsidies which have been granted to the Fund. But in addition to this there result two most important benefits to the State which it is not possible to estimate in money : (1) The existence of such a fund has a strong tendency to bind its younger employees to the service of the State, for it is reasonably certain they will not lightly leave their employment to seek advancement elsewhere when they consider what valuable future benefits they must forego by doing so ; (2) the Government is relieved from the payment of salaries to a number of its older employees who have outlived their efficiency, and a superannuation fund affords a convenient and legitimate means by which their removal from the Service can be effected without undeserved stigma or undue hardship. It is not too much to assume that, in the absence of such a fund, many praiseworthy old public servants would remain longer than they should do in the Service, drawing annual salaries from the Treasury and blocking promotion which it is desirable should be given. Indeed, quoting from a source which I cannot for the moment trace, " Superannuation funds soundly constituted and well administered, by securing the retirement of employees at an age when their capabilities are waning, supply an admirable aid by which the management of a country's concerns can be maintained with a maximum of efficiency." Although still further lengthening a report which is perhaps already too long, I would also point out that there is a very important difference between this subsidy and an all-round increase of 3 per cent, in salaries. When a salary is increased in the usual way by 3 per cent, or any other amount the employee may either spend or save the increase as he chooses. What the Government will be doing in this matter is a different thing altogether. Practically it will be putting a small sum of money in its own strongbox on behalf of each of its employees and compelling him or her to place with it double the sum. The Government will then invest the combined deposits to the best advantage until the retirement of the employee from the Service through ill health or old age. The results achieved will be good all round from a purely business point of view, because the employee will remain more contented during the term of his service, on the conclusion of which it is certain that he will not become a burden on the State. I think that a vote of 3 per cent, of salary under such circumstances may be considered insignificant in comparison with the benefits that will ensue from the operation of the fund. And, finally, so far as my own knowledge goes —which, though fairly extensive on this point, is by no means complete —New Zealand's superannuation system, an endeavour to perfect which is now being made, will already compare favourably with any other similar system in existence. .Respectfully submitted. Morels Fox, Actuary to the Government insurance Department.

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Railways, 1912.]

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APPENDIX.

TABLE I. The Benefits and Contributions provided for by the Act. The contributions vary according to the age at the time when the first contribution becomes payable, and are as follows : — f For contributors who joined prior to the Ist January, 1908— I Age 30 and under . . . . .. 3 per cent, of pay. Over 30 and not exceeding 35 .. .. 4 ~ ~35 „ 40 5 ~40 ~ 45 6 ~45 „ 50 .. .. 7 p -i ,• ! „ age 50 .. .. .. .. 10 ~ For contributors who joined the scheme on or after the Ist January, 1908— ) Age 30 and under . . . . .. .. 5 per cent, of pay. I Over 30 and not exceeding 35 .. 6 „ „ 35 ~ 40 ... .. ..7 ~40 „ 45 8 ~45 „ 50 . 9 I „ age 50 10 I. On attaining of Pension at Age 60 or after Forty Years' Service. (].) A pension of one-sixtieth of yearly salary for each year's service, with a limit of forty-sixtieths (two-thirds) of salary. Maximum pension for entrants after 24th December, 1909, £300. (2.) Or the option, in lieu thereof, of a return of contributions, together with any compensation the contributor may be entitled to under section 76 of the Government Railways Act, 1887. With the consent of the Minister a contributor may retire after thirty-five years' service. 11. On retirement before Pension Age (on the Grounds of being Medically Unfit for Future Duty). (1.) A pension of one-sixtieth of yearly salary for every year of service, limited to forty-sixtieths. In the case of entrants after 24th December, 1909, maximum pension £300. (2.) Or the option, in lieu thereof, of a return of contributions, together with any compensation the contributor may be entitled to under section 76 of the Government Railways Act, 1887. Benefits <J HI- ® n Retirement before Pension Age (on other Grounds than Medical Unfitness). (1.) On voluntary retirement or dismissal for any other reason than misconduct, a return of contributions, together with any compensation the contributor may be entitled to under section 76 of the Government Railways Act, 1887. (2.) On dismissal for misconduct, return of contributions. IV. At Death, before becoming entitled to a Retiring-allowance. (1.) Leaving no widow or children: A return of contributions, together with any compensation the contributor is entitled to under section 76 of the Government Railways Act, 1887. (2.) Leaving a widow : — (a.) £18 per annum during widowhood, or if she so elects (b.) A return of such portion of the contributions and of the compensation to which the contributor was entitled as the Board, having regard to the rights of the children, thinks fit. (3.) Leaving children : ss. weekly to each child until age 14. V. At Death, after becoming entitled to a Pension. Return of the contributions and compensation (if any) less any sums received l^from the Fund. Pensions are payable by monthly instalments, and are computed on the final salary, unless the contributor has during the previous five years served in any inferior grade to that held at the time of letirement, in which case the average salary for the last seven years is taken.

[Railways, 1912.

D.—sa.

TABLE II. Statement of Progress of Active Membership.

TABLE III. Statement of Progress of Pensions.

8

Di jcontii i;e ' New 'ember Year. Joining Hchems Transferred from other Funds. Total. By Dei Contributions Refunded. :ath. Family Pension. Withdrawal or Dismissal iyPl msions. ge tb of ie. Medically Unfit. By Transfer to other Funds. Total Discontinued. Members contributing at End of Financial Year. 01 or L< Se Id A| rengl irvic M. 3 27 22 20 20 20 22 26 26 19 !!_ M. 3,425 3,452 708 663 841 1,174 1,325* 554 733 857 M. 3,426 3,455 708 663 841 1,176 1,325 556 736 861 M. 3 15 12 16 17 13 17 16 11 13 M. 7 212 205 231 343 413 406 394 504 539 M. 8 156 99 57 58 73 56 123 77 52 F. Total. 8 156 100 57 58 73 56 123 77 52 M. 5 28 15 12 12 14 9 6 17 14 M. 26 436 354 336 450 533 510 665 642 645 M . p. Total. 3,399 1 3,400 6,413 I 4 6,417 6,768 3 6,771 7,095 3 7,098 7,486 3 i 7,489 8,127 5 8,132 8,942 5 8,947 8,933 5 8,938 9,027 5 9,032 9,243 5 ; 9,248 Part 1903 1903-04 1904-05 1905-06 1906-07 1907-08 1908-09 1909-10 1910-11 1911-12 F. 1 3 1 2 2 3 4 7 8 Totals .. 13,732 6 9 13,747 133 205 3,254 759 1 760 132 15 4,499 ■• Includes 335 ex-employeea ofjWellington and Manawai iu Railway Company.

Attainment of Pension Age or Lei (Section 80, &c.) igth of Service. lically Unfit. (Section 81, &c> Retired Mei Year. Void by Death. In Force. 'anted. Voia by Death or Expiry. In Force.™ Graned. Number. Pension. Number. Peneiou. Number. Pension. Numbe-. Pension. Number. Pension. Number Pension. I j £ 256 483 135 466 416 444 130 421 237 £ 1,444 2,007 2,503 2,750 3,185 3,226 3,517 4,421 4,789 1903-04 1904-05 1905-06 1906-07 1907-08 1908-09 1909-10 1910-11 1911-12 161 100* 56 50 74 53 123 80 54 £ 9,950 5,848 3,788 3,911 5,626 4,816 10,066 C.805 5,229 1 8 10 17 12 18 9 27 24 £ 66 425 672 1,020 683 1,233 502 1,598 1.666 160 252* 298 340 402 437 551 604 634* £ 9,884 15,307 18,422 21,314 26,257 29,840 39,404 44,111 47,674 33 15 12 12 14 8 7 17 14 £ 1,700 1,046 032 712 852 485 420 1,325 605 5 4 3 9 8 8 2 8 5 28 39 48 51 57 57 62 •71 80 7,865 132 7.777 52 2,988 Totals .. 760 55,539 120 Denth of Iontributor. Family Pensii (Section 82, &o.) >n. Total Pensions. Void by Death In or Expiry. . _J_i _ Granted. Force. Granted. Void. In Force. Year. Number. N . un, - Pension. ber. Num- Pen3ion . Number. Peneiou. N b U eT J Pension. *£?: ?~- Pension. 1903-04 1904-05 1905-06 1906-07 1907-08 1908-09 1909-10 1910-11 1911-12 80 68 55 61 57 62 91 66 43 £ 1,190 989 815 893 836 916 1,313 983 644 G 0 11' 16 12 25 25 30 21 £ 78 78 143 218 176 355 365 410 293 74 136 180 225 270 307 373 409 43i & 1,112 2,023 2,695 3,370 4,030 4,591 g, 53'J 6,112 6,463 274 183* 123 132 145 123 221 163 111 £ 12,840 7,883 5,235 5,516 7,314 6,217 11,799 8,613 6,478 12 18 24 42 32 51 36 65 50 400 j 262 986 ' 427* 950 526 1,704 j 616 1,275 : 729 2,032 801 997 986 2,429 1,084 2,196 1,145* £ 12,440 19,337 23,620 27,434 33,472 37,657 48,460 54,644 58,926 8,579 152 2,116 1,475 71,895 330 12,969 Total ( 583 ♦ Includes one leva lale pensioi i, £bl 12s. 1M.

Bailways, 1912.]

D— sa,

TABLE IV. Present Annual Pay and Contributions, with Prospective Pensions to Officers now in Service.

2—D. sa.

9

irst Division. Second Division. o Present Number. 1 Annual Pay. Prospective Present Pensions at BeAnnual tiring-age or Contributions, for Length of Service. Present Annual Pay. Present Annual Contributions. Prospective Pensions at Ke-tiring-age or for Length of Service. v[ I Num ier, 67 65 64 63 62 61 60 59 58 57 56 55 54 53 52 51 50 49 48 47 46 45 44 43 42 41 40 39 38 37 36 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 M. 3 7 2 1 5 12 13 16 19 20 16 15 20 17 31 23 32 24 21 32 32 33 28 29 30 21 43 52 48 25 25 26 14 40 39 55 67 93 66 64 57 73 73 100 1.21 133 85 62 47 12 2 £ 1,070 3,070 620 220 1,295 4,330 3,725 4,417 5,715 5,897 4,770 5,186 5,625 5,585 9,056 6,357 8,460 6,980 5,340 8,810 8,634 8,439 6,455 6,914 6,880 4,512 9,730 11,789 10,530 5,250 5,470 5,300 2,850 8,040 7,676 10,825 12,954 17,695 12,091 10,965 9,120 10,507 9,691 ■11,506 13,013 13,397 7,315 3,590 2,590 610 100 £ 1070 3070 62-0 22 0 129-5 4330 290-3 309-2 400 1 412-8 333-9 320-8 345-2 335 1 549-8 381-4 451-1 343-9 267-0 442-5 431-7 393-4 258-2 288-6 275-2 189-5 307-8 365-3 315-9 157-5 164-1 1590 85-5 241-2 233-0 324-7 388-6 535-9 362-7 328-9 273-6 315-2 290-7 376-4 523-8 606-7 365-8 179-5 129-5 30-5 5-0 £ 636 1,760 393 117 803 2,766 2,375 2,786 3,662 3,598 3,047 3,349 3,497 3,684 5,986 4,260 6,028 4,893 3,945 6,602 6,663 6,421 5,095 5,767 5,854 3,912 8,745 10,620 9,628 4,881 5,151 5,071 2,786 7,962 7,696 11,013 13,453 18,887 13,437 12,900 11,445 14,392 14,596 19,274 24,462 28f810 18,289 10,495 8,841 2,376 414 M. 1 9 14 13 17 24 59 60 66 61 67 60 61 78 65 37 51 61 64 75 83 97 106 129 147 166 186 193 222 265 269 273 285 268 328 298 319 309 292 271 296 209 210 160 156 193 180 199 154 65 48 j. 1 1 1 i i £ 141 1,299 2,149 2,042 2,739 4,124 9,327 9,828 10,759 9,844 10,548 9,844 10,558 13,341 10,881 6,166 8,725 10,486 10,959 12,774 13,396 .16,031 17,301 20,940 24,148 27,239 30,267 31,104 36,026 42,427 42,138 41,973 44,203 41,480 51,233 45,808 49,321 46,614 43,585 40,095 43,695 30,160 30,009 22,403 20,282 20,236 14,805 15,227 11,456 ! 2,833 ! 1,182 J £ 141 129-9 214-8 204-2 273-9 412-4 932-7 759-6 753-1 6890 738-3 6891 670-4 802-2 656-6 369-9 523-5 5700 554-7 642-0 679-8 817 4 774-7 875-4 1,007-0 1,139-7 1,256-6 1,118-9 1,258-8 1,544-3 1,593-7 1,581-8 1,631-4 1,529-3 1,892-2 1,696-7 1,823-8 1,714-6 1,733-8 1,572-9 1,686-9 1,113-8 1,044-6 835-4 869-9 857-8 686-9 761-4 572-8 141-7 59-2 £ 49 554 942 928 1,382 2,145 5,152 5,644 6,284 5,743 6,140 5,753 6,447 8,054 6,599 3,765 5,292 6,408 6,641 7,782 7,880 9,779 10,576 12,837 15,090 17,102 19,244 20,199 23,476 27,897 27,769 27,948 29,955 28,343 35,525 32,123 34,950 33,551 31,658 29,520 32,533 22,986 23,621 18,640 18,460 20,893 18,005 22,530 21,787 6.672 3,299 67 65 64 63 62 61 60 59 58 57 56 55 54 53 52 51 50 49 48 47 46 45 44 43 42 41 40 39 38 37 36 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 i i Totals 1,924 350,966 15,1470 i i ],074,151 J 46,473-6 Totals 7,319 I 5

T>. —sa.

[Eailwats, 1912.

TABLE V. Classification of Pensions granted, showing the Ages at which they were granted.

10

Age at which Pension granted. Attain] of aent Serv of Pension-age or Length ice (sec. 80, &c). Beti UnfU ired Medically t (sec. 81, <&c). Widows and Children (sec. 82, &c). Total. Amount of Pension. Age at — which Pension granted. "umbi :r. Amount of Pension. Number. Amount of Pension. w Amount N b u e f of Pension. rumbei 77 76 75 74 73 72 71 70 69 68 67 66 65 64 (S3 62 61 60 59 58 rise 55 54 53 f>2 51 50 49 48 47 46 45 44 43 42 41 40 39 38 37 36 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 19 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 M. 3 1 4 5 6 1 11 13 17 22 44 42 67 54 48 76 110 232 2 1 F. 1 Total. 3 1 4 5 6 1 12 13 17 22 ■ 44 42 67 54 48 76 110 232 2 1 £ s. d. 249 15 5 19 16 6 215 9 11 413 9 2 366 19 6 5 4 4 1,277 10 8 998 9 3 1,140 0 4 1,481 7 5 3,106 8 10 3,469 3 9 4,539 9 2 3,804 14 4 3,525 10 5 5,006 11 9 8,312 19 1 17,123 17 5 245 3 8 236 13 4 2 1 2 1 3 2 1 4 1 7 11 14 7 13 8 3 3 7 3 2 6 2 1 1 2 2 2 1 2 1 4 u. 1 i £ s. d. 35 4 3 43 2 2 86 17 1 51 2 6 74 6 3 52 19 0 155 3 10 94 6 10 63 18 1 295 1 8 56 12 0 480 12 6 710 14 5 1,065 12 0 509 4 11 1,000 6 10 514 17 0 249 0 9 165 11 10 364 0 11 165 16 7 73 0 8 370 10 11 76 18 2 59 17 3 42 5 1 39 13 10 127 18 10 47 9 6 55 4 9 139 19 5 77 0 0 189 17 10 1 1 1 2 1 3 2 5 3 1 3 10 2 4 6 5 5 9 1 5 8 7 6 5 5 2 5 7 6 8 9 8 3 3 2 11 2 12 7 2 7 3 1 1 £ 18 18 is 36 18 54 36 90 54 18 54 180 36 72 108 90 90 162 18 90 144 126 108 90 90 36 90 126 108 ]44 162 144 54 54 36 198 36 216 126 36 126 54 18 18 M. 4 1 5 6 6 1 11 13 19 23 44 44 68 57 50 77 114 233 9 11 14 7 14 8 3 3 7 3 2 6 2 1 1 2 2 2 1 2 ] 4 F. 1 1 1 1 2 1 3 2 5 3 1 3 10 2 4 6 5 5 9 1 5 8 7 6 5 5 2 5 7 6 8 9 8 3 3 2 II 2 12 7 2 7 3 1 1 Total. 4 1 I 5 5 (i 1 12 14 19 23 45 J 44 68 58 50 79 115 236 I 11 16 17 8 17 18 5 7 7 9 7 11 II 2 6 8 9 6 7 7 3 7 8 10 8 9 9 3 3 3 14 2 13 8 5 7 3 1 1 1 " 13 32 23 29 30 28 24 20 26 26 29 26 30 22 25 £ s. d. 284 19 8 19 16 6 258 12 1 413 9 2 366 19 6 5 4 4 1,277 10 8 1,016 9 3 1,226 17 5 1,532 9 11 i 3,124 8 10 3,543 10 0 4,592 8 2 3,977 18 2 3,619 17 3 : 5,106 9 10 8,626 0 9 17,234 9 5 761 16 2 800 14 5 1,119 12 0 527 4 11 1,291 0 2 694 17 0 285 0 9 237 11 10 364 0 11 273 16 7 163 0 8 460 10 11 238 18 2 77 17 3 132 5 1 144 0 0 165 13 10 108 0 0 217 18 10 137 9 6 91 4 9 229 19 5 203 0 0 297 17 10 144 0 0 162 0 0 192 0 0 54 0 0 54 0 0 69 8 10 267 19 8 36 0 0 220 3 6 153 10 0 93 1 11 126 0 0 54 0 0 18 0 0 18 0 0 2 12 0 169' 0 0 416 0 0 299 0 0 377 0 0 390 0 0 364 0 0 312 0 0 260 0 0 338 0 0 338 0 0 377 0 0 338 0 0 390 0 0 286 0 0 325 0 0 77 76 75 74 73 72 71 70 69 68 67 66 65 64 63 62 61 60 59 58 57 56 55 54 53 52 51 50 49 48 47 46 45 44 43 42 41 40 39 38 37 36 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 19 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 ] 48 0 0 1 i 3 33 8 10 69 19 8 1 3 1 1 3 4 3 6 27 10 0 57 1 11 1 1 3 1 2 12 0 1 13 32 23 29 30 28 24 20 26 26 29 26 30 22 25 169 416 299 377 390 364 312 260 338 338 377 338 390 286 325 1 - 204 179 Totals 759 1 760 55,538 14 3 132 8,579 ] ,095 1,475 71,894 17 10 7,777 3 7 583 380 Totals.

Eailwats, 1912.1

11

D.-5a

TABLE VI. EXPERIENCE TABLE (RAILWAYS SUPERANNUATION). Rates per Cent. per Annum of Withdrawal, Mortality, Retirement, and Increase of Salary.

First Division. Second •ivision. Combined Divisions. Age. Bate of Increase of Salary, Bate of Increase of Salary, Age. Bate of Withdrawal. Hate of Withdrawal. Bate of Mortality. Bate of Retirement. 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 . 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 6-40 6-45 6-43 6-30 G-00 5-50 4-80 4-00 3-30 2-70 2-30 2-20 2-20 2-30 2-34 2-34 2-25 2-10 1-90 1-65 1-50 1-35 1-20 1-05 0-95 0-85 0-85 0-85 0-85 0-83 0-74 0-64 0-50 0-35 0-30 0-30 0-30 0-30 0-30 0-30 0-30 0-30 0-30 0-30 0-23 5-7(5 14-01 10-72 16-96 16-25 14-41 12-22 11-22 9-94 9-18 6-65 5-88 4-11 2-78 2-08 1-43 1-30 1-29 1-66 1-73 1-70 1-21 1-01 1-00 1-44 1-86 2-79 3-90 2-94 2-70 2-08 1-96 1-70 1-82 2-72 2-44 1-22 0-61 0-20 9-61 10-11 10-25 10-25 9-41 8-01 6-91 β-ll 5-56 5-51 5-61 5-71 5-69 5-51 5-16 4-81 4-46 4-16 3-86 3-56 3-31 3-06 2-86 2-65 2-45 2-26 2-06 1-91 1-79 1-66 1-56 1-46 1-36 1-30 1-21 1-16 1-10 1-06 1-05 1-01 0-99 0-95 0-81 0-61 18-69 24-68 27-64 21-66 17-80 13-43 9-38 5-72 3-27 2-20 1-08 0-67 0-93 0-52 0-52 0-39 0-26 0-39 0-64 0-64 0-89 1-01 0-87 0-37 0-37 0-20 0-23 0-25 0-27 0-28 0-28 0-28 0-29 0-33 . 0-37 0-4.0 0-40 0-37 0-34 0-30 0-28 0-26 0-27 0-28 0-30 0-33 0-38 0-42 0-45 0-47 0-50 0-50 0-50 0-50 0-50 0-51 0-53 0-55 0-60 0-65 0-71 0-80 0-90 1-00 MO 1-17 1-23 1-28 1-30 1-30 1-35 1-46 1-73 1-90 2-00 0-10 0-10 0-10 0-10 0-10 0-1© 0-10 0-10 0-10 0-10 0-13 0-20 0-30 0-35 0-39 0-40 0-40 0-4.0 0-40 0-44 0-80 1-40 2-40 6-00 9-92 13-60 17-40 21.00 24-80 29-32 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 0-24 0-61 0-49 0-36 * -

D.-sa.

TBailways, 1912".

TABLE VII. LIFE AND SERVICE TABLE (RAILWAYS SUPERANNUATION). Based upon the Rates per Cent. per Annum of Withdrawal, Mortality, and Retirement given in Table VI for Contributing Members.

12

First Division. Second Division. Age. Existing in With- ,, (h Retire- Average Service. drawals. neaxno. me nts. Salary. Existing in With- „„,«,« Retire- Average Service. drawals. ltna - ments. Salary. Age. 15 Lβ 17 IS I!) 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 :!7 38 39 40 41 42 43 44 45 40 47 48 49 50 51 52 53 54 55 56 57 r>8 59 60 61 C>2 63 64 65 100,000 93,401 87,161 81,337 75,994 71,221 67,104 63,696 60,964 58,750 56,947 55,409 53,968 52,581 51,193 49,841 48,536 47,317 46,196 45,189 44,308 43,453 42,658 41,925 41,254 40,627 40,039 39,458 38,887 38,323 37,775 37,254 36,743 36,248 35,777 35,297 34,799 34,278 33,730 33,150 32,545 31,807 30,875 29,646 27,393 24,257 20,630 16,739 12,935 9,481 6,512 6,400 6,025 5,605 5,124 4,560 3,917 3,220 2,547 2,012 1,586 1,310 1,219 1,187 1,209 1,198 1,166 1,092 993 878 746 665 587 512 440 392 345 341 335 331 318 279 238 183 127 107 106 104 103 101 100 98 95 93 89 63 199 215 219 219 213 200 188 185 202 217 228 222 200 179 154 139 127 128 129 135 140 165 179 189 194 203 200 197 194 192 193 198 202 217 233 251 278 308 337 305 380 391 395 385 356 328 301 289 246 189 44 43 42 42 41 40 40 39 39 38 49 ■75 110 127 140 141 139 137 136 146 260 446 741 1,77!) 2,717 3,299 3,590 3,515 3,208 2,780 6,512 48-6 51-4 58-6 68-4 80-0 93-0 106-4 119-4 132-8 146-0 159-4 170-0 180-0 187-4 192-6 196-6 199-4 202-0 204-6 208-0 211-6 215-2 217-8 220-0 222-2 225-4 229-6 236-0 245-2 252-4 259-2 264-6 269-8 274-4 279-4 287-0 294-0 297-6 299-4 300-0 300-0 300-0 300-0 300-0 300-0 300-0 300-0 300-0 300-0 300-0 300-0 91,191 82,217 73,099 65,946 59,002 53,286 48,869 45,350 42,430 39,914 37,554 35,297 33,151 31,152 29,342 27,746 26,339 25,093 23,979 22,982 22,065 21,229 20,469 19,771 19,135 18,551 18,021 17,541 17,101 16,692 16,308 15,935 15,566 15,207 14,851 14,507 14,166 13,826 13,486 13,136 12,745 12,283 11,715 10,765 9,491 8,072 6,550 5,061 3,710 2,548 8,763 8,312 7,554 6,759 5,551 4,268 3,377 2,771 2,359 2,200 2,107 2,015 1,886 1,716 1,514 1,335 1,175 1.044 925 818 730 650 585 523 469 418 372 335 306 277 254 233 212 198 180 167 156 147 142 133 126 116 95 06 211 206 199 185 165 149 142 149 157 160 150 131 113 94 82 72 71 70 72 76 84 89 92 93 96 93 90 88 86 85 86 88 93 99 105 116 127 138 148 153 157 157 152 140 128 118 113 96 74 23 22 21 21 20 19 19 18 17 17 22 33 48 54 59 59 58 57 55 60 105 179 295 703 1,068 1,291 1,404 1,376 1,255 1,088 2,548 39-6 47-0 58-6 74-8 91-0 107-2 121-6 133-0 140-6 145-2 148-4 150-0 151-0 152-4 153-2 154-0 154-6 155-0 155-6 156-6 157-6 159-0 160-6 162-0 162-6 163-2 163-2 163-2 163-6 164-6 165-4 166-0 166-0 166-0 166-0 166-0 166-0 166-0 166-0 166-0 166-0 166-0 166-0 166-0 166-0 166-0 166-0 166-0 166-0 166-0 16 17 18 19 20 21 22 23 24 26 26 27 28 2!) 30 :si ,-S2 33 34 35 36 37 38 39 40 41 42 43 44 45 46 4 7 4 8 40 60 51 52 53 54 r>5 56 57 58 59 60 61 m 63 64 65

D.—sa.

Eailways, 1912.]

13

TABLE VIII. CONTRIBUTIONS PER CENT. OF SALARY. Those now payable under the Scheme, together with those necessary to produce the various Benefits of the Fund for Future Service.

First Division. Seconc Divieion. Age at Date of joining Fund. Contributions per Cent. payable by Members now joining Scheme. For Pension for Old Age, Length of Service, or 111 Health. For Pension to Widows during Widowhood and to Children under Age 14. For Return of Contributions on Withdrawal, or on Death if unmarried. Total Contribution necessary. For For Pension for Pension to Old Age, Widows Length of during WidowService, : hood and to or Children 111 Health, under Age 14. For Return of Contributions on Withdrawal, or on Death if unmarried. CoSb'unectary. ™ 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 6 6 6 6 6 7 7 7 7 7 8 8 8 8 8 9 9 9 !> '.) 10 1(1 10 10 10 10 10 10 10 10 10 10 l<1 10 JO 4-499 4-610 4-724 4-847 4-978 5-115 5-255 5-395 5-536 5-678 5-825 5-950 6-087 6-234 6-387 6-541 6-696 6-848 6-997 7-144 7-290 7-435 7-580 7-722 7-859 7-994 8-127 8-262 8-405 8-558 8-719 8-888 9-062 9-243 9-432 9-637 9-867 10-118 10-383 10-656 10-931 11-201 11-464 11-711 11-939 12-154 12-368 12-603 12-875 13-195 0-356 0-366 0-376 0-387 0-399 0-413 0-428 0-445 0-463 0-482 0-501 0-521 0-541 0-560 0-580 0-601 0-622 0-644 0-665 0-685 0-704 0-721 0-733 0-743 0-750 0-755 0-759 0-765 0-773 0-785 0-800 0-818 0-838 0-861 0-886 0-913 0-942 0-971 0-997 1-019 1-036 1-051 ' 1-065 1-084 1-113 1-162 1-238 1-336 1-40) 1-433 0-857 0-820 0-787 0-755 0-723 0-691 0-660 0-630 0-601 0-572 0-543 0-514 0-483 0-453 0-423 0-473 0-440 0-410 0-383 0-359 0-392 0-368 0-345 0-324 0-305 0-327 0-307 0-288 0-269 0-252 0-265 0-249 0-234 0-221 0-208 0-216 0-201 0-185 0-169 0-151 0-134 0-117 0-100 0-084 0-071 0-062 0-056 0-047 0-035 0-020 5-712 5-796 5-887 5-989 6-100 6-219 6-343 6-470 6-600 6-732 6-869 6-985 7-111 7-247 7-390 7-615 7-758 7-902 8-045 8-188 8-386 8-524 8-658 8-789 8-914 9-076 9-193 9-315 9-447 9-595 9-784 9-955 10-134 10-325 10-526 10-766 11-010 ' 11-274 11-549 11-826 12-101 12-369 12-629 12-879 13-123 13-378 13-662 13-986 14-311 14-048 2-113 2-199 2-296 2-411 2-545 2-696 2-862 3-044 3-239 3-442 3-637 3-840 4-047 4-258 4-470 4-684 4-898 5-114 5-330 5-547 5-767 5-990 6-218 6-452 6-690 6-932 7-176 7-423 7-672 7-927 8-189 8-458 8-735 9-017 9-305 9-601 9-902 10-208 10-516 10-824 11-127 11-417 11-687 11-932 12-153 12-368 12-602 ]2-874 13-193 0-360 0-376 0-394 0-416 0-442 0-473 0-508 0-547 0-590 0-634 0-678 0-722 0-764 0-807 0-851 0-896 0-943 0-989 1-035 1-078 1-118 1-151 1-180 1-206 1-231 1-253 1-278 1-306 1-339 1-378 1-422 1-470 1-524 1-580 1-638 1-698 1 -754 1-804 1-845 1-876 1-902 1-927 1-960 2-012 2-100 2-237 2-414 2-532 2-590 1-869 1-825 1-782 1-736 1-683 1-627 1-567 1-503 1-433 1-360 1-286 1-210 1-137 1-067 1-200 1-125 1-054 0-988 0-926 1-012 0-949 0-889 0-833 0-779 0-832 0-777 0-724 0-674, 0-627 0-654 0-604 0-556 0-508 0-462 0-464 0-414 0-366 0-318 0-270 0-224 0-179 0-138 0-103 0-077 0-062 0-056 0-047 0-035 0-022 4-342 4-400 4-472 4-563 4-670 4-796 4-937 5-094 5-262 5-436 5-601 5-772 5-948 6-132 6-521 6-705 6-895 7-091 7-291 7-637 7-834 8-030 8-231 8-437 8-753 8-962 9-178 9-403 9-638 9-959 10-215 10-484 10-767 11-059 11-407 11-713 12-022 12-330 12-631 12-924 13-208 13-482 13-750 14-021 14-315 14-661 15-063 15-441 15-805 ie 17 18 J 9 20 2J 22 23 -14 25 26 27 28 211 30 31 32 33 34 35 36 37 38 39 40 i\ 42 43 44 45 46 17 •18 49 50 51 f>2 53 54 55 56 57 58 59 60 Oil 62 63 64

D.—sa.

[Eailways, 1912.

TABLE IX. Pensions in Force (excluding Pensions to Widows and Children). (1) Purchased by contribution. (2) Payable out of subsidy.

14

Number retired on Pension. (1) (2) Age at Itetirement. Age at Retirement, Total Contributions paid. Annual Pensions. Pensions purchased by Contribution. Pensions payable out of Subsidy. 77 75 74 73 71 70 . 69 68 67 66 65 64 63 62 61 60 59 58 57 56 55 54 53 52 51 50 49 48 47 45 43 40 38 36 33 29 27 25 19 1 1 2 5 9 11 13 13 32 39 57 4.3 43 66 98 208 5 10 8 4 10 8 2 2 4 2 1 5 1 1 1 2 2 2 1 1 1 2 1 £ s. d. 114 18 8 74 11 1 131 4 9 265 19 10 1,053 4 5 529 11 11 807 10 10 714 2 0 2,050 14 5 2,491 19 9 4,321 18 10 2,622 3 0 2,315 14 5 4,000 16 0 7,169 8 3 17,274 10 1 328 8 11 626 3 10 421 4 6 271 5 11 720 11 11 408 7 2 62 6 10 43 2 2 155 16 11 9 11 7 17 7 8 263 19 11 78 8 4 55 2 5 41 16 6 74 8 0 98 17 3 70 7 8 12 8 8 10 2 7 8 14 6 39 8 5 ,. 5 9 8 £ a. d. 133 6 8 58 10 0 164 14 7 327 17 0 1,100 15 4 818 15 4 882 12 6 969 2 6 2,424 11 6 3,109 12 10 3,931 19 11 3,224 8 9 3,168 5 0 4,404 6 4 7,298 13 4 15,538 16 8 415 6 3 637 1 1 510 12 11 270 2 4 1,012 0 10 514 17 0 188 0 1 113 9 3 216 3 1 139 19 0 36 10 4 304 10 11 55 0 0 42 5 1 19 14 9 47 9 6 139 19 5 126 13 4 48 0 0 30 0 0 4 3 6 32 6 11 2 12 0 £ s. d. 21 10 10 12 13 11 21 7 2 41 10 2 152 14 0 74. 7 8 110 6 5 95 5 3 268 5 5 320 15 2 549 1 10 329 15 0 288 17 7 496 3 10 885 10 10 2,128 16 0 40 8 8 77 2 4 51 19 1 33 10 10 89 7 8 50 17 2 7 16 1 5 8 6 19 14 6 14 5 2 4 6. 33 19 8 10 2 9 7 3 6 5 9 6 9 16 0 13 1 2 9 6 4 1 13 0 1 6 11 13 3 5 4 11 0 14 7 £ s. d. Ill 15 10 45 16 1 143 7 5 286 6 10 948 1 4 744 7 8 772 6 1 873 17 3 2,156 6 1 2,788 17 8 3,382 18 1 2,894 13 9 2,879 7 5 3,908 2 6 6,413 2 6 13,410 0 8 374 17 7 559 18 9 458 13 10 236 11 6 922 13 2 463 19 10 180 4 0 108 0 9 196 8 7 138 14 7 34 5 10 270 11 3 44 17 3 35 1 7 14 5 3 37 13 6 126 18 3 117 7 0 46 7 0 28 13 1 3 0 3 27 2 0 1 17 5 77 75 74 73 71 70 69 68 67 66 65 64 63 62 61 60 59 58 57 56 55 54 53 52 51 50 49 48 47 . 45 43 40 38 36 33 29 27 25 19 Totals.. 714 49,761 19 7 52,463 5 10 6,275 16 5 46,187 9 5 Totals.

Railways, 1912.

15

D.—sa

TABLE X. Consolidated Revenue Account of the Government Railways Superannuation Fund from the Ist January, 1903, to the 31st March, 1912. Income. £ s. d. Funds at the Ist January, 1903 Amount transferred from the Railway Servants' Fund .. .. .. .. .. 3,606 7 9 Members'contributions .. .. .. .. .. .. .. .. .. 449,343 3 2 Arrears of contributions paid by late employees of the Wellington and Manawatu Railway Company in terms of section 96 (2) of the Government Railways Act, 1908 .. .. .. .. 7,232 10 8 Contribution by the company in terms of the same section of the Act .. .. .. .. 5,000 0 0 Payment made by the Amalgamated Society of Railway Servants in terms of section 55 (1) of the Public Service Classification and Superannuation Amendment Act, 1908 .. .. .. 1,500 0 0 Government contributions .. .. .. .. .. .. 50,000 0 0 Transfers from other funds .... .. .. .. .. .. .. 17 12 0 Interest| ... .... .. .. .. .. .. .. .. 49,661 8 5 Fines .. .. .. ... .. .. .. .. .. .. 3,206 5 10 Miscellaneous .. .. .. .. .. .. .. .. .. .. 717 8 £569,575 5 6 Outgo. £ s. d. Pensions to members .. .. .. .. .. .. .. .. .. 256,652 16 8 Pensions to widows and children .. .. .. .. .. .. .. .. 32,793 13 0 Contributions returned, together with compensation paid at death or withdrawal.. .. .. 41,713 18 1 Transfers to other funds .. .. . . .. .. .. .. .. .. 422 10 4 Public Trust Office Commission .. .. .. .. .. .. .. .. 3,890 17 11 Travelling and legal expenses .. .. . . ... .. .. .. .. 610 2 8 Fines remitted and refunded . . .. . . . . .. ~ .. .. 33 18 4 Funds at the 31st March, 1912 .. .. .. .. .. .. .. .. 233,457 8 6 £569,575 5 6

TABLE XI. Valuation Balance-sheet of the Government Railways Superannuation Fund as at 31st March, 1912. Liabilities. £ Value of 714 pensions for £52,463 ss. 10d. per annum already granted .. .. .. .. 390,828 ~ 172 pensions for £3,096 per annum granted to widows of contributors .. .. . . 36,326 ~ 259 pensions for £3,367 per annum granted to the children of deceased contributors .. .. 14,867 ~ prospective pensions for back service .. .. .. .. .. .. .. 1,034,257 „ „ for future service .. .. .. .. .. .. .. 941,180 „ „ to widows .. .. .. .. .. .. .. 111,509 „ „ to children .. .. .. .. ..' .. .. 44,839 „ return of contributions on death .. .. .. .. .. .. .. 13,335 „ „ on withdrawal .. .. .. .. .. .. .. 156,053 £2,743,194 Assets. £ Accumulated funds .. .. .. .. .. .. .. .. .. .. 233,457 Value of future contributions .. .. .. .. .. .. .. .. .. 732,886 subsidy of £25,000 per annum .. .. .. .. .. .. ~ .. 625,000 „ increase in subsidy of £25,000 per annum now necessary .. .. .. .. .. 625,000 ~ future increases in subsidy to be provided .. .. .. .. .. ~ 526,851 £2,743,194

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