TEACHERS' SUPERANNUATION FUND: ACTUARIAL EXAMINATION FOR THE TRIENNIAL PERIOD ENDED 31st DECEMBER, 1913.

Appendix to the Journals of the House of Representatives, 1915 Session I, E-09a

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1915. NEW ZEALAND.

TEACHERS' SUPERANNUATION FUND: ACTUARIAL EXAMINATION FOR THE TRIENNIAL PERIOD ENDED 31st DECEMBER, 1913.

Laid before Parliament in pursuance of Section 88 (J/J of the Pithlic Service Classification and Superannuation Amendment Act, 1908. •

R E P 0 R T. By the Actuary appointed by Hib Excellency the Governor to make the Actuarial Examination of the Teachers' Superannuation Fund for the Triennial Period ended 31st December, 1913. Wellington, Bth March, 1915. 1. I have the honour to submit the following report on the Teachers' Superannuation Fund as at the 31st December, 1913, as required by section 38 of the Public Service Classification and Superannuation Amendment Act, 1908. "_'. The Teachers' Superannuation Act, 1905, whicli came into operation on the Ist January, 1906, established a superannuation scheme for teachers. The benefits under this Act, however, compared unfavourably with those granted to public servants, and by the Public Service Classification and Superannuation Amendment Act, 1908, the scheme was brought more into line with the Public Service and Government Railway Funds. The chief difference between the old and new schemes is in the manner of calculating the pensions, only half the usual rate of pension being allowed for back service under the old scheme, and the whole pension being calculated on a lower average salary—viz., the average for the whole period of service instead of for the last three years. A minimum pension of £52 per annum, however, formed one of the benefits under the old scheme for those in the service on the Ist January, 1906. Of the 2,505 original members on the 31st March, 1908, there were at the 31st December, 1913, only ninety-seven contributors who had elected to remain subject to Part IX of the Eduoation Act, 1908, with which the Teachers' .Superannuation Act, 1905, was consolidated. 3. By the Public Service Classification and Superannuation Amendment Act, 1912, the scheme was further extended to include service under the Universities, and persons so employed at the date of the amendment were given the option of joining the scheme before the Ist July, 1913, their pensions to be computed in the same manner as in the case of new entrants, save that there will be added thereto a one-hundred-and-twentieth part of their salaries for every complete year of service, whether continuous or not, prior to the 7th November, 1912, the date of the commencement of the Act. 4. The last-mentioned Act also revived the right of teachers permanently employed on the Ist January, 1906, who had not joined the scheme, to elect to do so, the election to be exercised before the Ist July, 1913. Subject to the payment of the arrears of contribution with 5 per cent, interest from the Ist January, 1906, these teachers obtained the same rights as if they had joined on that date. One hundred and fifty-six became contributors on these conditions. 5. It is compulsory for all persons to become contributors to the fund who arc first permanently employed after the passing of the Act— (a.) In the Education service as a teacher in any public school; (6.) In any branch of the Education service Which is also a branch of the Government service; (c.) Under the University of New Zealand, Auckland University College, Victoria College, University of Otago, Canterbury College, or the Canterbury Agricultural ('ollcge. Other persons first permanently employed in the Education service, not included above, have the option of joining the fund within six months of the date of their appointment. 6. "Education service" means service in any capacity for not less than twenty hours a week— (a.) Under an Education Board ; or (b.) Under the governing body of a secondary school; or (c.) Under the Managers of associated classes under Part VTI of the Education Act. 1008; or

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(d.) Under the Education Department in the case of Inspectors of Schools, or of Inspectors, Managers, or visiting officers of industrial schools, or of teachers of any schools under that Department; or (c.) Under the University of New Zealand, or under the Auckland University College, Victoria, College, University of Otago, Canterbury College, or the Canterbury Agricultural College. 7. The contributions and benefits provided by the Act, together with statements showing the progress of active membership, discontinuance of membership from various causes, and the progress of pensions for each year, will be found in Tables I to IV of the appendix to this report. The ages of the contributors at the date of the valuation, their contributions, and other particulars are shown in Table V, and the pensions granted during the triennium, with the ages at which they were granted, in Table VI. 8. The number of pensioners on the fund at the 31st December, 1913, was 460, drawing pensions amounting to .£29,898 per annum ; the number of contributors at the same date was ■1,017, with aggregate salaries amounting to -£708,589, and paying contributions at the rate of £44,956 per annum. 9. The income and outgo of the fund during the three years are shown in the Consolidated Revenue Account, which is as follows :— Consolidated Revenue Account of the Teachers , Superannuation Fund, from the Ist Tauuary , 1911, to the 31st December, 1913. Income. £ s. d. Outgo. £ s. d. Funds at Ist January, 1011 .. .. 1.54,21.1 Allowances .. .. .. 66,596 210 Members' contributions .. .. 133,443 14 '9 Contributions refunded .. .. 14,655 10 11 Government contributions .. .. 31,000 Oj JO Public Trust Office commission .. 425 10 1 Refunds .. .. .. .. 118 7 7 Miscellaneous .. .. .. 4 4 0 Interest .. .. .. .. 28,043 13_7 Funds at 31st December, 1913 ... 265,136 4 7 £346,817 12 5 £346,817 12 5 Valuation. 10. The rate of interest used in the valuation was 4 per cent. The funds are at present invested with the Public Trustee at 4] per cent., and, while more remunerative investments could be obtained at the present time, as referred to elsewhere, a higher rate than 4 per cent, could not with safety be assumed for the long periods over which a pension scheme will extend. 11. The Experience Table (Table VII) contains the rates per cent, per annum for withdrawals, mortality, retirement on pension, and increase of salary, used in arriving at the liability. The withdrawal and the salary scale have been calculated entirely from the experience of the fund itself, but owing to the limited time the scheme has been in operation, it has not been possible to do this in the case of the other factors, and the rates of retirement on pension and death have been partly arrived at by including the experience of the Public Service Fund. The Life and Service Table deduced from these rates is given in Table VIII of the appendix. 12. No particulars regarding the wives and children of contributors have been supplied, and it has been assumed that the prospective liability for these will be relatively the same, age y> for age, as in the case of male public servants. 13. It has also been assumed that all male and female teachers will retire at the age of sixtyfive and sixty respectively, if they remain so long in the service, although there are a few still contributing at higher ages. 14. The benefits to which the contributors who elected to remain subject to the provisions of the old Act are entitled have been valued as if the} r were equivalent to the generally higher benefits provided by the new Act. Probably this will not overstate the real liability, as they exercised a decided selection in choosing between the old and the new schemes. 15. The valuation balance-sheet is given in detail in Table IX, a summary of which is as follows : — Liabilities. Value of contributors' pensions already granted for £27,932 per £ annum ... ... ...' ... ... ... 277,705 Value of widows' and children's pensions already granted for £1,966 per annum ... ... ... ... ... 15,749 Value of prospective pensions for back service ... 1,012,152 Value of prospective pensions for future service ... ... 695,277 Value of prospective pensions to widows and children ... ... 111,252 Value of return of contributions on death or withdrawal 90,137 £2,202,272 Assets. £ Accumulated funds ... ... ... ... 265,136 Value of future contributions ... ... 493,539 Value of present and future Government subsidies 1,443,597 £2,202,272

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16. Compared with the previous valuation the liabilities show an increase of £696,593, and Hie funds and value of future contributions an increase of £236,814, making a net increase in the Government's liability of .£459.779. The causes of the increase are (1) the extension of the definition of " Education service," as already mentioned, to include, service under' universities; (2) the revival of the right of persons employed in the Education service on the Ist January, 1906, who had not already joined the hind, to do so; (3) increase of salary scale and consequent increase in the pensions to be based thereon; and (4) the natural increase in the number of OOD fributors. Under No. (I) forty-six persons joined the scheme, some of whom were entitled to retire immediately on pension; and under No. (2) 156 persons joined, bringing on to the fund a considerable liability for back service. The number of contributors, their salaries, and the annual pensions payable at 31st Decem her, 1913, and the 31st December, 1910, respectively were as follows: — 1913. 1910. Number of contributors ... ...' ... ... 4,017 3,247 £ £ Annual salaries ... ... ... ... ... 708,589 547,932 Average salary per contributor ... ... 176 169 Annual pensions payable ... ... ... ... 29,898 14,261 The nearer a person is to the retiring-age the greater is the value of his pension and *he less the value of his future contributions; the increase of salary being chiefly at the higher ages has therefore greatly increased the liability, while adding little to the value of the assets. 17. Section 38 (2) of the Act requires the report to be so prepared as to show " the probable annual sums required by the fund to provide the retiring and other allowances falling due within the ensuing three years without affecting or having recourse to the actuarial reserve appertaining to the contributors' contributions." As the contributions are insufficient to provide for the full benefits for future service, the whole of the pensions for back service and a certain portion for future service are left to be provided by the subsidy. The. sums required during the ensuing three years, 1914, 1915, and 1916, are as follows:—

I have therefore to report that, in addition to the annual subsidy of £17,000 now being paid, further subsidies of .£12,000, £16,000, and £20,000 will be required for the years 1914, 1915, and 1916 respectively, or an average of about £16,000 per annum. The increase in the subsidy required has, like the increase in the liability, been partly occasioned by the additional contributors joining the fund under the Public Service Classification and Superannuation Amendment Act, 1912. As the scheme had only been in operation for eight years at the date of the valuation, while some of the pensions were for nearly forty years' service, the amount of pension purchased by the contributions is at present comparatively small. The proportion of the total pensions so purchased, however, shows a steady increase from year to year. 18. The only other matter calling for remark is the investment of the funds. The higher the rate of interest which can be obtained, having due regard to the safety of the capital, the stronger the financial position of the fund will be, and the less the subsidy it will eventually be necessary to ask for. The interest allowed by the Public Trustee (4| per cent.) is much below the rate which could be secured by the direct investment of the moneys on mortgage, and I would strongly advocate an alteration being made in the Act to enable them to be invested in this manner. It has been proposed that an Investment Committee, representing the Teachers', Public Service, and Railway Superannuation Funds, should be set up for the purpose of investing the moneys of the different funds. This, of course, could be done without any interference with the independence of the different schemes or any amalgamation of their liabilities or subsidies. If desired each fund could be separately invested by the committee, bift pooling the money for this purpose, besides simplifying the book-keeping and general procedure, has certain other advantages, as, instead of three uninvested balances, there would only be one, and in the event of a loss arising through a bad investment it would not fall wholly on one fund but be distributed pro rata. The same rate of interest would also be realized by each. The interest, less losses (if any), and the expenses, &c, could be apportioned to the different funds according to the amounts invested. The funds at the 31st December, 1913, amounted to £265,136, and if 5 per cent, could be realized on this instead of 4J per cent, it would make an annual addition to the income of £1,989, and as the funds must eventually become very large to correspond with the liabilities. even a small increase in the rate of interest is of great importance. Percy Muter, F.1.A., Acting-Actuary to the Government Insurance Department.

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Required for 1914. 1915. 191(i. Current ordinary pensions New pensions and family ponsions .. £ 26,802 6,507 £ 25,686 12,425 £ 24,579 18,379 iJeduct amount of pension provided by contributions .. 33,309 4,172 38,111 5,215 42,958 6,358 Subsidies required for ensuing three years 29,137 32,896 36,600

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APPENDIX. TABLE I. The Benefits and Contributions provided fok by the Act. (These benefits are slightly modified in the case of those existing contributors (numberiny 97) who elected In remain under the provisions of Part IX of the Education Act, 1908, and in the case of persons employed in service under the Universities on the 7th November, 1912, who joined the scheme before Ist July, 1913.) The contributions vary according to the age at the time when the first contribution becomes payable, and are as follows :— Age 30 and under .. . . . . .. 5 per cent, of pay. ■ _ ~ j. Over 30 and not exceeding 35 . . . . . . 6 „ Contributions < ~m °- n 7 ~oo ~ *v . ■ • ■ .. i ~ ~40 „ 45 .. .. ..8 „ 45 „ 50 .. .. ..9 I „ 50 10 ("I. On Attainment of Pension. Males at Age 65, or after Forty Years , Service ; Females at Age 55, or after Thirty Years' Service. (I.) 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, £30u. (2.) Or the option, in lieu thereof, of a return of total contributions. (Note. —The Board may, with the approval of the Minister of Education, retire contributors on pension in the following cases : — (a.) Where the age of a male contributor is not less than 60, or of a female contributor not less than 50. (b.) Where the age of a male contributor is not less than 55, if his length of service is not less than thirty years. (o.) Where the length of service of a male contributor is not less than thirtyfive years. Tti any such exceptional cases the Board may, with the approval of the Minister of Education, impose upon the retiring contributor such terms and conditions as to payments into the Fund or otherwise as the Board thinks fit.) '*■ 11. On retirement before Pension Age (on the Grounds of being medically unfit for Future Duty.) (1.) At any time after fifteen years' service, on the certificate of two doctors approved by the Board, a pension of one-sixtieth of yearly salary for each year's service, limited to forty-sixtieths. (2.) Or the option, in lieu thereof, of a return of total contributions. 111. On Retirement before Pension Age (on other Grounds than Medical Unfitness) . (1.) On voluntary retirement or dismissal for misconduct, a return of total contributions. IV. At Death, whether before or after becoming entitled to a Retiring-allowance. i (1.) Leaving no widow or children : A return of total contributions less any sums received from the Fund during lifetime. (2.) Leaving a widow :— (a.) £18 yearly during widowhood ; or (b.) A return of total contributions, together with such compensation (if any) as the contributor would have been entitled to receive from the Consolidated Fund on compulsory retirement, less any sums received from the Fund during lifetime. (If death occurs before retirement the compensation is paid from the Consolidated Fund ; if after retirement, from the Superannuation Fund.) (3.) Leaving children : ss. weekly to each child until age 14. (Note. —The contributions and pensions are payable monthly, and the pensions are computed on the average salary for the last three years.)

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TABLE II. Statement of Progress of Active Membership.*

TABLE III. Particulars of Discontinuance of Active Membership.*

TABLE IV. Statement of Progress of Pensions.*

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T rew Members. Increase mot: ) by Proiion. Annual Contributions. ilscontinued. Year. I Total in Force at Find Of Year. "I i Annual Contributions. Number. Annual Salaries. Contributions. Salaries. Number. Annual Salaries. Contributions. Number. Salaries. £ £ 444,950 33,652 ! 34,600 1,860 19,083 1,075 37,327 1,185 35,734 I 1,862 40,267 2,234 50,364 2,740 108,638 6,216 £ £ £ 2,8.12 : 426,855 2,882 446,607 2,93! 4.54,646 3.152 511,240 3,247 547,932 3,384 595,992 3,641 628,789 4,017 *708,589 £ 32,048 32,870 33,057 35,544 37,285 38,964 40,2)3 *44,956 1906-7 .. 1907-8 .. Part 1908 1909 1910 .. 1.911 1912 1913 2,939 247 161 334 287 349 470 645 14,446 14,000 41,670 36,466 41,524 14,616 II ,24!) 914 825 2,975 2,4.16 I ,823 710 I ,292 127 177 11.2 113 1.92 212 213 26!) £ £ 18,095 i 1,604 29,294 ! 1,952 25,044 1,713 22,403 ! 1,673 35,508 | 2,537 33,731 i 2,378 32,183 2,201 40,087 2,765 Totals. . *5,432 770,963 50,824 173,971 | 10,955 \ *1,415 236,345 j 16,823

By DeatJ .. By Wi or Dii bhdrawal gmissal. Old As By Pe ;e or Length of Service. nsions. I Mei n IT** ' 1; » Total discontinued. dically unfit. Year. 1906-7 1.907-8 Part 1908 1.909 1910 191 I 1912 1.913 — Si eg M i I s is Zi < £ 6 ! 58 13 ! 220 1.0 j 341 9 i 436 9 656 8 426 7 607 19 884 a & a-s s £ I 55 212 341 32! 114 176 75 321 03 £> \ B Z 35 136 83 76 131 155 147 184 Si * .5 o a % got 5 £ 276 .1,014 1 ,276 I ,389 2,863 4,370 4,005 4,195 M Zi 78 20 9 24 46 3!) 49 52 Pensions entered upon. £ 4,207 I ,182 504 2,049 4,813 4,087 4,146 5,4.13 a A ft 8 8 10 4 6 10 10 14 . Si Si , p.,2 $; Pensions . 03 Pensions s M -s entered ' S entered g § upon. 3 § upon. £ £ £ £ 137 312 127 471 4,674 234 208 i 177 I ,468 1,602 51 491 1.12 I ,668 1 1 ,336 343 LIS 1,825 | 2,713 559 192 3,519 i 5,486 .. ! 630 212 ' 4.796 ! 4,893 .. I 946 213 4,612 ! 5,167 ! .. 1,372 269 5,079 7,106 Totals — *8.l. 3,628 *70 422 4,861. *1,415 ! 23,438 32,977 *81 3,628 1,715 *!)47 19,388 317 26,401

Year. Attainment of Pension Age or Length of Service. or transferred. Void b * Death - In "'<««'" tr"" | l '™-»- l,r ''--"• ber"" *»**■ Retired medically unlit. Granted Void by Death . „ or transferred. or Expiry. in i oice. her? ''" "T *'" ST ■'" 1906-7.. 1907-8.. Part 1908 1909 1910 .. 1911 .. 1912 .. 1913 .. £ £ £ 78 ! 4,207 .. .. 78 4,207 20 i 1,1.82 4 220 94 5,169 9 I 503 3 ! 156 ! 100 5,51.6 24 j 2,049 4 ! 248 120 7,317 46 4,813 8 693 158 II ,437 39 4,087 3 | 175 .1.94 15.349 49 4,146 3 ! 163 240 19,332 52 5,413 8 i 694 I 284 24,051 £ £ £ 6 | 312 .. .. 6 312 4 I 208 I 52 9 468 9 4!) I I 52 17 907 4 343 4 237 17 1,013 6 559 2 164 21 1,408 10 630 I 163 30 I ,875 10 946 I 52 ! 39 2,769 14 1,372 3 260 i 50 3,881 I 1 4 2 I 1 3 Totals Totals i : 317 26,400 33 j 2,349 317 63 4,861 13 980 I Year. i Death of Contributor or Pensioner : Family Pension. Granted I Void by Death ... Force or transferred. or Expiry. \Z: | *™*»- ber"" tension. Granted or transferred. Total r oid. 'ensions. In Force. t | ~ j Number. Pension. tar.'' i p «Mion. 1906-7 1907-8 Part 1908 1909 .. 1910 .. 1911 .. 1912 .. 1913 .. £ £ £ 10 155 .. .. 10 156 20 310 3 1 39 27 426 26 403 2 31 51 798 32 476 5 65 78 1,209 17 269 4 62 91 1,416 18 279 9 132 100 1,563 6 93 9 122 97 1,534 .. I 33 489 | 4 57 126 1,966 3 2 5 4 9 9 4 10 27 51 78 91 100 97 126 £ 94 j 4,674 44 ! 1,700' 44 j I,397 60 2,868 69 5,641 67 4,996 65 5,185 99 7,274 94 44 44 60 69 67 65 99 8 6 13 14 13 13 15 £ 3M 239 550 919 470 337 i 1,011 3,837 j T £ 94 I 4,674 130 6,063 168 : 7,221 215 I 9,539 270 14,261 324 t 18,787 I 376 23,635 460 | 29,898 i™ ■ ! •' I - Totals .. *162 ! *2,474 36 508 *542 33,735 82 ! - * Compil )d from annual repi trts.

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TABLE V. Present Annual Pay and Contributions of Officers now in Service.*

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1 80 79 78 73 70 69 68 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 89 38 :«* 36 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 Age attained. i Nun Male. 1 I I 1 2 I I 5 7 10 7 II II 18 18 21 13 27 34 82 31 15 46 45 44 49 52 38 47 52 45 41 46 46 50 48 38 38 58 57 54 59 64 40 52 53 40 52 60 77 51 47 15 8 8 8 3 I .ber. Female. Present A inual Pay. Preyellt Annual Contributions. Female. Male. Female. Age attained. Male. 1 I "2 2 I 2 4 2 10 11 12 16 15 27 39 49 46 45 47 57 47 55 44 53 70 53 65 59 54 80 64 69 70 79 91 83 100 123 123 129 127 91 41 21 14 17 5 I £ 600 600 132 225 405 140 335 1,180 2,095 2,475 1,960 4,065 2,683 5,374 5,430 6,405 4,605 7,231 10,240 8,849 10,175 4,436 11,899 11,707 12,496 13,775 14,162 11. ,040 12,119 14,953 12,988 10,597 I 1,294 10,753 12,794 I I,507 8,727 9,085 12,682 13.475 10,896 12,385 13,351 7.808 11,139 10,315 7,110 9,741 .10,300 12,257 7,660 6,581 1.447 545 465 370 126 35 £ £ £ 600 600 13-2 22-5 40-5 14-0 33-5 118-0 115 209-5 | LI-5 166 247-5 16-5 196-0 605 406-5 60-5 285 268-3 28-5 537-4 135 5430 13-5 475 623-1 ,* 42-8 570 423-5 53-3 352 6590 31-7 1,775 922-9 , 159-8 1,912 804-9 172-1 1,955 911-7 172-9 2,553 375-3 209-8 2,107 967-0 173-3 4,152 948-7 340-5 5,985 I ,004-6 486-0 8,264 I ,084-9 640-5 7,465 1,016-2 541-3 7,502 779-6 531-7 7,360 857-0 525-0 9,340 1,072-2 664-0 7,054 886-4 483-9 8,521 654-2 521-8 7,461 696-7 456-2 7,559 665-0 471-2 10,588 776-6 645-1 7,630 666-5 448-8 9,519 454-3 505-0 8,575 471-8 445-6 7,544 658-5 396-0 11,416 685-8 591-9 8,625 561-7 449-8 9,927 632-1 503-1 9,102 678-3 458-6 10,769 390-4 539-6 11,805 557-0 590-2 10,201 51.5-8 510-1 12,240 355-5 612-0 14,101 487-0 705-1 13,744 515-0 687-2 13,638 612-8 681-9 13,244 383-0 66? -2 8,580 329-0 429-0 2,997 72-4 149-9 1,049 27-2 52-5 640 23-3 32-0 590 1.8-5 29-5 175 6-3 8-7 20 1-7 I -0 80 79 78 73 70« 69 - "' 68 66 65 64 63 62 61 60 59 58 57 56 55 54 63 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 IS 17 16 28,003-3* 16,942-1* ; Totals. Totals I ,800 2,217 418,224* 290,376* I * Compiled from cards.

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TABLE VI. Classification of Pensions granted from 1st January, 1911, to 31st December, 1913, inclusive, showing the Ages at which they were granted.

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. . . ,, , Widows Attainment.., ,-ns.on Age or R t) , medloBUy llnflt . aud Length of 8orvioe. Children. Age at which ! "g , Pension Number. Number. gj « s granted. Amount of Amount of s I §•§ Pension. Pension. c 5 a M. F. Total. M. F. Total. = !§£ Total Number. ,1. Age at which Pension Amount of granted. Pension. I M. 1'. Total. . \ : I I £ s. d. 18 0.0 73 52 0 0- 72 98 16 0 - 69 106 8 0 68 1,263 19 0 66 2,087 5 7 66 347 8 8 64 307 19 2 63 473 16 10 62 253 8 7 I 61 1,700 1 0 60 421 6 0 59 479 2 0 58 648 17 9 57 I .423 2 6 66 1,212 1 9 55 548 7 9 54 507 17 0 53 343 7 7 52 415 16 0 51 591 I 7 50 862 6 0 49 739 2 4 48 341 1 0 47 544 7 0 46 70 0 0 45 85 12 0 14 112 I!) 0 43 52 0 0 42 143 10 0 41 229 5 0 40 117 2 0 39 66 8 0 I 35 79 3 0 34 121 6 8 33 36 0 0 31 18 0 0 29 18 (I 0 28 39 O 0 13 52 0 0 12 39 0 0 II 26 0 0 10 52 0 0 I 9 39 0 0 8 39 0 0 7 13 0 0 5 13 0 0 4 26 0 0 3 39 0 0 2 13 0 0 I 13 0 0 0 26 0 0 * 90 0 0 * £ s. d. £ s. d. £ 73 .... .. .. .. i I 18 72 . . I . . I 52 0 0 I . . .... 69 .. I .. I 98 16 0 .. .. i . .' 68 .. I i .. I 106 8 0 ' .. .. \ .. 66 .. | 6 I .. 6 I .263 19 0 I .. .. .. 65 .. 18 .. 18 2.087 6 7.. .. .. .. .. .. 64 .. ! 3 2 ! 5 329 8 8 ! .. .. ' .. .. 1 18 63 .. 3 .. 3 289 19 2 : .. I 18 62 . . 4 J 5 455 1.6 10 ! .. 1 18 61 3 .. 3 253 8 7 .. . . 80 .. 13 i 2 15 1,487 4 7 I 2 .. 2 194 16 5 I. 18 59 .... 5 5 385 6 0 ...... . • 2 36 58 . . 3 ! .. 3 367 5 0 I . . 1 I I I 17 0 .. 57 .. . . ' 6 6 486 7 9 2 .. 2 162 10 0 .... 56 .. 4 5 9 1.060 13 6 3 .. 3 344 9 0 I 18 55 .. Ill 12 892 5 9 3 .. 3 301 16 0 1 18 54 .... 5 5 418 15 9 I . . 1 12!) 12 0 .. .. 53 .... 5 5 j 507 17 0 .. 52 6 6 343 7 7 .. .. ! .. .. .. 51 .. .. 4 4 302 10 0 1 .. 1 H3 6 0 .. .. 50 ... . 8 8 573 17 . . 118 4!) . . . . 4 4 377 3 0 3 .. 3 485 3 0 ... . 48 .. .. 5 5 599 114 1 .. I 139 11 0 .. .. 47 .... 3 3 289 10 1 . . 1 52 0 0 ... . 46 .... 5 5 471 10 0 .. I I 72 17 0 .. . . 46 .. .. 1 1 52 0 0 118 44 . . .. I 1 67 12 0 1,18 43 .. i .. I 1 94 I!) 0 .... | .. .. I 18 42 . . - • 1 I 1 i 52 0 0 ...: 41 .. I I 2 143 10 0 .. .. 40 ... . I 1 52 0 0 I I 2 177 5 0 .. .. 39 .. .... .. .. 2 2 11720.... 35 . . I .. 1 48 8 0 118 114 . . i I 2 79 3 0 i ... . 33 .. 3 3 103 6 S ! I 18 31 .. .. 2 36 ■2<) . . . . I I 18 2S . . . . 1 18 13 ■• 3 39 12 4 52 II .. 3 39 10 .... •• •• 2 26 <) .. 4 52 8 .. 3 39 7 ' . . ; .. 3 39 5 | .. . . . . 113 4 . . . . 113 3 2 26 ■I . . . . 3 39 I I 13 0 1 13 * .. . . .. • • • ■ ■ • 2 26 * ! ...... .. 5 90 1 1 I .. 1 I ! .. 1 1 .. 1 6 .. 6 18 .. 18 3 3 6 3 I 4 4 2 6 3 .. 3 1.5 ; 8 1 18 ..'■ 1 7 4 | .. 4 2 6 8 7 6 13 4 12 16 1 5 6 5 5 6 : 6 I 4 5 9 ! 9 3 4 7 I 5 6 1 3 4 6 6 .. ; 2 2 .. j 2 2 .. : 2 2 .. 1 I I ] 2 12 3 2 2 I 1 2 II 2 .. I 4 4 .. I 2 2 .. ! I 1 1 1 1 if 3 4 3 2 ! 4 3 20 1.3 \ ? 1 2 3 I I j 12: .-5 5 I I I 6 18 3 3 4 3 15 4 2 7 4 20 13 5 13,646 0 8 ; 22 12 34 2,948 41 I 57 17,455 4 9 Totals. Totals : 61 79 140 861 103 128 131 17,455 4 9 * Not stated. Adjusted to agree with annual repor ■ts.

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TABLE VII. EXPERIENCE TABLE. Rates per Cent. per Annum of Withdrawal, Mortality, Retirement, and Increase of Salary.

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Age. Contributing Members : Males. r ,+„ n f Rate of Rate of Withdrawal Mortality Retirement f 'etchers' (Combined (Combined 1 guoer New Zealand New Zealand annuation Super- Superf,,,?,i annuation annuation I'imaj. Funds). Funds). Rate of Increase of Salary (Teachers' Superannuation Fund). Rate of Withdrawal (Teachers' Superannuation Fund). Contribut Hate of Mortality (Assumed). ing Members : Rate of Retirement (Combined A T ew Zealand Superannuation Funds). Females. Rate of Increase of Salary (Teachers' Superannuation Fund). Age. - „ 15 16 17 18 19 20 21 22 23 24 25 26 27 28 2!) 30 31 32 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 6-60 0-20 5-90 0-20 5-35 0-20 4-90 0-20 4-50 0-20 4-10 0-21 3-70 0-21 3-40 0-22 3-12 0-23 2-90 0-24 2-70 0-25 2-52 0-26 2-37 0-27 2-22 0-28 2-10 0-2!) 2-00 0-30 1-90 0-32 1-80 0-34 1-70 0-36 1-60 0-38 0-18 i -53 0-40 0-20 1-47 0-42 0-20 I -10 0-44 Q-20 1-35 0-46 0-21 I -30 0-49 0-22 1-23 0-52 0-23 1-20 0-53 0-24 1-14 0-54 0-25 I-II 0-55 0-26 I -08 0-57 0-27 1-04 0-59 0-28 I -02 0-60 0-29 I -00 0-63 0-30 1-00 0-67 0-41 0-98 0-70 0-53 0-96 0-73 0-68 0-92 0-78 0-88 0-87 0-82 1-12 0-82 0-86 1-37 0-74 0-92 1-69 0-66 0-98 2-07 0-57 1-05 2-52 0-46 1-15 3-05 0-32 1-25 3-74 0-20 1-37 4-57 I -52 5-81 .. ■ .. 1-6!) 7-91 1-88 13-00 2-12 21-20 2-40 29-50 4-2 6-3 8-4 14-1 18-6 20-4 20-1 20-4 18-3 13-5 8-4 6 0 5 1 4-5 4-8 4-8 4-2 4-8 4-5 4-5 4-8 4-5 4-8 4-5 4-8 4-8 4-5 51 4-5 3-9 3-9 3-6 3-0 3-0 2-4 2-4 1-5 2-i 1-5 1-2 0-9 1-2 0-6 0-6 2-40 2-60 2-80 3-10 3-60 4-20 5-00 5-70 6-20 6-70 7-00 7-15 7-20 7-10 6-90 6-70 6-40 6-20 5-80 5-50 5-10 4-70 4-20 3-70 3-10 2-00 2-20 1-90 1-60 1-30 0-95 0-52 0-22 0-23 0-24 0-25 0-26 0-27 0-29 0-30 0-31 0-31 0-32 0-32 0-32 0-32 0-32 0-32 0-32 0-32 0-32 0-32 0-33 0-33 0-33 0-33 0-34 0-34 0-36 0-38 0-40 0-44 0-48 0-52 0-57 0-63 0-69 0-76 0-83 0-90 0-98 1-07 1-15 I -25 1-34 I -45 1-56 0-25 0-25 0-25 0-25 0-25 0-30 0-40 0-50 0-liO 0-70 0-88 1-08 I -38 1-83 2-58 3-63 4-63 5-90 7-43 9-25 1.1 -88 14-63 17-38 19-88 21-30 22-50 25-00 1-6 3-8 6-6 10-6 12-4 13-0 12-0 12-0 90 6-6 5-2 4-6 3-8 3-4 3-4 2-6 2-4 2-0 1-6 2-0 1-8 2-0 1-8 1-8 1-6 2-0 1-8 2-2 i-6 1-6 1-8 2-0 2-0 i-4 10 0-8 0-2 15 16 17 18 I!) 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 •18 49 50 51 52 53 54 55 56 57 58 5!) "

E.—9a.

TABLE VIII. LIFE AND SERVICE TABLE. Based upon the Rates per Cent. per Annum of Withdrawal, Mortality, and Retirement given in Table VII.

C 2— E. Oα.

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Males. Fomal les. Existing in Service. dSrs. D " atl »- Retirements. Average Salary. Existing in Service. Withr drawals. I Dentils. : — » Retire- A \ erage nients. Salary. L Age. Age. 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 .. 65 .. 100,000 93,201 87,517 82,659 78,44.4 74,757 71,535 68,738 66,251 64,031 62,020 60,191 58,518 56,973 55,548 54,220 52,972 51,796 50,689 49,644 48,572 47,538 46,545 45,595 44,675 43,776 42,909 42,064 41,252 40,460 39,684 38,925 38,181 37,445 36,666 35,855 35,005 34,102 33,144 32,133 31,056 29,904 28,666 27,331 25,879 24,290 22,510 20,349 17,321 13,282 9,045 6,599 200 5,498 186 4,683 175 4,050 165 3,530 157 3,065 157 2,647 150 2,336 151 2,067 153 1,857 154 1,674 155 1,517 156 1,387 J 58 1,265 160 1,167 161 I,085 163 1,007 169 932 175 862 183 794 189 743 194 699 199 652 205 615 209 581 219 538 228 515 227 480 227 458 227 437 230 414 234 397 234 382 240 374 251 360 257 344 262 322 273 297 279 272 285 238 296 205 304 170 314 132 ' 329 88 ! 342 52 I 354 369 380 383 367 319 8!) 97 95 93 96 99 101 103 105 107 109 111 113 114 154 194 244 308 382 454 543 643 754 874 1 ,022 1,183 1,411 1,781 2,645 3,672 3,918 9,045 £ 30-0 34-2 40-5 48-9 63-0 81-6 102-0 J22-J 142-5 160-8 174-3 182-7 188-7 193-8 198-3 203-1 207-9 21.2-1 216-9 221-4 225-9 230-7 235-2 240-0 244-5 249-3 254-1 258-6 263-7 268-2 272-1 2760 279-6 282-6 285-6 288-0 290-4 291-9 294-0 295-5 296-7 297-6 298-8 299-4 300-0 300-0 300-0 300-0 3000 300-0 300-0 100,000 97,380 94,624 91,747 88,673 85,249 81,439 77,131 72,504 67,784 63,032 58,421 54,059 49,995 46,287 42,946 39,931 37,247 34,818 32,599 30,619 28,882 27,358 26,051 24,923 23,967 23,142 22,411 21,744 21,117 20,522 19,947 19,374 18,762 17,963 17,007 15,876 14,564 13,085 11,403 9,613 7,831 6,177 4,779 3,634 2,669 2,400 2,532 2,650 2,844 3,193 3,580 4,072 4,396 4,496 4,541 4.412 4,177 3,893 3,549 3,194 2,878 2,556 2,309 2,019 1,793 1,562 1,358 1,149 964 773 623 509 426 348 275 195 104 220 224 227 230 231 230 236 231 224 211 199 185 171 159 147 137 128 120 113 106 99 94 90 86 83 82 83 84 88 92 97 104 112 118 124 129 131 132 128 122 III 97 83 69 57 £ 24-0 25-6 29-4 360 46-6 59-0 72-0 84-0 96-0 105-0 111-6 116-8 121-4 125-2 128-6 132-0 134-6 137-0 87 139-0 81 140-6 76 142-6 72 144-4 68 146-4 78 148-2 100 j 150-0 120 ! 151-6 139 ' 153-6 157 155-4 191 157-0 228 159-2 283 160-8 365 162-6 500 164-6 681 166-6 832 168-0 1,003 1690 1,180 169-8 1,347 170-0 1,554 170-0 1.668 170-0 1,671 170-0 1,557 1.70-0 1,315 170-0 1,076 170-0 908 170-0 2.669 170-0 87 81 76 72 68 78 100 120 139 157 191 228 283 365 500 681 832 1,003 1,180 1,347 1,554 1,668 1,671 1,557 1,315 1,076 908 2,669 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 i

E.—9a

TABLE IX. SUMMARY OF TEACHERS' SUPERANNUATION RESULTS. Valuation Balance-sheet as at 31st December, 1913. ~ Liabilities. „ „ Males —■ £ £ Value of 177 pensions for £17,065 os. 10d. per annum already granted .. .. 143,820 „ 63 pensions for £.1,147 3s. per annum granted to widows of contributors or pensioners .. .. .. .. .. .. .. 12,470 „ 63 pensions for £819 per annum granted to children of deceased contributors or pensioners .. .. .. .. .. .. .. 3,273 ~ prospective pensions for back service .. .. .. .. .. 591,724 „ „ for future service .. .. .. .. .. 366,199 „ „ to widows .. .. .. .. .. 89,464 to children .. .. .. .. .. 14,530 „ return of contributions on death .. .. .. .. .. 6,209 ~ ~ on withdrawal .. .. .. .. .. 35,484 « 1,263,17!t Females— Value of 137 pensions for £10 ! 867 2s. per annum already granted .. .. •• 133,885 „ prospective pensions for back service .. .. .. .. .. 420,428 for future service .. .. .. .. .. 329,078 for children .. .. .. .. .. 7,258 „ return of contributions on death .. .. .. .. .. 12,546 on withdrawal .. .. .. .. .. 35,898 938,093 £2,202,272 Asselx. £ Accumulated funds .. .. .. .. .. .. .. .. .. .. 265,136 Value of future contributions from males .. .. .. .. .. •• ■• 328,702 „ ~ from females .. .. .. .. .. .. .. 164,837 subsidy of £17,000 per annum .. .. .. .. .. .. .. 425,000 „ future increases in subsidy to be provided .. .. .. .. .. .. 1,018,597 £2,202,272

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