NATIONAL PROVIDENT FUND. ELEVENTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1921.

Appendix to the Journals of the House of Representatives, 1922 Session I, H-17

IT. —IT

1922. NEW ZEALAND.

NATIONAL PROVIDENT FUND. ELEVENTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1921.

Prepared in Terms of Section 23 of the National Provident Fund Act, 1910.

At the 31st December, 1921, there were 21,713 persons contributing to the fund, as compared with 19,724 at the close of the previous year. The total of the fund was £632,525 Os. 6d., an increase of £159,164 Bs. 10d., while the income from all sources amounted to £188,852 14s. 9d., of which £129,354 3s. 7d. represents payments by contributors. The rate of interest earned (allowing for the incidence of the income) was £4 19s. 6d. per cent. Allowances for maternity were paid out amounting to £38,562, the sum of £31,740 being claimed for members of " approved " friendly societies, and £6,822 going to contributors to the fund. The amount of £9,476 14s. Id. was granted in allowances on retirement and incapacity, and to widows and children. A change was made during the year in the method of investment of the fund which will increase the interest yield. The expenses of administration in respect of the ordinary contributors' business were at the rate of 29-8 per cent, of their contributions—practically the same as last year ; but now that war conditions are disappearing the percentage will probably be reduced to a lower figure. J. G. COATES, Chairman of the Board. J. H. Richardson, Wellington, 18th May, 1922. Superintendent of the Fund.

H.—l7

2

NATIONAL PROVIDENT FUND. (1.) Revenue Account for the Year ended 31st December, 1921. £ s. d. £ s. d. Amount of fund at beginning of year .. 473,360 11 8 Maternity claims (section 18) .. .. 6,822 0 0 Contributions .. .. .. 129,354 3 7 Maternity claims (approved friendly Interest .. .. .. .. 26,039 14 7 societies).. .. .. .. 31,740 0 0 Pines .. .. .. . . 712 8 7 Refund of contributions on lapse, reducGovornmont contribution under Aot .. 32,746 8 0 tion, and withdrawal (sections 10, 11, Refund of maternity claims by the State 38,562 0 0 12, and 13) .. .. .. 18,818 2 0 Contributions overpaid on exit .. 47,17 7 Incapacity allowances (sections 16 and 17), including contributions waived on incapacity (£2Ol 19s. Bd.) .. .. 1,186 16 9 Death : Refund of contributions (sections 14(5)and 15 .. .. .. 1,362 10 1 Death : Allowances on account of widows and children (section 14) .. .. 3,922 3 4 Retirement: Allowances (section J2) .. 4,367 14 0 Refund of contributions overpaid on exit 47 17 7 Refund of contributions unclaimed or impounded .. .. .. 30 19 9 Amount of fund at end of year .. 632,525 0 6 £700,823 4 0 £700,823 4 0 Balance-sheet, as at 31st December, 1921. Liabilities. £ s. d. Assets Fund as per Revenue Account .. 632,525 0 6 In hands of Public Trustee — £ S. d. Claims due and in course of payment — Invested .. .. .. 576,175 0 0 Maternity .. .. .. 6,759 10 3 Uninvested .. .. .. 10,614 5 7 Death (section 15) .. .. 237 111 Balance with Post Office .. .. 6,571 9 2 Death: Allowances (section 14) .. 170 3 8 Balances in transit .. .. .. 5,739 18 9 Allowances (section 12) .. .. 200 14 2 Contributions outstanding or in course of Allowances (section 16) .. 65 5 5 transmission* Refunds in suspense .. .. 17,763 5 8 (a.) Contributions due but not overDeposits on incomplete applications to due .. .. .. 10,768 16 7 join fund .. .. .. 0 4 9 (b.) Contributions overdue .. 3,113 15 1 Suspense Account .. .. .. 1,962 3 4 Government subsidy due under Act* .. 32,746 8 0 One-half contributions of members of Ex- Refund due in respect of maternity || peditionary Forces overpaid by State.. 47 5 0 claims* .. .. .. .. 7,226 0 0 Contributions prepaid .. .. 4,264 3 0 Fines due* .. .. .. 389 4 4 Interest due* .. .. .. 2,250 16 1 lii I crest accrued, but not due* .. 8,399 9 10 £663,995 3 5 £663,995 3 5 * Included in Revenue Account. J. H. Richardson, 16th May, 1922. Superintendent. I hereby certify that the balance-sheet and revenue account have been duly examined and compared with the relative books and documents submitted for audit, and correctly state the position as disclosed thereby. G. F. C. Cambpell, 18th May, 1922. Controller and Auditor-General.

H —17.

(2.) Numerical Statement for the Year ended 31st December, 1921.

3

lumbers. Class 1. Pension Rate, 10s. Class 2. Pension Rate, 20s. Class 3. lion Rate, 30s. Class 4. Pension Rate, 40s. Class 5. Pension Rate: Other. Annual Contributions. Aggregate. Peni M. F. T. M. F. t: F. ■ M. F. T. M. F. T. 51. F. _. BE. T. II I' I I f s. d. 17,670 2,054 19,724 129,003 4 0 Number of contributors at commence- 13,485 1,590 15,075 ment of year New entrants during the year .. 2,813 140 2,953 Transfers from another class .. 264 12 276 Increases due to adjustment on ageerror, &c. Total .. .. .. 16,562 1,742 18,304 Discontinuances, &c. (as per detailed 1,887 402 2,289 statement below) 2,156 j 337 2,493 197 34 231 291 30 321 1,541 63 1.004 1,061 67 1,128 128 8 136 77 11 88 174 16 190 31 4 35-38 3 41 3,391 420 3,811 356 46 402 406 44 450 534 78 012 58 10 68 85 2 87 „.. 305 29 ' 394 4,444 255 4,699 24,938 9 0 507 35 542 3,002 2 0 7 7 4 22,621 2,344 24,965 156,951 2 4 2,744 508 3,252 14,682 2 8 j 1,906 ; 92 I 1,998 180 16 \ 196 ".- : I 19,877 1,836 21,713 142,268 19 8 Total at end of year .. [ 14,675 1,340 j 16,015 | 2,857 j 342 3,199 | 298 36 334 | 321 42 I 363 | 1,726 j 76 | 1,802 |: Deaths .. .. .. .. 43 5 48 Notice of withdrawal .. .. 812 301 1,113 Lapse .. .. .. .. 844 93 937 Attainment to pension-age .. 1 .. 1 Transfers to another class .. 187 3 190 Decreases due to adj ustment on ageerror, &c. Total .. .. .. 1,887 402 2,289 Details of Discontinuances, <&c, during the Year. 17 17 143 16 159 20 .. 20 180 i 16 196 66 (i 72 905 19 0 1.190 381 1,571 8,420 10 0 960 101 1.061 3,493 9 8 21 21 208 10 0 507 20 527 1,563 9 4 90 4 8 5 .. 5 . . .. . . 1 1 2 191 56 247 18 8 26 26 26 91 8 99 10 10 15 15 247 14 261 30 2 32 *43 1 44 534 78 612 58 10 68 85 2 j 87 j 2,744 508 ' 3,252 14,682 2 8 Total entered .. .. .. 25,042 3,107 28,149 Total transferred from other classes.. 929 93 1,022 25,971 3,200 ! 29,171 Total discontinued .. .. 10,710 1,821 12,531 Total transferred to other classes .. 586 39 j 625 i Numerical Progress since Establishment. I 2.412 | 110 ] 2,522 j j32,851 |3,989 I 30.840 I j 1,727 < 181 | 1,908 i .. 4,352 658 5,010 473 50 529 572 58 630 583 61 044 85 15 100 130 12 142 4,935 719 5,654 55S 71 . 629 702 70 772 1,246 279 1,525 134 20 154 198 14 212 832 98 930 126 15 ' 141 183 14 197 2,078 377 2,455 260 35 295 381 28 409 .. .. I .. 2,412 110 2,522 686 34 720 34.578 4,170 38,748 12,974 2,168 15,142 1.727 166 1,893 14,701 2,334 17.035 11,296 1,860 ! 13,156 686 j 34 720 . _ Total contributors on books at 31st 14,675 1,340 16,015 December, 1921 2,857 I 342 ! 3,199 298 36 334 321 42 363 1,726 76 1,802 19,877 1,836 21,713 |l42,268 19 8

H.—l7

4

NATIONAL PROVIDENT FUND ACT, 1910. (3.) Statement of Retiring and other Allowances for the Year ended 31st December, 1921.

NATIONAL PROVIDENT FUND AMENDMENT ACT, 1914. (3a.) Statement of Retiring and other Allowances for the Year ended 31st December, 1921.

Approximate Cost of Paper. —Preparation, not given ; printing (600 copies); £8.

Authority : W. A. G. Skinner, Government Printer, Wellington.—l 922.

Price 3d.]

On Death. On Incapacity. On Attainment of Age 60. Total Retiring and other Allowances. Nui iber. Annual Amount. Mill iber. Annual Amount. Nuj iber. Annual Amount. Nui iber. Annual Amount. M. Allowances existing at be- 38 ginning of year Granted during the year 10 Total .. 48 Discontinued during the year (as per statement , below) F £ s. d. 2,503 10 0 643 10 0 3,237 0 0 M. 3 9 12 5 F. £ s. d. 234 0 0 487 10 0 721 10 0 351 0 0 M, 1 I 1 I I i .. i ! I I F. £ s. d. M. 1'. 41 26 0 0 20 . . 26 0 0 61 .. 5 .. 26 0 0 56 .. F. £ s. d. 2,827 10 0 1,157 0 O 3,984 10 0 351 0 0 Ixisting at end of year < 48 1.3,237 0 (i| 71 .. 370 10 0| 1 3,633 10 0 Particulars q f Ra tiring and c <iiher All iwances dis< ;onti inuei I during the Year. liscontinued by death .. I . . Ixpiry .'. .. .. I - I 351 0 0 I :: hi':: 351 0 0 5 I .. Total 5 I .. 351 0 0 5 351 0 0 ..j ..

On Death. On Medical Unfitness. On Attainment of Retiring Age. Total Retiring and other Allowances. Number. Annual Amount. Number Annual IN umber. Amount. Nui in he,- Annual ,mb01 - Amount. Nui iber. Annual Amount. Allowances existing at be- 23 .< ginning of j'ear Granted during year .. 13 j .. M. F. 23 .: £ s. d. 734 0 0 M. 6 if. £ s. d. 393 9 0 M. 49 if. £ s. (I. M. .. 3,839 17 0 7S F. if. £ s. d. 4,967 6 0 13 j .. 502 0 0 5 366 0 0 15 .. 1,193 7 0 33 2,061 7 0 Total .. 36 . . Discontinued during year (as per statement belo w) 1,236 0 52 0 11 759 9 0 64 3 .. 5,033 4 0111 128 7 0 3 7,028 13 0 180 7 0 Existing at end of year 36 1,184 0 0 11 I 759 9 Ol I 61 .. 4,904 17 0108 6,848 6 0 Pdrticulars of Ret tiring and c ither Alb owances dis< conti inued during the Ye ;ar. 128 7 0 52 0 0 Discontinued by death . ■ .... Expiry .. .. .. j .. 52 o o ■■ ! •• •> 128 7 0 3 128 7 0 3 Total .. .. ! .. 52 0 ti| 3 180 7 0 Progress of Retiring and other . Total granted ... 87 Total discontinued .. 3 Total existing at 31st De 84 .. comber, 1921 A llowances sind e the i Establishm tent of the Fund to 31sl Dect ember, 1921. 1,691 0 0 270 0 0 37 I 19 |2,327 17 01 1,1.97 18 0 I 66 4 .. 5,145 0 0 190 214 3 0 26 .. 4,930 17 0164 12,163 17 0 1,682 1 0 4,421 0 0 10,481 16 0 IS 1,129 .19 62