NATIONAL PROVIDENT FUND: THIRTEENTH ANNUAL REPORT OF THE BOARD FOR THE YEAR ENDED 31st DECEMBER, 1923.

Appendix to the Journals of the House of Representatives, 1924 Session I, H-17

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1924. NEW ZEALAND.

NATIONAL PROVIDENT FUND: THIRTEENTH ANNUAL REPORT OF THE BOARD FOR THE YEAR ENDED 31st DECEMBER, 1923.

Pre/pared in Terms of Section 2H of the National Provident Fund Act, 1910.

At the 31st December, 1923, the contributors to the fund numbered 23,230, as compared with. 22,118 at tho close of the previous year. At the same date the fund amounted to £969,945 lis. 4d., an increase of £176,801 13s. 6d. The total income amounted to £227,141 13s. 3d., payments by contributors accounting for £142,931 17s. 3d., and interest for £46,922 lis. 3d. The rate of interest earned, £5 9s. per cent., is slightly higher than in 1922. A total of £40,188 was claimed in respect of maternity allowances, and of this amount £33,228 was for members of " approved " friendly societies and £6,960 for contributors to the fund. The amount paid out in allowances on retirement and incapacity, and to widows and children, is steadily increasing, and shows a total of £15,034 16s. 6d. These payments represent a comparatively minor phase of the fund's beneficence, its main obligations being the pensions, which, however, will not for some years yet bulk largely in the current accounts. The administration expenses for the last four years give the following percentage to the contributions in respect of ordinary contributors' business : 1920, 29-9 per cent. ; 1921, 29-8 per cent. ; 1922, 24-8 per cent. ; 1923, 24-4 per cent. At the time of writing this report the total funds are well over a million, representing a notable thrift accumulation, mainly against the contingency of old age. R. Heaton Rhodes, Chairman of the Board. A. T. Traversi, Wellington, 28th August, 1924. Superintendent of the Fund.

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NATIONAL PROVIDENT FUND. (I.) Revenue Account for tne Year ended 31st December", 1923. £ s. d. £ s. d Amount of fund at beginning of year .. 793,143 17 10 Maternity claims (section 18) .. 6,960 0 0 Contributions .. .. .. 142,931 17,3 Maternity claims (approved friendly Interest .. .. .. .. 46,922 11 3 societies).. .. .. .. 33,228 0 0 Fines .. .. .. .. 818 18 2 Refund of contributions on lapse, reducGovernment contribution under Act .. 36,434 12 2 tion, and withdrawal (sections 10, 11, Refund of maternity claims by the State 40,188 0 0 12, and 13) .. .. .. 37,180 19 0 Contributions overpaid on. exit .. 26 14 10 Incapacity allowances (sections 16 and Benefits refunded on exit .. .. 5,886 1 7 17), including contributions waived on Miscellaneous receipts .. .. 33 14 5 incapacity (£271 6s. 6d.) .. .. 2,196 1 6 Death : Refund of contributions (sections 14 (5) and 15) .. .. 4,010 5 10 Death : Allowances on account of widows and children (section 14) .. .. 5,569 15 7 Retirement: Allowances (section 12) .. 7,268 19 5 Refund of contributions overpaid on exit .. .. .. ~: 26 14 10 Amount of fund at end of year .. 969,945 11 4 £1,066,386 7 6 £1,066,380 7 6 Balance-sheet as at 31 st December, 1923. Liabilities. £ s. d. Assets. Fund as per Revenue Account .. 969,945 11 4 In hands of Public Trustee-— £ s. d. Claims due and in course of payment— Invested.. .. .. .. 919,540 3 8 Maternity .. .. .. 5,019 210 Uninvested .. .. .. 12,361 13 3 Death (section 15) .. .. 468 9 1 Balance with Post Office .. .. 4,439 0 0 Death: Allowances (section 14) .. 199 7 4 Balances in transit .. .. .. 6,658 5 3 Allowances (section 12) .. .. 302 18 9 Contributions outstanding or in course Allowances (section 16) .. .. 21 16 6 of transmission*— Refunds in suspense.. .. .. 24,456 12 3 (a) Contributions due but not overdue 11,535 1 9 Deposits on incomplete applications to (6) Contributions overdue .. .. 3,348 17 10 join fund .. .. .. 0 5 0 Government subsidy due under Act* .. 36,434 12 2 Suspense Account .. .. .. 423 10 5 Refund due in respect of maternity One-half contributions of members of claims* .. .. .. .. 5,420 0 0 Expeditionary Forces overpaid by Fines due* .. .. .. .. 418 12 2 State .. .. .. .. 46 10 5 Interest due* .. .. .. 3,140 9 6 Contributions prepaid .. .. 4,632 15 8 Interest accrued, but not due* .. 13,553 9 6 Investment Fluctuation Reserve (by transfer from refunds unclaimed) .. 11,333 5 6 £1,016,850 5 1 £1,016,850 5 1 * Included in Revenue Account. A. T. Traversi, 24th June, 1.924. 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. Campbell, Controller and Auditor-General.

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(2.) Numerical Statement for the Year ended 31st December, 1923.

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Numbers. Annual Contributions. Class 1. Pension Rate, 10s. Class 2. Pension Rate, 20s. Class 3. Pension Rate, 30s. Class i. Pension Rate, 40s. Class 5. Pension Rate: Other. Aggregate. M. F. M. F. i T. M. F. I M. F. T. M. F. T. T. T. It F. T. Number of contributors at commence- 15,195 ment of year New entrants during the year .. 2,879 Transfers from another class .. 340 Increases due to adjustment on ageerror, &c. 1,103 16,298 310 3,212 301 35 336 340 37 377 _„ 1,806 : 89 j 1,895 20,544 £ s. d. 1,574 22,118 144,970 19 0 2,902 84 i 11 2,963 351 637 126 44 7 681 62 6 68 51 7 58 133 16 1 17 21 I 22 611 43 1 654 4,240 503 184 4,424 28,675 7 8 20 523 3,298 12 0 33 0 0 I I Total .. .. .. 18,414 Discontinuances, &c. (as per detailed 2,257 statement below) Total at end of year .. 16,157 1,198 240 19,612 2,497 3,665 815 361 67 4,026 379 42 421 412 45 457 882 113 11 124 70 2 72 --— — -hr-H 2,417 132 2,549 246 14 260 25,287 3,501 1,778 27,065 176,977 18 8 334 3,835 18,521 16 0 . 958 17,115 j I 2,850 1 294 3,144 I 266 31 297 | 342 43 385 | 2,171 j 118 2,289 21,786 : j 1,444 23,230 158,456 2 8 Deaths .. .. .. .. 38 Notice of withdrawal .. .. 1,116 Lapse and cancellations .. .. 991 Attainment to pension-age Transfers to another class " .. 112 Decreases due to adjustment on ageerror, &c. 4 178 53 42 1,294 1,044 6 285 212 Deta, Us of Ditcontinuances, &c, during the Year. I 13 | •• I 13 l 205 I 11 ! 216 59 1,673 1,238 28 503 4 63 ! 1,131 12 8 243 1,916 10,759 1 4 64 1,302 4,566 9 4 3 31 390 10 0 20 523 I 1,486 3 8 187 19 0 47 9 6 II.. 1 1 .. 1 332 ■ 38 7 45 29 29 221 29 1 30 6 1 7 "5 312 11 28 3 31 il7 323 45 "3 48 34 1 36 Total .. .. .. 2,257 240 2,497 815 67 882 I 113 11 124 I 70 I 2 I 72 | 246 14 260 I 3,501 : 334 3,835 18,521 16 0 Total entered .. .. .. (30,293 Total transferred from other classes.. j 1,609 13,271 116 33,564 1,725 [ 755 ! 75 Numerical Progress since Establishment. I 3,264 I 178 I 3,442 I [40,498 • 2,776 4,339 j 44,837 225 I 3,001 I 5,645 I 858 j 6,400 I 603 [ 67 I 670 I 693 68 761 933 I 126 20 146 183 I 14 197 .. 31,902 ! 3,387 35,289 6,503 830 7,333 729 87 816~| 876 82 958 3,264 178 3,442 43,274 , 18,712 : 2,776 4,564 47,838 , 2,895 21,607 225 3,001 Total discontinued .. .. 14,917 Total transferred to other classes .. 828 15 745 2,363 66 17,280 894 2,190 1,463 413 123 i 2,603 241 37 • 278 271 22 293 1,586 222 19 241 263 ; 17 280 37 19 278 241 271 . 263 22 17 293 280 1,093 60 1,153 18,712 2,776 15,745 Total contributors on books at 31st 16,157 December, 1923 15,745 2,429 18,174 3,653 536 | 4,189 463 56 519 534 39 573 1,093 00 1,153 21,488 13,120 24,608 16,157 17,115 2,850 294 3,144 342 43 385 2,171 118 2,289 1,444 23,230 158,456 2 958 266 31 297 1,786

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NATIONAL PROVIDENT FUND ACT, 1910. (3.) Statement of Retiring and other Allowances for the Year ended 31st December, 1923.

NATIONAL PROVIDENT FUND AMENDMENT ACT, 1914. (3a.) Statement of Retiring and other Allowances for the Year ended 31st December, 1923.

NATIONAL PROVIDENT FUND. Progress of Retiring and other Allowances since the Establishment of the Fund to 31st December, 1923.

Approximate Cost of Paper. —Preparation, not given ; printing (075 copies), £7.

Authority: W. A. G. Skinner, Government Printer, Wellington.—l 924.

Price 3d.]

On Death. On Incapacity. On AM A| linment of ;e60. Total Ret All ;iring and other lowances. Number. Annual Amount. Num v.. Annual 1Der - Amount. imber. Annual Amount. Annual Amount. Nun Win iber. | M. F Allowances existing at be- , 60 ginning of year Granted during the year 11 F £ s. d. 4,017 0 0 M. 10 r. £ s. d. 312 0 0 F. M. 2 M. E. £ s. d. 2 .. 130 0 0 F. M. 72 F. £ s. d. 4,459 0 0 721. 10 0 20 2 1,248 0 0 2 31 2 1,969 10 ft Total .. j 71 Discontinued during the ! I year (as per statement below) 4,738 1.0 0 I 17 0 0 30 20 2 1 1,560 O 0 1,053 (I 0 2 .. 130 0 0 2 103 21 2 1 6,428 10 0 1,170 0 0 Existing at end of year 70 4,621 10 0 io! i 507 0 0 2 .. 130 0 0 82 I 1 5,258 10 0 Particulars of f Ret iring and c ither Alii iwances dist '.ontinued during the Year. 253 10 0 916 10 0 Discontinued by death .. I ., I Expiry .'. .. '•! t i 117 0 0 5 ; .. I 15 ! 1 I 253 10 0 799 lit 0 5 1.. 16 1 i 1,053 0 0 Total 1 .. 117 0 0 20 ; i 21 1,170 0 0 "

On Death. On Medical Unfitness. On Attainment of Retiring Age. Total Retiring and other Allowances. Number. Annual Amount. Nnmhpr Annual JN umber. Amount. Annual Amount. iber. Annual Amount. Niij iber. Jlo wances existing at beginning of year (ranted during year M. F. 42 .. £ s. d. 1,251 0 0 M. 14 F. £ s. d. 1,079 11 0 M. 73 F. £ s. d. 5,958 14 0 £ s. d. m. F. £ s. d. 5,958 14 0129 .. 8,2fc9 5 0 M. 129 7 .. 251 0 0 3 2,624 17 0 2,624 17 0 30 3 2,875 17 0 30 Total >iscontinued during year (as per statement below) 49 .. 4 .. 1,502 0 0 137 0 0 II 3 1,079 II 0 224 4 0 1 3 8,583 11 0 207 5 0 8,583 11 0165 3 11,105 2 0 207 5 0 10 .. 668 9 0 165 10 Ixisting at end of year 45 ; .. 1,365 0 0 8,376 6 0H55 3 10,596 13 0 II I .. 855 7 Ol I 99 I 3 Particula; rs of Ret iring and o ither All wances disi continued ! during the Year. 207 5 0 5 .. 292 6 0 5 .. 276 3 0 207 5 0 10 .. 668 9 0 •iscontinued by death .. Ixpiry I .. .. j I 4 ' ■• I 137 0 0 111:: 85 1 0 139 3 0 3 1.. "TT i Total 4 J .. 137 0 3 224 4 0

On Death. |»*«- A™. On I] Number. icapacity. On Attainment of Retiring Age. Total Retiring and other Allowances. Annual Amount. Number. I I Annual Amount. Number. Annual Amount. Total granted Total discontinued M. F. £ S. d. M. F. 123 .. 6,671 10 0 80 2 8 .. 685 0 0 59 1 115 .. 5,986 10 0 21 1 £ s. d. 4,738 17 0 3,376 10 0 M. F. £ s. d. 110 3 9,031 14 0 9 .. j 525 8 0 M. 313 76 v. 5 1 £ s. d. 20,442 1 0 4,586 18 0 Total existing at 31st December, 1923 115 1,362 7 101 3 8,506 6 0 237 15,855 3 0