NATIONAL PROVIDENT FUND. FOURTEENTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1924.

Appendix to the Journals of the House of Representatives, 1925 Session I, H-17

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1925. NEW ZEALAND.

NATIONAL PROVIDENT FUND. FOURTEENTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1924.

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

At the 31st December, 1924, the contributors to the fund numbered 24,231. The total income for the year was £250,897 9s. 4d., of which £150,972 3s. Id. represents payments by contributors and £60,687 os. 4d. interest. The rate of interest earned, £5 17s. per cent., shows a satisfactory increase over the previous year (£5 9s. per cent.). The fund at the close of the year amounted to £1,165,284 3s. lid., an increase of £195,338 12s. 7d. During the year allowances for maternity amounted to £40,292 — £32,966 for members of " approved" friendly societies and £7,326 for contributors to the fund ; whilst a sum of £18,661 4s. 7d. was paid out on retirement and incapacity and in allowances for widows and children. The expenses of administration in respect of ordinary contributors were at the rate of 25-1 per cent., which compares favourably with that of businesses dealing with weekly contributions of a similar nature. The following illustrates the growth of the fund and its income since establishment Income. Amount of Fund. £ £ Year 1911 .. .. .. .. .. 1,863 . 1,826 „ 1916 .. .. .. .. .. 43,777 122,361 „ 1921 .. .. .. .. .. 188,853 632,525 „ 1924 .. .. .. .. .. 250,897 1,165,284 The figures of the fund now show a very substantial voluntary thrift accumulation against the contingency of old age ; and the intermediate benefits, other than maternity, which in general are not payable until after five years' membership, are now beginning to figure more prominently in the accounts. R. Heaton Rhodes, Chairman of the Board. Wellington, 4th August, 1925. A. T. Traversi, Superintendent of the Fund.

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NATIONAL PROVIDENT FUND. (1.) Revenue Account fob the Yeas ended 31st December, 1924. £ s. d. £ s. d. Amount of fund at beginning of year .. 969,945 11 4 Maternity claims (section 18) .. 7,326 0 0 Contributions .. .. .. 150,972 3 1 Maternity claims (approved friendly Interest .. .. .. .. 60,687 0 4 societies) .. .. .. 32,966 0 0 Pines .. .. .. .. 816 5 0 Refund of contributions on lapse, reGovernment contribution under Act.. 38,421 8 5 duction, and withdrawal (sections Refund of maternity claims by the 10, 11, 12, and 13) .. .. 37,156 7 3 State .. .. .. .. 40,292 0 0 Incapacity allowances (sections 16 and Contributions overpaid on exit .. 25 5 5 17), including contributions waived Benefits refunded on exit .. .. 2,858 12 1 on incapacity (£360 9s. 7d.) .. 2,515 4 8 Miscellaneous receipts .. .. 012 6 Death: Refund of contributions (sections 14 (5) and 15) .. .. 2,599 17 0 Death: Allowances on account of widows and children (section 14) .. 6,364 9 8 Retirement: Allowances (section 12) 9,781 10 3 Refund of contributions overpaid on exit . . .. .. .. 25 5 5 Amount of fund at end of year .. 1,165,284 311 £1,264,01s 18 2 £1,264,018 18 2 Balance-sheet as at 31st December, 1924. Liabilities. £ s. d. Assets. £ s. d. Fund as per Revenue Account .. 1,165,284 311 In hands of Public Trustee — Claims due and in course of payment— Invested .. .. .. 1,098,817 1 1 Maternity .. .. .. 5,321 14 5 Uninvested .. .. .. 18,872 12 1 Death (section 15) .. .. 231 19 8 Mortgage security acquired.. .. 7,000 0 0 Death: Allowances (section 14) .. 267 17 3 Balance with Post Office .. .. 4,420 0 1 Allowances (section 12) .. .. 424 18 7 Balances in transit .. .. 6,556 15 3 Allowances (section 16) .. .. 165 2 7 Contributions outstanding or in course Refunds in suspense .. .. 24,555 4 1 of transmission* — Deposits on incomplete applications to (a.) Contributions due but not to join fund .. .. .. 2 12 3 overdue .. .. 10,923 11 5 Suspense Account.. .. .. 73 10 11 (b.) Contributions overdue .. 3,306 19 2 One half contributions of members of Government subsidy due under Act*.. 38,421 8 5 Expeditionary Porces overpaid by Refund due in respect of maternity State .. .. .. .. 46 10 5 claims* .. .. .. 5,746 0 0 Contributions prepaid .. .. 4,830 1 9 Fines due* .. .. .. 413 7 4 Investment Fluctuation Reserve (by Interest due* .. .. .. 5,191 3 0 transfer from refunds unclaimed) .. 14,696 10 9 Interest accrued, but not due* .. 16,231 8 9 £1,215,900 6 7 i £1,215,900 6 7 * Included in Revenue Account. 17th July, 1925. A. T. Traversi, 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, 1924.

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Numbers. Ckss 1. Class 2. Class 3. Class 4. Class 5. Pension Rate, 10s. Pension Rate, 20s. Pension Rate, 30s. Pension Rate, 40s. Pension Rate: Other. "" % L-ontnoutions. M. F. T. M. | F. T. M. F. T. M. F. T. M. F. T. M. F. T. £ S. d. Number of contributors at commence- 16,157 958 17,115 2,850 294 3,144 266 31 297 342 43 385 2,171 118 2,289 21,786 1,444 23,230 158,456 2 8 ment of year New entrants during the year .. 2,939 68 3,007 606 44 650 39 6 45 56 5 61 381 44 425 4,021 167 4,188 20,191 9 4 Transfers from another class . . 278 5 283 136 8 144 24 3 27 37 37 .. .. .. 475 16 491 3,292 14 8 Increases due to adjustment on age- .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 92 9 0 error, &c. Total .. .. .. 19,374 1,031 20,405 3,592 346 3,938 329 40 369 435 48 483 2,552 162 2,714 26,282 1,627 27,909 182,032 15 8 Discontinuances, &c. (as per detailed 2,278 184 2,462 690 60 750 74 7 81 76 4 80 284 21 305 3,402 276 3,678 18,852 3 8 statement below) Total at end of year .. ,17,096 847 17,943 2,902 286 3,188 255 33 288 359 44 403 | 2,268 141 2,409 22,880 1,351 24,231 163,180 12 0 Details of Discontinuances, &c., during the Year. Deaths.. .. .. .. 41 4 45 5 1 6 .. .. .. .. .. I 8 8 54 5 59 1,206 16 0 Notice of withdrawal .. .. 1,070 130 1,200 239 44 283 22 7 29 33 3 36 202 21 223 1,566 205 1,771 11,267 0 4 Lapse and cancellations .. .. 1,031 42 1,073 171 8 179 17 17 11 11 54 54 1,284 50 1,334 4,329 0 0 Attainment to pension-age .. 1 1 .. .. .. .. .. .. 2 2 20 20 23 23 907 18 0 Transfers to another class .. 135 8 143 275 7 282 35 35 30 1 31 .. .. .. 475 16 491 1,110 17 0 Decreases due to adjustment on age- .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 30 12 4 error, &c. Total .. .. .. 2,278 184 2,462 690 1 60 750 74~ 7 8l| 76 4 80 284 i 21 305 3,402 276 3,678 18,852 3 8 Numerical Progress since Establishment. Total entered .. .. .. 33,232 3,339 36,571 6,251 799 7,050 642 73 715 749 73 822 3,645 222 3,867 44,519 4,506 49,025 Total transferred from other classes 1,887 121 2,008 994 83 1,077 150 23 173 220 14 234 .. .. .. 3,251 241 3,492 35,119 3,460 38,579 7,245 882 8,127 792 96 888 969 87 1,056 3,645 222 3,867 47,770 4,747 52,517 Total discontinued .. .. 17,060 2,539 19,599 2,605 466 3,071 280 44 324 317 25 342 1,377 81 1,458 21,639 3,155 24,794 Total transferred to other classes .. 963 74 1,037 1,738 130 1,868 257 19 276 293 18 311 .. .. .. 3,251 241 3,492 I 18,023 2,613 20,636 4,343 596 4,939 537 63 600 610 43 653 1,377 81 1,458 24,890 3,396 28,286 Total contributors on books at 31st 17,096 847 17,943 2,902 286 3,188 255 33 288 359 44 403 2,268 141 2,409 22,880 1,351 24,231 163,180 12 0 December, 1924

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NATIONAL PROVIDENT FUND ACT, 1910. (3.) Statement of Retiring and other Allowances for the Year ended 31st December, 1924.

NATIONAL PROVIDENT FUND AMENDMENT ACT, 1914. (3a.) Statement of Retiring and other Allowances for the Year ended 31st December, 1924.

NATIONAL PROVIDENT FUND. Progress of Retiring and other Allowances since the Establishment of the Fund to 31st December, 1924.

Approximate Cost of Paper.—-Preparation, not given; printing (675 copies), £6 10s.

By Authority : W. A. G. Skinner, Government Printer, Wellington.—l92s.

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r»« tw+t, r\ n On Attainment of Total Retiring and other On Death. On Incapacity. Age 60 Allowances. KTiimVinv Annual ATn™v,nr I Annual wnmhni- Annual Wnmhor Annual Number. Amount . Number, i Amount , Number. Amount , Number. I Amo(mtM. F. £ s. d. M. F. £ s. d. M. F. £ s. d. M. F. £ s. d. Allowances existing at be- 70 .. 4,621 10 0 10 1 507 0 0 2 .. 130 0 0 82 1 5,258 10 0 ginning of year Granted during the year 12 .. 799 10 0 15 1 1,033 10 0 3 .. 234 0 0 30 1 2,067 0 0 Total .. 82 .. 5,421 0 0 25 2 1,540 10 0 5.. 364 0 0 112 2 7,325 10 0 Discontinued during the .. .. 195 0 0 12 2 936 0 0.... .. 12 2 1,131 0 0 year (as per statement below) Existing at end of year 82 .. 5,226 0 0 13 .. 604 10 01 5 ' .. 364 0 0 100 .. 6,194 10 0 Particulars of Retiring and other Allowances discontinued during the Year. Discontinued by death I .. 3 I I 175 10 0 .... .. 3 1 175 10 0 Expiry .. 195 0 0 9 I 1 760 10 0 .. .. .. 9 1 955 10 0 Total 195 0 0 12 2 936 0 0 .. .. .. 12 2 1,131 0 0 j ! I I

r»« a„ TTnflti-inaa On Attainment of Total Retiring and other On Death. On Medical Unfitness. Retiring Age. Allowances. WiimTicr Annual N- 1nm hpr Annual w „mhpr Annual Tsr,, m hB r Annual JNumDer. Amount. dumber. Amount. JMin>t>er. Amount. dumber. Amount. m. f. £ s. d. m. I F. £ s. d. m. f. £ s. d. m. f. £ s. d. Allowances existing at be- 45 .. 1,365 0 0 11 .. 855 7 0 99 3 8,376 6 0155 3 10,596 13 0 ginning of year Granted during year ..10 .. 271 0 0 5 .. 427 9 0 19 .. 2,282 12 0 34 .. 2,981 1 0 Total ! 55 .. 1,636 0 0 16 .. 1,282 16 0 118 3 10,658 18 0189 3 13,577 14 0 Discontinued during year 3 .. 140 0 0 4 .. 406 13 0 8 .. 813 3 0 15 .. 1,359 16 0 (as per statement below) Existing at end of year 52 .. 1,496 0 0 12 .. 876 3 OlllO 3 9,845 15 0174 3 12,217 18 0 Particulars of Retiring and other Allowances discontinued during the Year. Discontinued by death .. 3 1 .. 289 7 0 8 .. 813 3 0 11 j .. 1,102 10 0 Expiry .. 3 .. 140 0 0 1 .. 117 6 0 .. .. .. 4 j .. 257 6 0 Total .. 3 .. 140 0 0 4 .. 406 13 0 8 .. 813 3 0 15 [ .. 1,359 16 0

On Death On Tncanacitv 0ri Attainment ol Total Retiring and other Un .Death. on incapacity, Retiring Age. Allowances. Nnmher Annual Wmnber Annual Number Annual jrnmber Annual JNumoer. Amount. -Humcier. Amount. -NumDer. , A mount. JNumDer. Amount. M. r. £ s. d. m. f. £ s. d. m. I t. £ s. d. m. f. £ s. d. Total granted .. ..145 .. 7,742 0 0 100 3 6,199 16 0 132 3 11,548 6 0 377 6 25,490 2 0 Total discontinued .. 11 .. 1,020 0 0 75 3 4,719 3 0 17 .. 1,338 11 0 103 3 7,077 14 0 Total existing at 31st De- 134 .. 6,722 0 0 25 .. 1,480 13 0 115 3 10,209 15 0 274 3 18,412 8 0 eember, 1924