NATIONAL PROVIDENT FUND. FIFTEENTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1925.

Appendix to the Journals of the House of Representatives, 1926 Session I, H-17

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1926. NEW ZEALAND.

NATIONAL PROVIDENT FUND. FIFTEENTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1925.

Pre-pared in Terms of Section 23 of the National Provident Fund Act, 1910.

At the 31st December, 1925, the contributors to the fund numbered 25,763. The total income for the year amounted to £273,456 9s. Id., of which £161,415 lis. 2d. represents payments by contributors and £70,560 14s. 2d. interest. The fund at the close of the year amounted to £1,377,967 4s. 9d., an increase of £212,683 os. lOd. During the year allowances for maternity amounted to £38,538 —£31,650 for members of " approved " friendly societies and £6,888 for contributors to the fund ; whilst a sum of £20,668 15s. Bd. was paid out on retirement and incapacity and in allowances for widows and children. The National Provident Fund Amendment Act, 1925, enacts, as from the Ist April, 1926, compulsory superannuation through the fund for the permanent staff of Hospital Boards, on the same lines as superannuation for employees of local authorities. The rate of interest earned was £5 14s. per cent., and the expenses of administration in respect of ordinary contributors were at the rate of 23-1 per cent., as compared with 25-1 per cent, for the previous year. R. A. Wright, Chairman of the Board. G. S. Nicoll, Wellington, 20th July, 1926. Secretary to the Board.

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NATIONAL PROVIDENT FUND. (1.) Revenue Account for the Year ended 31st December, 1925. £ s. d. £ s. d. Amount oi fund at beginning of year 1,165,284 311 Maternity claims (section 18) .. 6,888 0 0 Contributions .. .. .. 161,415 11 2 Maternity claims (approved friendly Interest .. .. .. .. 70,560 14 2 societies) .. .. .. 31,650 0 0 Fines .. .. .. .. 842 18 1 Refund of contributions on lapse, reGovernment contribution under Act.. 40,635 17 4 duction, and withdrawal (sections Refund of maternity claims by the 10, 11, 12, and 13) .. .. 38,715 7 2 State .. .. .. .. 38,538 0 0 Incapacity allowances (sections 16 and Contributions overpaid on exit .. 18 11 5 17), including contributions waived Benefits refunded on exit .. .. 3,442 19 6 on incapacity (£260 9s. Id.) .. 1,877 1 10 Miscellaneous receipts .. .. 18 4 Death : Refund of contributions (sections 14 (5) and 15) .. .. 4,832 4 11 Death: Allowances on account of widows and children (section 14) .. 6,940 19 7 Retirement: Allowances (section 12) 11,850 14 3 Refund of contributions overpaid on exit .. .. .. .. 18 11 5 Amount of fund at end of year .. 1,377,967 4 9 £1,480,740 3 11 £1,480,740 3 11 Balance-sheet as at 31st December, 1925. Liabilities. £ s. d. Assets. £ s. d. Fund as per Revenue Account .. 1,377,967 4 9 In hands of Public TrusteeClaims due and in course of payment-— Invested .. .. 1,308,383 7 11 Maternity .. .. .. 2,382 5 6 Uninvested .. .. .. 14,126 10 5 Death (section 15) .. .. 381 14 7 Balance with Post Office .. .. 3,387 6 4 Death: Allowances (section 14) .. 258 7 7 Balances in transit .. .. 10,288 15 3 Allowances (section 12) .. 521 8 1 Contributions outstanding or in course Allowances (section 16) .. .. 97 7 4 of transmission*— Refunds in suspense .. .. 24,475 19 11 (a.) Contributions due but not Deposits on incomplete applications to overdue .. .. 11,870 3 6 join fund .. .. .. 0 4 8 (b.) Contributions overdue .. 3,340 14 7 Suspense Account .. .. 82 8 8 Government subsidy due under Act* 40,635 17 4 Contributions prepaid .. .. 5,390 411 Refund due in respect of maternity Investment Fluctuation Reserve (by claims* .. .. .. 4,330 0 0 transfer from refunds unclaimed) .. 9,622 19 11 Fines due* .. .. .. 417 11 9 Interest due* .. .. .. 5,655 3 1 Interest accrued, but not due* .. 18,744 15 9 £1,421,180 5 11 £1,421,180 5 11 * Included in Revenue Account. G. S. Nicoll, Bth June, 1926. Secretary to the Board. 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, 1925.

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Numbers. Cl a S8 1. Class 2. Class 3. Class 4. Class 5. kaorea*** Pension Rate, 10s. Pension Rate, 20s. Pension Rate, 30s. Pension Rate, 40s. Pension Rate: Other. gave. M. j F. | T. VL. I f. 1 T. M. F. T. M. | F. I X. M. | F. | T. M. F. T. £ s. d. Number of contributors at commence- 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 ment of year New entrants during the year .. 3,169 76 3,245 535 48 583 39 2 41 41 3 44 524 35 559 4,308 164 4,472 25,501 2 4 Transfers from another class .. 280 9 289 131 7 138 27 27 30 3 33 .. .. .. 468 19 487 3,350 19 0 Increases due to adjustment on age- .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 90 8 4 error, &c. Total .. .. .. 20,545 932 21,477 3,568 341 3,909 321 35 356 430 50 480 2,792 176 2,968 27,656 1,534 29,190 192,123 1 8 Discontinuances, &c. (as per detailed 2,175 140 2,315 641 53 694 61 5 66 67 4 71 264 17 281 3,208 219 3,427 16,766 7 0 statement below) Total at end of year .. 18,370 792 19,162 2,927 288 3,215 260 30 290 | 363 46 409 2,528 159 2,687 |24,448 1,315 25,763 175,356 14 8 Details of Discontinuances, dc., during the Year. Deaths .. .. .. .. 30 2 32 6 1 7 2 II 3 10 I .. I 10 48 4 52 962 2 0 Notice of withdrawal .. .. 1,102 102 1,204 213 35 248 15 2 17 18 2 [ 20 224 j 17 ! 241 1,572 158 1,730 9,861 19 8 Lapse and cancellations .. .. 930 31 961 143 , 7 150 9.. 9 6..j 6 4 i 4 1,092 38 1,130 3,679 0 0 Attainment to pension-age .. .. .. 2 2 .. .. .. 1 .. I 1 26 ! 29 ... 29 897 12 4 Transfers to another class .. 113 5 118 277 10 287 37 3 40 40 1 41 .. , .. .. 467 19 486 1,317 11 4 Decreases due to adjustment on age- .. .. .. .. ... .. .. .. .. .. .. .. j .. .. .. .. 48 1 8 error, &c. Total .. .. .. 2,175 140 2,315 641 53 694 (sT 5 66 67 4 71 264~ | 17 281 3,208 219 3,427 16,766 7 0 Numerical Progress since Establishment. Total entered .. .. .. 36,40113,415 39,816 6,786 847 7,633 681 75 756 790 76 866 4,169 257 4,426 148,827 4,670 53,497 Total transferred from other classes 2,167! 130 2,297 1,125 90 1,215 177 23 200 250 17 267 .. .. .. 3,719 260 3,979 38,568 3,545 42,113 7,911 937 8,848 858 98 956 1,040 93 1,133 4,169 257 4,426 52,546 4,930 57,476 Total discontinued .. .. 19,122 2,674 21,796 2,969 509 3,478 304 46 350 344 28 372 1,641 98 1,739 24,380 3,355 27,735 Total transferred to other classes .. 1,076 ; 79 1,155 2,015 140 2,155 294 22 316 333 19 352 3,718 260 3,978 20,198 2,753 22,951 4,984 649 5,633 598 68 666 677 47 724 1,641 98 1,739 28,098 3,615 31,713 Total contributors on books at 31st 18,370 792 19,162 2,927 288 3,215 260 30 290 363 46 409 2,528 159 2,687 24,448 1,315 25,763 175,356 14 8 December, 1925

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NATIONAL PROVIDENT FUND ACT, 1910. (3.) Statement of Retiring and other Allowances for the Year ended 31st December, 1925.

NATIONAL PROVIDENT FUND AMENDMENT ACT, 1914. (3a.) Statement of Retiring and other Allowances for the Year ended 31st December, 1925.

NATIONAL PROVIDENT FUND. Progress of Retiring and other Allowances since the Establishment of the Fund to 31st December, 1925.

Approximate Cost of Paper—Preparation, not given ; printing (700 copies), £7 153.

By Authority : W. A. G. Skinner, Government Printer, Wellington.—l 926.

Price 3d. ]

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On Death. On Incapacity. °" Attatowrt ol Total other Number - Ainount. Number " ! Amount Number " Amount. Numb «' A™. M. F. £ s. d. M. f. £ s. d. m. j r. £ s. d. M. I w. £ a. d. Allowances existing at be- 82 .. 5,226 0 0 13 .. 604 10 0 5 | .. 364 0 0 100 .. 6,194 10 0 ginning of year Granted during the year 8 .. 604 10 0 20 .. 1,189 10 0 3 .. 208 0 0 31 .. 2,002 0 0 Total .. 90 .. 5,830 10 0 33 .. 1,794 0 0 8 j .. 572 0 0 131 .. 8,196 10 0 Discontinued during the .. .. 195 0 0 18 .. 994 10 0 .. ' .. .. 18 .. 1,189 10 0 year (as per statement below) • Existing at end of year 90 .. 5,635 10 0 15 .. 799 10 01 8 L. 572 0 0 113 1 .. 7,007 0 0 Particulars of Retiring and other ' Allowances discontinued during the Year. Discontinued by death I 19 10 0 3 1.. 253 10 0 .. .. 3 .. j 273 0 0 Expiry .. 175 10 0 15 j .. 741 0 0 .. .. .. 15 .. j 916 10 0 Total 195 0 0 18 .. 994 10 0 .. .. .. 18 .. I 1,189 10 0

On Death. On Medical UnBtneas. Age' TotoI »etWng and °t her Number - AmZl Number - Amoun I. Number ' AmoSni. Number. ' I M. F. £ s. d. M. f. £ s. d. M. F. £ s. d. M. F. £ s. d. Allowances existing at be- 52 .. 1,496 0 0 12 | .. 876 3 0 110 3 9,845 15 0174 3 12,217 18 0 ginning of year Granted during year .. 4 .. 93 0 0 2 1.. 170 15 0 23 .. 2,530 11 0 29 .. 2,794 6 0 Total ..'I 56 .. 1,589 0 0 14 .. 1,046 18 0 133 3 12,376 6 0 203 3 15,012 4 0 Discontinued during year 1 .. 127 0 0 3 200 3 0 5 .. 390 18 0 9 .. 718 1 0 (as per statement below) Existing at end of year 55 .. 1,462 0 0 11 .. 846 15 0 128 3 11,985 8 0194 3 14,294 3 o Particulars of Retiring and other Allowances discontinued during the Year. Discontinued by death ... 1 27 12 0* 5 390 18 0 6 .. [ 418 10 0 Expiry .. 1 .. 127 0 0 2 .. 172 11 0 .. .. .. 3 .. I 299 11 0 Total .. 1 .. 127 0 0 3 .. 200 3 0 5 .. 390 18 0 9 .. I 718 1 0 I i | 4#

On Death. On Incapacity. On Attainment oi Total Ketiring and other * J Retiring Age. Allowances. a". Number. I aS. Number. | Number. 1 M. F. £ 8. d. M. ! F. £ s. d. M. F. £ S. d. M. F. £ s. d. Total granted .. ..157 .. 8,439 10 0 122 3 7,560 1 0 158 3 14,2-6 17 0 437 6 30,286 8 0 Total discontinued .. 12 .. 1,312 0 0 96 3 5,913 16 0 22 .. 1,729 9 0130 3 8,985 5 0 Total existing at 3let De- 145 .. 7,097 10 0 26 .. 1,616 5 0 136 ; 3 12,557 8 0 307 3 21,301 3 0 cember, 1925