NATIONAL PROVIDENT FUND. SIXTEENTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1926.

Appendix to the Journals of the House of Representatives, 1927 Session I, H-17

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1927. NEW ZEALAND.

NATIONAL PROVIDENT FUND. SIXTEENTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1926.

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

The number of contributors to the fund at the 31st December, 1926, was 29,441, representing an addition of 3,678 contributors over the previous year, but this increase in membership is due in part to the inauguration of compulsory superannuation for permanent employees of Hospital Boards. The total income for the year amounted to £343,243 4s. 5d., including £206,622 Is. lid. paid by contributors and £83,599 18s. lOd. interest. The fund at the end of the year totalled £1,652,901 18s. 3d., an increase of £274,934 13s. 6d. Allowances for maternity amounted to £41,686, of which £34,480 was paid to members of "approved" friendly societies, and £25,289 9s. 9d., an increase of £4,620 J4s. 1.d., was paid out on retirement and incapacity and in allowances to widows and children. It is interesting to note that last year saw the commencement of pensions at age sixty to direct contributors to the fund who joined at its inception in 1911 at the then maximum age of forty-five years. The rate of interest earned was £5 13s. 6d. per cent., and the expenses of administration in respect of ordinary contributors were at the rate of 23-4 per cent. These rates are practically the same as last year. R. A. Weight, Chairman of the Board. R. E. Hayes, Superintendent of the Fund. Wellington, 11th July, 1927.

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NATIONAL PROVIDENT FUND. (1) Revenue Account foe the Year ended 31st December, 1926. £ s. d. £ s. d. Amount of fund at beginning of year 1,377,967 4 9 Maternity claims (section 18) .. 7,206 0 0 Contributions .. .. .. 206,622 111 Maternity claims (approved friendly Interest .. .. .. .. 83,599 18 10 societies) .. .. .. 34,480 0 0 Fines .. .. .. .. 910 12 2 Refund of contributions on lapse, reGovernment contribution under Act.. 52,110 11 6 duction, and withdrawal (sections Refund of maternity claims by the 10, 11, 12, and 13) .. .. 41,738 4 9 State .. .. .. .. 41,686 0 0 Incapacity allowances (sections 16 and Contributions overpaid on exit .. 9 0 0 17), including contributions waived Benefits refunded on exit .. .. 4,012 6 0 on incapacity (£339 13s. 9d.) .. 2,485 4 10 Death : Refund of contributions (sections 14 (5) and 15) .. .. 5,293 2 5 Death: Allowances on account of widows and children (section 14) .. 7,774 19 7 Retirement: Allowances (section 12) 15,029 5 4 Refund of contributions overpaid on exit .. .. .. .. 9 0 0 Amount of fund at tnd of year .. 1,652,901 18 3 £1,766,917 15 2 £1,766,917 15 2 Balance-sheet as at 31st December, 1926. Liabilities. £ s. d. Assets. £ s. d. Fund as per Revenue Account .. 1,652,901 18 3 In hands of Public Trustee— Claims due and in course of payment — Invested .. .. 1,555,282 3 9 Maternity .. .. .. 1,612 19 5 Uninvested .. .. .. 26,385 3 10 Death (section 15) .. .. 211 4 5 Balance with Post Office .. .. 4,091 11 5 Death: Allowances (section 14) .. 285 6 2 Balances in transit .. .. 12,424 16 9 Allowances (section 12) .. .. 624 0 4 Contributions outstanding or in course Allowances (section 16) .. .. 123 2 0 of transmission*— Refunds in suspense .. .. 25,779 17 10 (a) Contributions due but not overDeposits on incomplete applications to due .. .. .. 13,511 12 4 join fund .. .. .. 097 (b) Contributions overdue .. 3,606 5 3 Suspense Account .. .. 126 6 9 Government subsidy due under Act* 52,110 11 6 Contributions prepaid .. .. 6,319 5 3 Refund due in respect of maternity Investment Fluctuation Reserve (by claims* .. .. .. 3,778 0 0 transfer from refunds unclaimed) .. 11, 480 2 8 Fines due* .. .. .. 450 15 8 Interest due* 1. .. .. 5,658 15 7 Interest accrued but not due* .. 22,164 16 7 £1,699,464 12 8 £1,699,464 12 8 * Included in Revenue Account. R. E. Hayes, Wellington, Ist July, 1927. 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, 1926.

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Numbers. Class i. Class 2. Class 3. Class 4. Class 5. Asereeatp Contribution^ Pension Rate, 10s. Pension Rate, 20s. Pension Rate, 30s. Pension Rate, 40s. Pension Rate: Other. g M. F. J T. M. | F. [ T. M. F. | T. M. F. | T. M. F. T. M. F. | T. £ s. d. Number of contributors at commence- 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 ment of year New entrants during the year .. 3,263 55 3,318 390 39 429 32 5 37 46 6 52 1,061 2,441 3,502 4,792 2,546 7,338 75,034 14 8 Transfers from another class .. 283 7 290 143 4 147 20 5 25 37 37 .. .. .. 483 16 499 5,483 18 8 Increases due to adjustment on age- .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 240 9 4 error, &c. Total .. .. .. 21,916 854 22,770 3,460 331 3,791 312 40 352 446 52 498 3,589 2,600 6,189 29,723 3,877 33,600 256,115 17 4 Discontinuances, &c. (as per detailed j 2,406 129 2,535 642 42 684 64 2 66 67 5 72 279 523 802 3,458 701 4,159 24,804 4 8 statement below) Total at end of year .. 19,510 725 I 20,235 2,818 289 3,107 248 38 286 T~ 379 47 426 1 3,310 2,077 5,387 (26,265 3,176 29,441 '231,311 12 8 Details of Discontinuances, &c., during the Year. Deaths.. .. .. .. I 51 3 54 8 8 I .. .. .. ! 17 1 18 76 4 80 1,385 17 4 Notice of withdrawal .. 1,207 97 1,304 227 32 259 25 1 26 17 2 I 19 222 478 700 1,698 610 2,308 16,659 16 4 Lapse and cancellations .. .. j 1,005 24 1,029 132 1 133 10 10 9 1 10 7 44 51 1,163 70 1,233 3,822 0 0 Attainment to pension-age ..! 2.. 2 1 1 .. 1 1 1.. 1 33.. 33 37 1 381, 267 5 8 Transfers to another class .. 141 5 146 274 9 283 29 29 40 2 42 .. .. .. 484 16 500 1,576 11 8 Decreases due to adjustment on age- .. .. .. . • • ■ .. .. .. .. .. .. .. .. .. .. .. .. .. 92 13 8 error, &c. Total .. .. ,.| 2,406 | 129 2,535 642 42 I 684 64~ 2 6fT| 67 5 72 279~ 523 802 3,458 701 4,159 24,804 4 8 Numerical Progress since Establishment. Total entered .. .. .. 39,664 3,470 j 43,134 7,176 886 8,062 713 80 793 836 I 82 | 918 5,230 2,698 7,928 53,619 7,216 60,835 I Total transferred from other classes 2,450 137 2,587 1,268 94 1,362 197 28 225 287 17 304 .. .. .. 4,202 276 4,478 42,114 3,607 45,721 8,444 980 9,424 910 108 1,018 1,123 99 1,222 5,230 2,698 7,928 57,821 7,492 65,313 ! Total discontinued .. .. 21,387 2,798 24,185 3,337 542 3,879 339 48 387 371 31 402 1,920 621 2,541 27,354 4,040 31,394 Total transferred to other classes .. 1,217 84 1,301 2,289 149 2,438 323 22 345 373 21 394 .. .. .. 4,202 276 4,478 j22,604 2,882 25,486 5,626 691 6,317 662 70 732 744 52 796 1,920 621 2,541 31,556 4,316 35,872 Total contributors on books at 31st !l9,510 725 20,235 2,818 289 3,107 248 38 286 379 47 426 3,310 2,077 5,387 26,265 3,176 29,441 231,311 12 8 December, 1926 I

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NATIONAL PROVIDENT FUND ACT, 1910. (3.) Statement of Retiring and other Allowances for the Year ended 31st December, 1926.

NATIONAL PROVIDENT FUND AMENDMENT ACTS. (3a.) Statement of Retiring and other Allowances for the Year ended 31st December, 1926.

NATIONAL PROVIDENT FUND. Progress of Retiring and other Allowances since the Establishment of the Fund to 31st December, 1926.

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

Authority: W. A. G. Skinner, Government Printer, Wellington.—l 927.

Price 3d.]

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On Death. On Incapacity. On Attainment of Total Retiring and other Amount. Number - Amount Number " Amounl AmJuni. M. F. £ s. d. M. F. £ s. d. M. F. £ s. d. M. ! F. £ s. d. Allowances existing at be- 90 .. 5,635 10 0 15 .. 799 10 0 8 .. 572 0 0113 .. 7,007 0 0 ginning of year Granted during the year 19 .. 1,501 10 0 22 .. 1,326 0 0 4 1 234 0 0 45 1 3,061 10 0 Total ..109 .. 7,137 0 0 37 .. 2,125 10 0 12 1 806 0 0158 I 1 10,068 10 0 Discontinued during the .. .. 331 10 0 24 .. 1,521 0 0.. .. .. 24 .. 1,852 10 0 year (as per statement below) Existing at end of year.. 109 .. 6,805 10 0 13 .. 604 10 0 12 ' 1 806 0 0134 ' 1 8,216 0 0 Particulars of Retiring and other Allowances discontinued during the Year. Discontinued by death 19 10 0 6 I .. I 468 0 0! .. .. .. 6 487 10 0 Expiry .. 312 0 0 18 .. ! 1,053 0 0.. .. .. 18 .. 1,365 0 0 Total 331 10 0 24 I .. jl ,521 0 o| .. .. .. 24 .. 1,852 10 0

On Death. On Medica! Unfitness. T ° W "JSSftSf ' Number. /™«»t Number. Number. I Annua._ M. F. | £ s. d. m. F. £ s. d. m. f. £ s. d. m. f. £ s. d. Allowances existing at be- 55 .. 1,462 0 0 11 .. 846 15 0128 3 11,985 8 0194 3 14,294 3 0 ginning of year Granted during year .. 8 ..J 165 0 0 6 .. 508 14 0 30 .. 2,487 0 0 44 .. 3,160 14 0 Total .. 63 .. 1,627 0 0 17 .. 1,355 9 0158 3 14,472 8 0 238 3 17,454 17 0 Discontinued during year 1 .. [ 83 0 0 .... .. 2 1 378 4 0 3 1 461 4 0 (as per statement below) Existing at end of year.. 62 .. Il,544 0 ol 17 1,355 9 0156 2 14,094 4 0 235 ' 2 16,993 13 0 Particulars of Retiring and other Allowances discontinued during the Year. Discontinued by death .. 1 ..I 83 00.. .. .. 2 1 378 4 0 3 1 461 4 0 Expiry .. | .. •. .. .. .. .. Total .. 1 .. 83 0 0 .... .. 2 1 378 4 0 3 1 461 4 0

On Death. On Incapacity. ™ 2S5XS?' Number - Amount. Number " Amount Number " Amounl. N « mb «- Am™1 I I M. s. £ s. d. m. F. £ s. d. m. i r. £ s. d. m. f. £ s. d. Total granted ..184 .. 10,106 0 0150 3 9,394 15 0192 1 4 17,007 17 0 526 7 36,508 12 0 Total discontinued .. 13 .. 1,756 10 0120 3 7,434 16 0 24 1 1 2,107 13 0157 4 11,298 19 0 Total existing at 31st De- 171 .. 8,349 10 0 30 .. 1,959 19 0168 3 14,900 4 0369 3 25,209 13 0 oember, 1926 .