PUBLIC SERVICE SUPERANNUATION BOARD (NINETEENTH ANNUAL REPORT OF THE), WITH ACCOUNTS, FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1927.

Appendix to the Journals of the House of Representatives, 1927 Session I, H-26

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1927. NEW ZEALAND.

PUBLIC SERVICE SUPERANNUATION BOARD (NINETEENTH ANNUAL REPORT OF THE), WITH ACCOUNTS, FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1927.

Presented to Parliament pursuant to the. provisions of the Public Service Classification and Superannuation Act, 1908.

REPORT. The Board has the honour to submit the following report upon the transactions in connection with the Public Service Superannuation Fund: — The Revenue Account, balance-sheet, and statements regarding membership and retiring and other allowances will be found appended. Contributors. —The number of new contributors who joined the scheme during the year, and other particulars, are contained in the following table :—

The following table contains particulars of the public servants who were contributing to the fund on 31st March, 1927 (after allowing for deaths, retirements, and withdrawals), grouped according to their respective rates of contribution : —

Retiring and other Allowances. — Pensions for £26,801 15s. per annum were granted during the year as follows : For age or length of service, £21,494 18s. per annum to 97 members (76 male and 21 female members); under section 52 of the Finance Act, 1920, £106 6s. to 1 member; for medical unfitness for duty, £1,706 to 21 members; to police officer injured whilst on duty, £158 lis. to 1 member; to widows and children of deceased members, £1,395 per annum to 45 widows, and £468 per annum to 18 children.

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Number. Rate per Cent, of Annual Contribution as provided Annual Salary. Contributions by the Act. Male _ Female. Total. £ s. d. £ s. d. 5 1,116 233 1,349 150,047 16 8 7,502 7 10 6 64 10 74 17,330 16 8 1,039 17 0 7 31 9 40 10,151 13 4 710 12 4 8 22 4 26 7,161 17 6 572 19 0 9 16 ... 16 4,731 13 4 425 17 0 10 2 ... 2 488 0 0 48 16 0 Transfers from other 10 1 11 3,539 0 0 185 19 0 funds : Totals 1,261 257 1,518 193,450 17 6 10,486 8 2

** at ® , Number. per Cent, of Contribution as — Annual Salary. n V 1 ??",. provided by Contributions, the Act Male - Female. Total. £ s. d. £ s. d. 5 11,348 1,655 13,003 3,105,233 3 4 155,261 13 2 6 1,600 148 1,748 579,119 11 8 34,747 3 6 7 1,029 108 1,137 379,255 0 0 26,547 17 0 8 612 71 683 228,819 15 10 18,305 11 8 9 250 20 270 92,045 16 8 8,284 2 6 10 69 4 73 24,887 12 6 2,488 15 3 Totals ... 14,908 2,006 16,914 i 4,409,361 0 0 245,635 3 1

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Under section 27 of the Finance Act, 1925, the statutory allowances to widows and children were increased from £18 to £31 per annum, and from ss. per week to 10s. per week respectively. The additional expenditure on this account is recovered from the Consolidated Fund. Under section 29 of the Finance Act, 1925, which provides for the inclusion of the value of board and lodging in salary for superannuation purposes, existing allowances, other than to widows and children, were increased during the year by £73 12s. per annum. Those officers who retired during the year and who possessed compensation rights under the Civil Service Act, 1866, would have been entitled to receive the sum of £1,303, the amount of compensation accrued to the date when they joined the Superannuation Fund had they not become participants in the benefits of the fund. The total amount of such compensation for which the fund became liable since the initiation of the scheme is £547,361. To this amount must be added accretions to the date of retirement, approximately £130,000, for which the Consolidated Fund would otherwise have been liable, and the whole may be fairly set against the total subsidies paid to the fund during the past nineteen years, amounting to £1,290,500. Eighty retiring-allowances were discontinued by death, and sixty-two for other causes— viz., five widows remarried, and fifty-seven children reached the age of fourteen. The annual amount payable at the close of the year was £330,001 13s. Bd., as shown in the statement attached. Income.—The total income for the year was made up as follows : — £ Members'ordinary contributions ... ... ... .. 246,635 Subsidy, Cook and Samoa Administration ... ... ... 1,226 Contributions from Government ... ... ... ... 99,444 Fines, &c. ... ... ... ... ... ... ... 328 Interest ... ... ... ... ... ... ... 140,268 Total income for year ... ... ... ...£487,901 Outgo. —The pensions paid during the year to contributors who have retired and to dependants of deceased contributors amounted to £322,758 13s.—viz., £292,774 4s. 2d, to members, and £29,984 Bs. lOd. to widows and children. Refunds of contributions to contributors who have left the Service amounted to £35,182 17s. 9d., while the refunds under section 42 to personal representatives of deceased contributors and annuitants amounted to £9,248 16s. Three contributors who were retired elected to accept a refund of their contributions under section 38, amounting to £909 Is. 5d., in lieu of retiring-allowances. Five contributors were transferred to other funds in accordance with the provisions of section 48 of the Amendment Act of 1908, and their contributions, amounting to £28 4s. 5d., were accordingly transferred to such other funds. The salaries of the staff and other office expenses were £2,820 3s. 7d. and £1,520 Bs. 2d. respectively. The Public Trustee's commission on interest collected amounted to £3,484 ss. 2d. Medical fees for reports under section 36 amounted to £56 14r. The total outgo for the year was £376,009 Is. Bd. Accumulated Funds. —These amounted at the end of the year to £2,429,290 7s. lid. Balance-sheet.—On the 31st March the total assets of the fund, which include provision for the outstanding accounts, amounted to £2,522,038 10s. 6d. The balance-sheet appended gives full particulars as to the liabilities and assets. Investment of the Fund.—The total investments of the fund at each rate of interest were as follows : — Inscribed stock:— £ £ 5 percent.... ... ... ... ... 5,506 5J per cent. ... ... ... ... 164,000 5| per cent. ... ... ... ... 146,350 6 percent. ... ... ... ... ... 40,000 Debenture securities: — 4-J- per cent. ... ... ... ... 15,000 5 per cent.... ... ... ... ... 33,763 5J per cent. ... ... ... ... 15,423 6 percent.... ... ... ... ... 362,075 per cent. ... ... ... ... 5,000 787,117 Mortgage securities : — 5 per cent. ... ... ... ... ... 2,762 5| per cent. ... ... ... ... 13,147 6 per cent. ... ... ... ... ... 1,415,822 per cent. ... ... ... ... 231,521 1,663,252 Total ... ... ... ... £2,450,369 The above total includes £19,415 invested on Stipendiary Magistrates' account. The average rate of interest earned for the financial year on the mean funds was £6 Is. per cent., as compared with £6 Is. sd. per cent, for the previous year.

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Progress of the Fund.—The following table illustrates the position of matters in relation to the fund since its inception:—

PUBLIC SERVICE SUPERANNUATION FUND. Statement of Contributors for the Year ending 31st March, 1927.

Particulars of Contributions discontinued during the Year.

Progress of Contributors since Date of Establishment of the Fund to 31st March, 1927.

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Year ended 31st December, Year ended j : 31st March, 1908. j 1912. | 1916. 1921. 1927. Total number of contributors ... 7,235 10,027 13,313 15,782 16,914 Total amount contributed annually ... £79,831 £109,840 £141,844 £248,020 £245,635 Interest received ... ... ... £1,295 £16,257 £42,314 £85,312 £140,268 Number of pensions and allowances 122 683 1,233 1,949 2,616 payable Annual value of retiring and other £8,881 £53,385 £88,392 £163,355 £330,002 allowances payable Total amount of contributions refunded £484 £10,749 £23,391 £51,705 £45,341 Expenses of administration ... £890 £1,144 £2,318 £4,615 £7,881 Total amount of accumulated fund ... £71,481 £423,556 £896,568 £1,716,837 £2,429,290 W. Noswokthy, Chairman.

Number. "T Annual Salary. corffibSSon.. M. | F. Total. £ s. d. £ s. d. Contributors at beginning of the year .. 14,297 2,031 16,328 4,262,835 10 10 238,996 7 7 New contributors entered during the year .. 1,251 256 1,507 189,911 .17 6 10,300 9 2 Contributors transferred from other funds .. 10 1 11 3,539 0 0 185 19 0 Increase by promotion during the year .. .. .. .. 157,749 7 6 8,328 2 11 Totals .. .. •• 15,558 2,288 17,846 4,614,035 15 10 257,810 18 8 Contributions discontinued during the year .. 650 282 932 204,674 15 10 12,375 15 7 Total contributors at end of year 14,908 2,006 16,914 4,409,361 0 0 245,635 3 1

Number. Annual Amount RetiringHow discontinued. Annual Salary, contributions , p^ld on , allowance M. F. Total. Retirement. granted. £ s. d. £ s. d. £ s. d. £ s. d. By death before retiring-allowance entered 59 9 68 18,910 0 0 1,204 14 9 8,495 17 0 1,473 0 0 upon (sees. 42, 43, and 32) e.e. By retirement before retiring-age (sec. 46) 486 250 736 135,628 8 4 7,316 8 7 35,182 17 9 By retirement (sec. 38) .. •• 3 3 926 6 8 74 0 0 909 1 5 By retirement medically unfit (sec. 36) .. 19 2 21 6,189 1 8 391 10 5 .. 1,706 0 0 By retirement (sec. 29, A.A., 1909) .. 1 1 282 18 4 14 2 11 .. 158 11 0 By retirement at retiring-age or for length 76 21 97 39,729 7 6 2,993 19 11 .. 21,494 18 0 of service (sec. 35) By retirement (seo. 52, Finance Act, 1920) 1 1 485 0 0 38 16 0 .. 0 By transfer to other funds (sec. 48) .. 5 5 373 0 0 18 13 0 28 4 5 By reduction . • •• •• 2,150 13 4 123 10 0 .. Totals .. .. .. 650 282 932 204,674 15 10 12,175 15 7 44,616 0 724,938 15 0

Number. — Ammal Contributions. M. F. Total. £ s. d. £ s. d. Total entered .. .. .. •• 29,838 6,824 36,162 7,965,445 4 2 472,954 16 5 Total discontinued 14,430 4,818 19,248 3,556,084 4 2 227,319 13 4 Total existing at 31st March, 1927 .. .. 14,908 2,006 16,914 4,409,361 0 0 245,635 3 1

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Revenue Account foe the Year ending 31st March, 1927. £ s. d. £ s. d. Amount of fund at beginning of year 2,317,398 18 5 Retiring-allowances— Members'contributions— Jo members .. .. .. 292,774 4 2 Under section 29 (ordinary) .. 245,396 15 7To widows and children .. .. 29,984 810 Transferred from other superannua- Contributions returned— tion funds .. .. .. 1,238 10 6 Under section 46 (aa) (left Service) 35,182 17 9 Interest on arrears of contributions 898 19 6 Under section 42 .. .. 9,248 16 0 Government subsidy— Under section 38 .. .. 909 1 5 Statutory .. . .. 86,000 0 0 Contributions to other superannuation Section 27, Finance Act, 1925 .. 13,443 14 0 funds (section 48) .. .. 28 4 5 Interest on investments .. .. 139,369 7 2 Expenses— Fines, &c. .. .. .. 327 14 5 Medical fees .. .. .. 56 14 0 Subsidy—Cook Islands and Samoa Salaries .. .. .. 2,820 3 7 Administrations .. .. 1,225 10 0 Audit fees .. .. .. 50 0 0 Heating and lighting .. .. 7 12 1 Rent .. .. .. .. 197 0 0 Cleaning .. .. .. 102 1 3 Messenger service ... .. 75 0 0 Public Trustee's charges .. .. 3,484 5 4 Furniture and fittings .. .. 34 10 4 Printing and stationery .. .. 161 5 9 Typewriters and other machines (upkeep) .. .. .. 8 8 2 * Postages, telegrams, and services .. 159 1 1 Fees, inspection securities .. 7 7 0 Post and telegraph charges .. 718 0 6 Balance as at 31st March, 1927 .. 2,429,290 711 £2,805,299 9 7 £2,805,299 9 7 Balance-sheet as at 31st March, 1927. Liabilities. Assets. £ s. d. Superannuation Fund Account— £s. d. Amount invested by the Board .. 2,430,954 4 2 Balance due from Revenue Account 2,429,290 711 Contributions due in course of transAdd value of office furniture, fittings, mission .. .. .. 20,942 0 5 and machinery .. .. 604 14 0 Interest due and accrued .. .. 43,912 11 6 Subsidy — 2,429,895 111 Cook Islands and Samoa .. 219 14 11 Retiring and other allowances due, in Section 27, Finance Act, 1925 .. 21 0 2 course of payment — Balance in hands of Public Trustee .. 23,103 7 8 To members .. .. .. 2,649 12 10 Bank account .. .. .. 1,691 811 To widows and children .. .. 409 3 4 Office furniture, fittings, and machinery 604 14 0 Refund of contributions due, in course Contributions from other superannuof payment— ation funds, in transmission .. 137 1 0 Under section 46 (aa) (left service) 840 12 7 Retiring allowances recoverable (PenUnder section 42 (death) .. 81 7 8 sions Department) .. .. 110 1 9 Under section 48 (other superannu- Rates and taxes paid on account of ation funds) .. .. .. 06 11 mortgagors (recoverable) .. 342 6 0 Expenses due, in course of payment — Public Trustee's charges .. .. 1,097 16 4 Heating and lighting .. .. 112 9 Printing and stationery .. .. 3 6 4 Post and Telegraph charges .. 150 7 6 Typewriters, &c. (upkeep) ..136 Contributions paid in advance or in error .. .. .. ■ • 117 4 3 Unclaimed Account (contributions, &c.) 1,469 18 0 Balance, Government subsidy* .. 64, 500 0 0 Post Office Account .. .. 20,820 16 7 £2,522,038 10 6 £2,522,038 10 6 * The Government subsidy is paid in January of each year. Owing to the change in the date of the financial year, to show the true position of the fund it is necessary to state this item as a liability. Subsidiary Account. Cost-of-living Bonus paid to Annuitants of the Public Service Superannuation Fund on behalf of the Treasury, £ .s, d. £ s. d. To Balance due 31st March, 1926 .. 306 13 9By Amount received from Treasury .. 3 838 12 6 Amount disbursed for period Ist April, 1926, to 31st March, 1927 .. 3,531 18 9 £3,838 12 6 £3,838 12 6

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Stipendiary Magistrates' Account. Revenue Account for the Year ending 31st March, 1927. £ s. d. £ s. d. Amount of fund on Ist April, 1926 .. 16,756 911 Administration expenses .. .. 30 18 0 Members' contributions (section 39, Retiring-allowances .. .. .. 91 13 4 Finance Act, 1924) .. .. 1,729 111 Balance as at 31st March, 1927 .. 19,426 310 Interest on investments .. .. 1,063 3 4 £19,548 15 2 £19,548 15 2 Balance-sheet as at 31st March, 1927. Liabilities. \ Assets. £ s. d. £ s. d. Superannuation Fund Account .. 19,426 310 Contributions due in course of transmission .. .. .. .. 1150 Amount invested .. .. .. 19,414 18 10 £19,426 3 10 £19,426 3 10 William M. Wright, Secretary, K, S. Wogan, Accountant, Wellington, 10th June, 1927. Public Service Superannuation Board. I hereby certify that the Revenue Account and balance-sheet 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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PUBLIC SERVICE SUPERANNUATION FUND. Statement of Retiring and other Allowances for the Year ending 31st March, 1927.

Approximate Cost of Paper. —Preparation, not given ; printing (2,025 copies), £12 17s. 6d.

By Authority: W. A. G. Skinner, Government Printer, Wellington.— 1927.

Price 6d .]

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G ,. I Section 29, Amend- „ section. )5: Section 36: ment Act, 1909: Section 52, Section 28, Section 42: I Sections 42 (c) and 43 (a): Total Retiring and other On Attainment of Betiring-age Medically unfit. Police injured on Finance Act, 1920. Finance Act, 1921. Widows. Children. Allowances or for Length of Service. j 1 Duty. i Number. Number. N™ 3 " Num- Num- Number Number. Annual Annual Annual ber " Annual ber ' Annual , Annua ' Annual ■3 Amount. % Amount. Amount. Amount. Amount. Amount. „ Amount. Amount. M. F. S M. F. | M. M. M. P. M. F. I -g M. F. J Ej _ & i 1 1 H ' H £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ £ £ s. d. Retiring and other allowances — Existing at beginning 1164 1311295 263,062 15 9 136 17 153 12,520 7 5 I 8 1,068 13 6 4 839 8 0 47 7,437 14 0 579 17,949 227 209 436 1 11,336 1586 9362522 314,213 18 8 of year Granted during year 76 21 97 21,494 18 0 19 2 21 1,706 0 0 1 158 11 0 1 106 6 0 .. .. 19 589 21 13 34 884 118 55 173 24,938 15 0 at retirement Granted during year .. .. .. .. .. .. .. .. 45 1,395 10 8 18 468 10 53 63 1,863 0 0 after retirement Granted under sec. 29, 64 16 0 8 16 0 .. .. "I " I " "" " " " 73 12 0 Finance Act, 1925 j Totals .. 1240 1521392 284,622 9 9 155 19 174 14,235 3 5 9 1,227 4 6 5 945 14 0 47 7,437 14 Ol 643 19,933 258 230 488 12,688 17141044 2758 341,089 5 8 Discontinued during 52 2 54 7,915 12 0 8 .. 8 812 5 0 .. .. 1 137 9 0 j 1 99 6 0 19 589 25 34 59 1,534 87 55 142 11,087 12 0 year | — Existing at end of year 1188 1501338 276,706 17 9 147 19 166 13,422 18 5 9 1,227 4 6 4 808 5 0 j 46 7,338 8 Oj 624 19,344 233 196 429 11,154 1627 989 2616 1330,001 13 8 Pabticulabs of Retibing and other Allowances discontinued dubing the Yeab. How discontinued — By death .. .. 2 54 7,915 12 0 8 .. 8 812 5 0 .. .. 1 137 9 0 1 99 6 0 14 434 2 2 52 62 18 80 9,450 12 0 By expiry .. .. .. .. .. .. .. .. .. 5 155 25 32 57 1,482 25 37 62 1,637 0 0 Totals .. .. 52 2 54 7,915 12 0 8 .. 8 812 5 0 .. .. 1 137 9 0 1 99 6 0 19 589 25 34 59 1,534 87 55 142 11,087 12 0 Pbogbess of Retibing and other Allowances since Establishment of the Fund to 31st March, 1927. Total granted .. .. 1789 1691958 354,043 7 0 327 28 355 27,379 8 5 12 11,564 17 0 5 945 14 0 49 7,688 8 0 835 23,675 526 4951021 20,579 270815274235 435,875 14 5 Total discontinued .. 601 19 620 77,336 9 3 180 9 189 13,956 10 0 3 337 12 6 1 137 9 0 3 350 0 0 211 4,331 293 299 592 9,425 1081 5381619 105,874 0 9 I ' Total existing at 31st 1188 1501338 276,706 17 9 147 19 166 13,422 18 5 9 I 1,227 4 6 4 808 5 0 46 7,338 8 0 624 19,344 233 196 429 11,154 1627 988 2616 330,001 13 8 March, 1927 I II I I William M. Weight, Secretary. Wellington, 10th June, 1927. R. S. Wogan, Accountant.