NATIONAL PROVIDENT FUND. SEVENTEENTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1927.

Appendix to the Journals of the House of Representatives, 1928 Session I, H-17

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1928. NEW ZEALAND.

NATIONAL PROVIDENT FUND. SEVENTEENTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1927.

Prepared in Terms of Section 72 of the National Provident Fund Act, 1926.

The number of contributors to the fund at the 31st December, 1927, was 30,618, representing an addition of 1,177 contributors over the previous year. The total income for the year amounted to £388,454 lis. 3d., including £228,378 16s. sd. paid by contributors and £101,303 19s. 6d. interest. The fund at the end of the year totalled £1,957,226 12s. 9d., an increase of £304,324 14s. 6d. The fund has nearly reached the two-million mark, with interest earnings exceeding £1.00,000, the rate of interest earned for the year being £5 155., against £5 13s. 6d. for the previous year. The expenses of administration in respect of ordinary contributors were at the rate of 22-8 per cent., as compared with 23-4 per cent, for the previous year. It is now practicable for any private employer to have a State-guaranteed superannuation scheme for the whole of his employees between the ages of sixteen and sixty, with pensions at the latter age up to a maximum of £4 weekly. This is provided by an amendment of the National Provident Fund Act which is embodied in the Finance Act (No. 2), 1927. R. A. Wright, Chairman of the Board. R. B. Hayes, Superintendent of the Fund. Wellington, 2nd August, 1928.

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NATIONAL PROVIDENT FUND. (1) Revenue Account foe the Year ended 31st December, 1927. £ s. d. £ s. d. Amount of fund at beginning of year .. 1,652,901 18 3 Maternity claims (section 19) .. .. 7,080 0 0 Contributions .. .. .. .. 228,378 16 5 Maternity claims (approved friendly societies) 36,446 0 0 Interest .. .. .. .. 101,303 19 6 Refund of contributions on lapse, reduction, Fines .. .. .. .. .. 914 711 and withdrawal (sections 11, 12, 13, and 14) 51,811 9 7 Government contribution under Act .. 57, 856 15 4 | Incapacity allowances (sections 17 and 18), Refund of maternity claims by the State .. 43,526 0 0 i including contributions waived on incapacity Contributions overpaid on exit .. 14 8 1 (£430 2s. Id.) .. .. .. .. 2,941 8 6 Benefits refunded on exit .. .. .. 4,876 010 Death: Refund of contributions (sections Miscellaneous receipts .. .. .. 0 12 1 15 (5) and 16) .. .. .. .. 7,951 15 7 Death : Allowances on account of widows and children (section 15) .. .. .. 8,610 2 9 Retirement: Allowances (section 13) .. 17,691 1 2 Refund of contributions overpaid on exit .. 14 8 1 Amount of fund at end of year .. .. 1,957,226 12 9 £2,089,772 18 5 £2,089,772 18 5 Balance-sheet as at 31st December, 1927. Liabilities. £ s. d. Assets. £ s. d. Fund as per Revenue Account .. .. 1,957,226 12 9 ,In hands of Public Trustee — Claims due and in course of payment— Invested .. .. .. .. 1,854,356 12 8 Maternity .. .. .. .. 2,093 510 i Uninvested .. .. .. .. 24,984 5 4 Death (section 16) .. .. .. 114 3 0 Balance with Post Office .. .. .. 7,156 2 2 Death: Allowances (section 15) .. .. 386 7 9 Balances in transit .. .. .. 13,411 6 7 Allowances (section 13).. .. .. 750 83 Contributions outstanding or in course of Allowances (section 17) .. .. .. 179 4 11 transmission*— Refunds in suspense .. .. .. 33,290 15 7 j (a) Contributions due but not overdue .. 13,260 18 8 Deposits on incomplete applications to join fund 0 12 0 (b) Contributions overdue .. .. 3,777 0 9 Suspense Account .. .. .. 128 18 3 Government subsidy due under Act* .. 57,856 15 4 Contributions prepaid .. .. .. 7,058 9 7 Refund due in respect of maternity claims* .. 3,754 0 0 Investment Fluctuation Reserve (by transfer Fines due* .. .. .. .. 472 2 7 from refunds unclaimed) .. .. 13,829 5 4 Interest due* .. .. .. .. 5,705 0 6 Interest accrued but not due* .. .. 27,748 5 5 Writing off Suspense Account .. .. 2,575 13 3 £2,015,058 3 3 £2,015,058 3 3 * Included in Revenue Account. R. E. Hayes, Superintendent. R. M. Porteous, Wellington, Ist July, 1928. Accountant. 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, 1927.

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Numbers. Cla8S 1 - Class 2 - CIass 3 - I Class 4 - C,ass 5 " Aaarpfffltp Contributions Pension Rate, 10s. Pension Rate, 20s. Pension Rate, 30s. ] Pension Rate, 40s. Pension Rate: Other. ® M. | F. T. M. | F. j T. M. | P. I T. M. F. | T. M. F. T. M. | F. T. | ~ j I j £ s. d. Number of contributors at commence- 19,510 725 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 ment of year New entrants during the year .. 3,410 91 3,501 405 29 434 33 ! 4 37 30 10 40 455 773 1,228 4,333 907 5,240 29,908 2 8 Transfers from another class .. 254 7 261 121 8 129 17 17 24 4 28 416 19 435 6,339 3 4 Increases due to adjustment on age- .. .. .. .. .. .. .... .. .. .. .. .. .. .. .. .. .. 377 0 8 error, &c. Total .. .. .. 23,174 823 23,997 3,344 326 3,670 298 42 340 433 61 494 3,765 2,850 6,615 31,014 4,102 j 35,116 267,935 19 4 Discontinuances, &c. (as per detailed 2,653 122 2,775 595 46 641 60 6 66 77 6 83 261 672 933 3,646 852 4,498 29,201 12 4 statement below) ! i ■ j * I I Total at end of year .. 20,521 701 21,222 1 2,749 280 3,029 238 ' 36 274 356 55 411 3,504 2,178 5,682 27,368 3,250 1 30,618 238,734 7 0 Details of Discontinuances, &c., during the Year. Deaths.. .. .. .. 44 44 4 1 5 1 I .. 1 17 6 23 66 7 73 2,253 5 4 Notice of withdrawal .. .. 1,544 87 1,631 243 33 276 23 4 27 24 1 5 29 201 649 850 2,035 778 2,813 20,204 0 4 Lapse and cancellations .. .. 950 22 972 107 4 111 11 11 8 8 1 15 16 1,077 41 1,118 3,455 12 4 Attainment to pension-age .. 7 4 11 2 1 3.. .. .. 1.. 1 42 2 44 52 7 59 1,497 14 4 Transfers to another class .. 108 9 117 239 7 246 26 2 28 43 1 44 .. .. > 416 19 435 1,648 3 8 Decreases due to adjustment on age- .. .. .. .. .. .. .. .. .. .. .. .. .. 1 .. .. .. .. 142 16 4 error, &c. Total .. .. .. 2,653 122 2,775 595 46 641 60 6 66 77 6 83 j 261 672 933 3,646 852 4,498 29,201 12 4 Numerical Progress since Establishment, Total entered .. .. .. 43,074 3,561 46,635 7,581 915 8,496 746 84 830 866 92 958 5,685 3,471 9,156 57,952 18,123 66,075 j Total transferred from other classes 2,704 144 2,848 1,389 102 1,491 214 28 242 311 21 332 .. .. .. 4,618 295 4,913 45,778 3,705 49,483 8,970 1,017 9,987 960 112 1,072 1,177 113 1,290 5,685 3,471 9,156 62,570 ;8,418 70,988 Total discontinued .. .. 23,932 2,911 26,843 3,693 581 4,274 373 52 425 405 36 441 2,181 1,293 3,474 30,584 |4,873 35,457 j Total transferred to other classes .. 1,325 93 1,418 2,528 156 2,684 349 24 373 416 22 438 4,618 295 4,913' 25,257 3,004 28,261 6,221 737 6,958 722 76 798 821 58 879 2,181 1,293 3,474 35,202 5,168 40,370 Total contributors on books at 31st 20,521 701 21,222 2,749 280 3,029 238 36 274 356 55 411 3,504 2,178 5,682 27,368 3,250 ! 30,618 [238,734 7 0 December, 1927 I I

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NATIONAL PROVIDENT FUND ACT, 1926. Direct Contributors. (3) Statement of Retiring and other Allowances for the Year ended 31st December, 1927

Other Contributors. (3a) Statement of Retiring and other Allowances for the Year ended 31st December, 1927

NATIONAL PROVIDENT FUND. Progress of Retiring and other Allowances since the Establishment of the Fund to 31st December, 1927.

Approximate Cost of Paper.—Preparation, not given; printing (650 copies), £8.

Authority: W. A. G. Skinner, Government Printer, Wellington.—l92B.

j Price 3d.]

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On Death. On Incapacity. On Attainment of Total KetWng and other IZul Number ' Amount. Number - Amount. Numb «- 1 AmSuni. ___ ! I _J M. F. £ s. d. M. F. £ S. d. M. F. £ S. d. M. F. £ s. d. Allowances existing at be- 109 .. 6,805 10 0 13 .. 604 10 0 12 1 806 0 0134 1 8,216 0 0 ginning of vear Granted during the year 17 .. 1,072 10 0 25 .. 1,248 0 0 10 5 j 582 17 0 52 5 2,903 7 0 Total ..126 .. 7,878 0 0 38 .. 1,852 10 0 22 6 1,388 17 0186 6 11,119 7 0 Discontinued during the 4 .. 624 0 0 16 .. 819 0 0.. .. .. 20 .. 1,443 0 0 year (as per statement below) Existing at end of year.. 122 .. 7,254 0 o| 22 .. 1,033 10 o! 22 6 1,388 17 oll66 6 ! 9,676 7 Particulars of Retiring and other Allowances discontinued during the Year. Discontinued by death ..' j .. 1 .. 39 0 0 4 .. 175 10 0 .. .. .. 4 214 10 O Expiry .. .. 4 585 0 0 12 .. 643 10 0 .. .. .. 16 1,228 10 0 Total .. 4 624 0 0 16 .. 819 0 0 .. .. .. 20 .. 1,443 0 O

On Death. On Medical Unfitness. AUomnoef Number. Number, j Number. Number - j /mount. I _ j ' M. P. £ s. d. M. F. £ S. d. M. F. £ S. d. M. F. £ s. d. Allowances existing at be- 62 .. 1,544 0 0 17 ., 1,355 9 0156 2 14,094 4 0 235 2 16,993 13 0 ginning of year Granted during year .. 12 .. 297 0 0 6 1 585 12 0 30 2 3,714 4 0 48 3 4,596 16 0 Total .. 74 .. !l,841 0 0 23 1 1,941 1 0186 4 :17,808 8 0 283 5 21,590 9 0 Discontinued during year 2 75 0 0 2 1 182 12 0 11 .. 11,127 12 0 15 1 1,385 4 0 (as per statement below) Existing at end of year.. 72 .. 1,7.66 0 0 21 .. 1,758 9 0175 4 16,68016 0 268 1 4 '20,205 5 0 Particulars of Retiring and other Allowances discontinued during the Year. Discontinued by death .. 1 18 0 0 2 135 17 0 11 .. |1,127 12 0 14 .. 1,281 9 0 Expiry .. .. 1 .. 57 0 0 .. 1 46 15 0 .... .. 1 1 103 15 0 Total .. 2 75 0 0 2 j 1 182 12 0 11 .. |l, 127 12 0 15 1 1,385 4 0 I I I

On Death. On Incapacity. On Attainment of Total Betiring and other Retiring Age. Allowances. Amount. A™. j A™. a". t j [ M. B 1 . £ S. d. M. F. £ s. d. M. I F. £ s. d. M. F. £ s. d. Total granted .. .. 213 .. 11,475 10 0181 4 11,228 7 0 232 11 21,304 18 0 626 15 44,008 15 0 Total discontinued .. 19 .. 2,455 10 0138 4 8,436 8 0 35 1 3,235 5 0192 5 14,127 3 0 Total existing at 31st De- 194 .. 9,020 0 0 43 .. 2,791 19 0197 j 10 18,069 13 0 434 10 129,881 12 0 cember, 1927