PUBLIC SERVICE SUPERANNUATION BOARD (TWENTIETH ANNUAL REPORT OF THE), WITH ACCOUNTS, FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1928.

Appendix to the Journals of the House of Representatives, 1928 Session I, H-26

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1928. NEW ZEALAND.

PUBLIC SERVICE SUPERANNUATION BOARD (TWENTIETH ANNUAL REPORT OF THE), WITH ACCOUNTS, FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1928.

Presented to Parliament pursuant to the provisions of the Public Service Superannuation Act, 1927.

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, 1928 (after allowing for deaths, retirements, and withdrawals), grouped according to their respective rates of contribution : —

Retiring and other Allowances. — Pensions for £24,397 6s. per annum were granted during the year as follows : For age or length of service, £18,733 17s. to 93 members (80 male and 13 female members) ; for medical unfitness for duty, £2,617 9s. to 24 members; to widows and children of deceased members, £1,798 per annum to 58 widows, and £1,248 per annum to 48 children.

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Number. Rate per Cent, of Annual Contribution as provided Annual Salary. Contributions by the Aot. Male> Female. Total. £ s. d. £ s. d. 5 616 219 865 111,059 5 0 5,552 19 3 6 45 10 55 14,152 10 0 849 3 0 7 34 8 42 12,191 13 4 853 8 4 8 18 6 24 7,108 15 0 568 14 0 9 7 2 9 4,228 6 8 380 11 0 10 1 ... 1 315 0 0 31 10 0 Transfers from other 4 ... 4 1,156 00 62 10 funds - Totals ... 755 245 1,000 150,211 10 0 8,298 6 7

at ® , Number. per Gent, of Contribution as Annual Salary. provided by Contributions, the Act. Male. Female. Total. £ s. d. £ s. d. 5 11,611 1,610 13,221 3,230,839 11 8 161,541 19 7 6 1,573 141 1,714 574,248 19 2 34,454 18 9 7 997 104 1,101 368,648 15 0 25,805 8 3 8 600 71 671 225,696 0 10 18,055 13 8 9 219 17 236 79,762 18 4 7,178 13 3 10 55 4 59 19,849 7 6 1,984 18 9 Totals ... 15,055 1,947 17,002 j 4,499,045 12 6 249,021 12 3

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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. 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 £3,603, 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 £550,964. To this amount must be added accretions to the date of retirement, approximately £133,000, 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 twenty years, amounting to £1,376,500. Seventy retiring-ailowances were discontinued by death, and eighty-nine for other causes— viz., eight widows remarried, and seventy-nine children reached the age of fourteen, and two annuitants retired as medically unfit were reappointed to the Service. The annual amount payable at the close of the year was £342,881 7s. 4d., as shown in the statement attached. Income.—The total income for the year was made up as follows :— £ Members'ordinary contributions ... ... ... .. 249,301 Subsidy, Cook and Samoa Administration ... ... ... 1,145 Contributions from Government ... ... . . ... 99,810 Fines, &c. ... ... ... ... ... ... ... 305 Interest ... ... ... ... ... ... ... 146,790 Total income for year ... ... ... ...£497,351 Outgo.—The pensions paid during the year to contributors who have retired and to dependants of deceased contributors amounted to £338,138 os. 4d.—viz., £307,352 4s. 2d. to members, and £30,785 16s. 2d. to widows and children. Refunds of contributions to contributors who have left the Service amounted to £34,352 lis. Bd., while the refunds under section 42 to personal representatives of deceased contributors and annuitants amounted to £14,722 4s. 6d. Four contributors who were retired elected to accept a refund of their contributions under section 34, amounting to £939 35., in lieu of retiring-allowances. Three contributors were transferred to other funds in accordance with the provisions of section 120, and their contributions, amounting to £465 Bs. 2d., were accordingly transferred to such other funds. The salaries of the staff and other office expenses were £2,723 2s. and £1,505 os. 3d. respectively. The Public Trustee's commission on interest collected amounted to £3,638 os. 6d. Medical fees for reports under section 32 amounted to £66 3s. During the year a mortgage security was realized at a loss of £1,000 of principal and of £658 7s. 7d., arrears of interest and expenses of realization. The total outgo for the year was £398,386 17s. sd. Accumulated Funds. —These amounted at the end of the year to £2,528,454 ss. 6d. Balance-sheet. —On the 31st March the total assets of the fund, which include provision for the outstanding accounts; amounted to £2,620,003 16s. 9d. 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 per cent. ... ... ... ... ... 4,500 5J per cent. ... ... .. ... 250,000 5| per cent. ... ... ... ... 146,350 6 percent. ... ... ... ... ... 40,000 Debenture securities:— 4\ per cent. ... ... ... ... 15,000 5 per cent.... ... ... ... ... 33,102 5J per cent. . ... ... ... ... 15,423 6 per cent. ... ... ... ... ... 418,575 6J per cent. ... ... ... ... 5,000 927,950 Mortgage securities : — 5 per cent. ... ... ... ... ... 2,655 5| per cent. ... ... ... ... 12,320 6 per cent. ... ... ... ... ... 1,460,433 6+ per cent. ... ... ... ... 151,590 1,626,998 Total ... ... ... ... £2,554,948 The above total includes £21,509 lis. invested on Stipendiary Magistrates' Account. The average rate of interest earned for the financial year on the mean funds was £6 Is. Bd. per cent., as compared with £6 Is. 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 : —

W. Noswoethy, Chairman.

PUBLIC SERVICE SUPERANNUATION FUND. Statement of Contributors for the Year ended 31st March, 1928.

Particulars of Contributions discontinued during the Year.

Progress of Contributors since Date of Establishment of the Fund to 31st March, 1928.

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Year ended 31st December, Year ended 31st Maroh, 1908. | 1912. j 1916. j 1921. 1928. Total number of contributors ... 7,235 10,027 13,313 15,782 17,002 Total amount contributed annually ... £79,831 £109,840 £141,844 £248,020 £249,022 Interest received... ... ... £1,295 . £16,257 £42,314 £85,312 £146,790 Number of pensions and allowances 122 683 1,233 1,949 2,680 payable Annual value of retiring and other £8,881 £53,385 £88,392 £163,355 £342,881 allowances payable Total amount of contributions refunded £484 £10,749 £23,391 £51,705 £50,193 Expenses of administration ... £890 £1,144 £2,318 £4,615 £7,932 Total amount of accumulated fund ... £71,481 £423,556 £896,568 £1/716,837 £2,528,454

Number. Annual Salary. Contributions. M. F. Total. £ s. d. £ s. d. Contributors at beginning of the year .. 14,908 2,006 16,914 4,409,361 0 0 245,635 3 1 New contributors entered during the year .. 751 245 996 149,055 10 0 8,236 5 7 Contributors transferred from other funds .. 4 .. 4 1,156 0 0 62 1 0 Increase by promotion during the year .. .. .. .. 146,611 5 10 7,584 14 4 Totals .. .. .. 15,663 2,251 17,914 4,706,183 15 10 261,518 4 0 Contributions discontinued during the year .. 608 304 912 207,138 3 4 12,496 11 9 Total contributors at end of year 15,055 1,947 17,002 4,499,045 12 6 249,021 12 3

Number. Annual Amount RetiringHow discontinued. Annual Salary. p nn 4 V1 -hnfinnH paid on allowance M. P. Total. Contributions. Retirement. granted. £ s. d. £ s. d. £ s. d £ a. d. By death before retiring-allowance entered 64 2 66 24,116 18 4 1,635 12 8 14,227 11 7 1,976 0 0 upon (sees. 42 and 43) By retirement before retiring-age (sec. 37) 436 286 722 133,663 16 8 7,245 0 1 34,352 11 8 By retirement (sec. 34) .. .. 4 4 1,133 11 8 89 17 5 939 3 0 By retirement medically unfit (sec. 32) .. 21 3 24 7,512 2 6 454 16 1 .. 2,617 9 0 By retirement at retiring-age or for length 80 13 93 37,000 17 6 2,863 8 1 .. 18,733 17 0 of service (sec. 26) By transfer to other funds (sec. 120) .. 3 3 1,210 0 0 65 13 0 465 8 2 By reduction .. .. •• 2,500 16 8 142 4 5 Totals .. .. .. 608 304 912 207,138 3 4 12,496 11 9 49,984 14 523,327 6 0 I

Number. — Annual Salary. Contributions. M. F. Total. £ s. d. £ s. d. Total entered . .. .. •• 30,093 7,069 37,162 8,262,268 0 0 488,837 17 4 Total discontinued .. .. 15,038 5,122 20,160 3,763,222 7 6 239,816 5 1 Total existing at 31st March, 1928 .. .. 15,055 1,947 17,002 4,499,045 12 6 249,021 12 3

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Revenue Account foe the Year ended 31st March, 1928. £ s. d. £ s. d. Amount of fund at beginning of year 2,429,290 711 Retiring-allowances— Members' contributions — To members .. .. .. 307,352 4 2 Under section 19 (ordinary) .. 248,790 5 1 To widows and children .. .. 30,785 16 2 Transferred from other superan- Contributions returned— nuation funds .. .. 510 10 2 Under section 37 (left service) .. 34,352 11 8 Interest on arrears of contributions 439 8 1 Under section 42 .. .. 14,722 4 6 Government subsidy— Under section 34 .. .. 939 3 0 Statutory .. .. .. 86,000 0 0 Under section 22 (17) .. .. 178 16 5 Section 114, Public Service Super- Contributions to other superannuation annuation Act, 1927 .. .. 13,810 10 0 funds (section 120) .. .. 465 8 2 Interest on investments .. .. 146,351 3 6 Loss on realization of security .. 1,658 7 7 Fines, &c. .. .. .. 305 5 2 Expenses— Subsidy—Cook Islands and Samoa .. 1,144 10 2 Medical fees .. .. .. 66 3 0 £ s. d. Salaries .. .. .. 2,723 2 0 Refunds, adjusting charges 123 0 4 Audit fees .. .. .. 50 0 0 76 2 6 Heating and lighting .. .. 9 15 3 199 2 10 Rent .. .. .. .. 197 0 0 Cleaning .. .. .. 65 14 4 Messenger service .. .. 53 5 0 Public Trustee's charges .. .. 3,638 0 6 Furniture and fittings .. .. 614 11 Contingencies .. .. .. 54 18 5 Printing and stationery .. .. 167 17 4 Typewriter and other machines (upkeep) .. .. .. 7 18 6 Postages, telegrams, and services .. 165 10 0 Post and Telegraph charges .. 726 6 6 Balance as at 31st March, 1928 .. 2,528,454 5 6 £2,926,841 2 11 £2,926,841 2 11 Balance-sheet as at 31st March, 1928. Liabilities. Assets. Superannuation Fund Account— £ s. d. £ s. d. Balance due from Revenue Account 2,528,454 5 6 Amount invested by the Board .. 2,533,438 18 1 Add value of office furniture, fittings, Contributions due in course of transand machinery .. .. 565 12 4 mission .. .. .. 21,304 18 4 Interest due and accrued .. .. 44,455 0 1 2,529,019 17 10 SubsidyRetiring and other allowances due, in Cook Islands and Samoa .. 160 10 5 course of payment — Section 114, Public Service SuperanTo members .. .. .. 3,165 4 0 nuation Act, 1927 .. .. 54 13 2 To widows and children .. .. 360 8 2 Balance in hands of Public Trustee .. 12,253 7 7 E«fund of contributions due, in course Bank account .. .. .. 5,195 0 9 of payment— Office furniture, fittings, and machinery 565 12 4 Under section 37 (left service) .. 1,233 0 5 Rates and taxes paid on account of Under section 42 (death) .. 654 10 0 mortgagors (recoverable).. .. 2,032 16 4 Under section 120 (other funds) .. 95 10 10 Cost-of-living bonus (recoverable from Expenses due, in course of payment— Consolidated Fund) .. .. 260 4 4 Medical fees .. .. .. 2 2 0 Sundry debtor—Mortgage Account .. 282 15 4 Public Trustee's charges .. .. 1,1117 6 Heating and lighting .. .. 1 18 9 Printing and stationery .. .. 7 5 9 Post and Telegraph charges .. 152 2 6 Typewriter, &c. (upkeep) .. 0 9 0 Postages, &c. .. .. .. 9 0 4 Contributions paid in advance or in error .. .. .. 289 11 4 Unclaimed account (contributions, &c.) 1,613 6 1 Balance, Government subsidy* .. 64,500 0 0 Post Office Account .. .. 17,788 2 3 £2,620,003 16 9 £2,620,003 16 9 * 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. £ g. (J, To Amount disbursed for period Ist April, By Amount received from Treasury .. 3,170 311 1927 to 31st March, 1928 .. 3,430 8 3 Balance due, 31st March, 1928 .. 260 4 4 £3,430 8 3 £3,430 8 3

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Stipendiary Magistrates' Account. Revenue Account for the Year ended 31st March, 1928. £ s. d. £ s. d. Amount of fund, Ist April, 1927 .. 19,426 310 Administration expenses .. .. 34 18 2 Members' contributions (section 63, Public Retiring-allowances .. .. .. 962 10 0 Service Superannuation Act, 1927) .. 1,871 10 0 Balance as at 31st March, 1928 .. 21,509 11 0 Interest on investments .. .. 1,209 5 4 £22,506 19 2 £22,506 19 2 Balance-sheet as at 31st March, 1928. Liabilities. Assets. £ s. d. £ s. d. Accumulated Fund .. .. .. 21,509 11 0 Amount invested .. .. .. 21,509 11 0 William M. Wright, Secretary. R. S. Wogan, Accountant, Wellington, 15th June, 1928. 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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William M. Weight, Secretary. E. S. Wogan, Accountant.

Wellington, 15th June, 1928.

PUBLIC SERVICE SUPERANNUATION FUND. Statement of Retiring and other Allowances for the Year ended 31st March, 1928.

By Authority: W. A. G. Skinner, Government Printer, Wellington.— 1928.

Approximate Cost of Paper — Preparation, not given; printing (1,950 copies), £10 7s. 6d.

Price 6d.\

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„ . • S6ct i OI l26 : . . Section 32: Section 61: Police Section 28, Section 42 : Sections 42 (c) and 43 (a): Total Retiring and other forTiength oi^e^ic^" a^ e Medically unfit. injured on Duty Finance Act, 1921. Widows. Children. Allowances. Number. Number. N ber" . , Number. Number. Annual Annual Annual Per " Annual Annual Annual ■3 Amount. >3 Amount. Amount. Amount. Amou nt. -g Amount. 73 Amount. M. F. 5 M. F. 2 M. M. F. M. F. -g M. F. | 0 0 I y o EH EH I | : EH I B £ s. d. £ s. d. £ s. d. £ s. d. £ £ £ s. d. Retiring and other allowances — Existing at beginning * 1192 1501342 *277,515 2 9 147 19 166 13,422 18 5 9 1,227 4 6 46 7,338 8 0 624 19,344 233 196 429) 11,154 1627 989 2616 330,001 13 8 0 £ year Granted during year i 80 13 93 18,733 17 0 21 3 24 2,617 9 0.. .. .. .. 26 j 806 26 19 45 j 1,170 127 61 188 23,327 6 0 at retirement Granted during year | .. .. .. .. .. .. 32 992 2 1 3 78 2 33 35 1,070 0 0 after retirement Totals .. 1272 1631435 296,248 19 9 168 22 190 16,040 7 5 9 1,227 4 6 46 7,338 8 0 682 I 21,142 261 216 477 12,402 17561083 2839 354,398 19 8 Discontinued during 45 3 48 7,969 3 4 10 .. 10 812 9 0.. .. .. .. 22 682 j 42 37 79; 2,054 97 62 159 11,517 12 4 Existing at end of year 1227 1601387 288,279 16 5 158 22 180 15,227 18 5 9 1,227 4 6 46 7,338 8 0 660 20,460 ; 219 179 398 10,348 165910212680 342,881 7 4 Particulars of Retiring and other Allowances discontinued during the Year. How discontinued — By death .. .. 45 3 48 7,969 3 4 8 .. 8 723 11 0 .. .. .. 14 434 .. 53 17 70 9,126 14 4 By expiry .. .. 2 .. 2 88 18 0 .. .. .. .. 8 248 42 37 79 2,054 44 45 89 2,390 18 0 Totals .. • 45 3 48 7,969 3 4 10 .. 10 812 9 0.. .. .. .. 22 682 42 37 79 2,054 97 62 159 11,517 12 4 Progress of Retiring and other Allowances since Establishment of the Fund to 31st March. 1928. Total granted .. .. 1874 182 2056 373,722 18 0 348 31 379 29,996 17 5 12 1,564 17 0 49 7,688 8 0 893 25,473 554; 5151069 21,827 283716214458 460,273 0 5 Total discontinued .. 647 22 669 85,443 1 7 190 9 199 14,768 19 0 3 337 12 6 3 350 0 0 233 5,013 335 336 671 11,479 1178 6001778 117,391 13 1 Total existing at 31st 1227 1601387 288,279 16 5 : 158 22 180 15,227 18 5 9 1,227 4 6 46 7,338 8 0 660 20,460 219 179 398 10,348 165910212680 342,881 7 4 March, 1928 I * Includes allowances granted under section 52, Finance Act, 1920.