PUBLIC SERVICE SUPERANNUATION FUND. ACTUARIAL EXAMINATION AS AT 31st MARCH, 1927.

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

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1928. NEW ZEALAND.

PUBLIC SERVICE SUPERANNUATION FUND. ACTUARIAL EXAMINATION AS AT 31st MARCH, 1927.

Laid before Parliament in pursuance of Section 48 (4) of the Public Service Classification and Superannuation Act, 1908.

REPORT BY THE ACTUARY APPOINTED BY HIS EXCELLENCY THE GOVERNOR-GENERAL TO MAKE THE ACTUARIAL EXAMINATION OF THE PUBLIC SERVICE SUPERANNUATION FUND.

Government Actuary's Department, Wellington, 18th September, 1928. 1. I have the honour to submit the following report on the Public Service Superannuation Fund as at the 31st March, 1927, as required by section 48 of the Public Service Classification and Superannuation Act, 1908. 2. The scheme, which came into operation on the Ist January, 1908, embraces, with the few exceptions set out in section 52, all permanent public servants outside the Government Railways Superannuation Fund and the Teachers' Superannuation Fund. 3. The contributions and the benefits provided by the Act, together with the statements showing the progress of active membership, discontinuance of membership from various causes, and the progress of pensions for each year, will be found in Tables ItoIV of the appendix to this report. The ages of the contributors at" the date of the valuation, together with their contributions and other particulars, are shown in Table V ; and the pensions granted during the triennium, with the ages at which they were granted, in Table VI. 4. The income and outgo of the fund since the previous valuation were as follows : —■ Consolidated Revenue Account of the Public Service Superannuation Fund from the Ist April, 1924, to the 31st March, 1927. Income. £ s. d. Outgo. £ s. d. Funds at Ist April, 1924 .. .. 2,103,542 19 11 Pensions to members .. .. 824,340 710 Members'contributions .. •• 733,813 13 3 Pensions to widows and £ s. d. Transfers from other funds .. .. 1,929 0 3 children .. .. 75,526 10 6 Government subsidy .. •• 308,000 0 0 Leas Government subSubsidy from Cook Islands and Samoa sidy under section 27, Administration .. .. •• 4,392 17 7 Finance Act, 1925 .. 26,712 13 5 Interest on investments .. .. 394,843 0 9 48,813 17 1 Interest on arrears of contributions .. 4,733 14 0 Contributions returned .. .. 149,057 10 10 Fines . • • • • • • • 7 8 Transfers to other funds .. .. 485 7 6 Salaries .. .. .. .. 8,181 5 4 Public Trust Office commission .. 9,870 14 7 Travelling and office expenses . .. 3,877 0 8 Transfer to Stipendiary Magistrates' Fund Account .. .. 13,777 1 8 Funds at 31st March, 1927 .. ..2,493,790 7 11 £3,552,193 13 5 £3,552,193 13 5

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5. It will be noted that the funds shown herein differ from those shown by the Superannuation Fund Board by £64,500, which sum the Board regard as unearned subsidy, and therefore treat as a liability. In this connection I would point out that the accounts of a superannuation fund are obviously not designed to show the annual profit or loss of the fund, nor does the balance-sheet make any pretensions to show the real contingent liabilities of the fund in connection with pensions or other benefits. Under the circumstances no good purpose is served by so understating the funds, and the Board is recommended to bring its accounting methods into line with the world-wide practice of lifeassurance and other funds whose liabilities involve contingencies which cannot be measured by ordinary accountancy standards. 6. Income.—On the income side the chief item of importance is the fall in the Government subsidy from £136,000 in 1925 to £86,000 in 1926 and 1927. Compared with the annual subsidies recommended by the Actuary in the last report the subsidies paid in during the triennium exhibit a shortage of over £400,000, apart from the loss of interest thereon. The effective rates of interest credited to the fund duiing the triennium were £5 15s. Id. per cent, for 1924-25 ; £5 17s. lid. per cent, for 1925-26 ; and £5 17s. 9d. per cent, for 1926-27, as compared with the average annual rate of £5 lis. 7d. for the previous valuation period. This increase of approximately one-quarter per cent, per annum in the interest-yield is very gratifying, as a good margin between the rate of interest earned and that assumed in the valuation is the best possible means of counteracting the effect of a possible fall in mortality-rates among pensioners. 7. Outgo.—Retiring-allowances are increasing, and will continue to do so for many years to come. It is somewhat disturbing to note that the outgo for benefits during the triennium approximately equals the total of the contribution income and the Government subsidy, and is about 70 per cent, of the combined income from contributions, interest, and Government subsidy. This is not what might normally be expected in a young superannuation fund, since the liabilities are essentially of a deferred nature, and consequently funds should at this stage be increasing very rapidly. In order to illustrate this I cannot do better than present the following table, showing for specimen age-groups the average net liability per member in the Service at the valuation date Aw-tfrmin Average Net Liability per Member. Males. Females. £ £ 15-19 .. .. .. .. .. 27 7 25-29 .. .. .. .. .. 150 85 35-39 .. .. .. .. .. 376 318 45-49 .. .. .. .. .. 774 694 55-59 .. .. .. .. .. 1,349 809 65-69 .. .. .. .. .. 2,068 The table, which should dispel the popular and fairly prevalent impression in many quarters that increasing funds are a sign of prosperity or that money is being saved up for posterity, shows that, while in respect of each male contributor aged 25-29 at the valuation date the fund should have in hand an average sum of £150 in order, with the assistance of his future contributions and the interest earnings of the fund, to be able to pay his pension on retirement or other subsidiary benefits, it requires £774 in respect of each male contributor aged 45-49, and no less than £2,068 for each male contributor aged 65-69 to effect the same purpose. If, as would be quite possible, the total funds were analysed to see how much applies to any individual member, it would be ascertainable by how much the amount held in the fund on his behalf was, on the average, insufficient or over-sufficient to provide his benefits. This when applied to all members, contributors, and pensioners, is, in effect, what is achieved by actuarial valuation. Data. 8. The preliminary particulars required for this examination have been obtained from cards supplied by the Secretary of the Superannuation Fund—a separate card being compiled for each member who was in the Service at the valuation date or who had died or withdrawn since the inception of the fund—and these particulars form the main basis of this investigation and valuation. The Valuation. 9. The main object of an actuarial valuation is to ascertain whether the current funds, together with the present value of the future contributions, will be sufficient to meet the future liabilities. Before the valuation can be carried out it is necessary to make a careful estimate .of the various factors on which the payment of the benefits and contributions is dependent. These factors may be briefly summarized as follows :— (a) Rate of interest; (b) Mortality-rates of pensioners ; (c) Average salary scales; (d) Mortality-rates of contributors; (e) Voluntary-withdrawal rates of contributors ; (/) Retirement-rates of contributors; (g) Marriage-rates of contributors ; (h) Probability of a member leaving children under fourteen years of age, and the average number of such children ; (i) Remarriage-rates of members' widows.

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10. The rate of interest used in valuing benefits and contributions is 4§ per cent, throughout. As this constitutes a departure from previous valuations, I deem it desirable to point out that the change must not be interpreted as questioning the wisdom of making previous valuations at 4 per cent., since lam fully in accord with the interest basis previously adopted. Compared with fifteen years ago the rate of interest now being earned by the fund has increased by more than 1| per cent., and good interest-earnings may reasonably be expected for many years to come. It is not assumed that the present rates — 4| per cent. —will continue to be earned indefinitely, and it must be remembered that pension-fund membership covers a long period, in some cases over eighty years. My main justification in adopting a 4|-per-cent. valuation basis is that the fund is State-guaranteed, and it will be many years before any Government subsidy will be required to cover any interest less than 4| per cent. 11. The mortality-rates adopted for pensioners were based on an investigation of the combined experience of the three Government Superannuation Funds (Public Service, Railways, and Teachers) for the period 1919-1927, and supplemented where necessary by the earlier experience of the funds. From a careful study of the figures, combined with the results of concurrent investigations into similar funds and in the general population, it is clear that there is an improvement of vitality which has been progressive over a long period of time, and accordingly it has been deemed advisable in fixing the valuation bases to make some allowance for probable future improvements in the vitality of annuitants. 12. The next factors which entered into the calculations were the scales of average salaries in respect of males and females for the year immediately following the valuation date. The salary scales constructed from the current experience of the fund were not themselves assumed in making the valuation, but the ratios of increase from age to age were applied to the actual salary of each contributor as at the Ist April, 1927. 13. The rates of mortality, withdrawal, and retirement of contributors used in the valuation were based on an examination of the fund's experience since the previous valuation. Details of the Experience Table adopted and the Life and Service Table deduced therefrom are given in Tables VII and VIII of the appendix. The only feature calling for special comment was the very heavy retirement-rates at ages 50 to 59. This was also noticeable at the previous valuation, and special mention was made in the last actuarial report of the very considerable effect such a movement would have on the liabilities if it became general. As it is apparently becoming the practice to retire a considerable number of officers after forty years' service irrespective of age, I felt compelled to make the valuation bases reflect this policy change. 14. The factors necessary for the valuation of children's benefits were taken from population statistics combined with the experience of the fund itself. & Results of Valuation. 15. The Act (section 48 (2) ) requires the actuarial report to be so prepared " as to show the state of the fund at the close of the period, having regard to the prospective liabilities and assets." The valuation has accordingly been made, and the results are shown in Table IX appended, but they may be shortly summarized as follows : — £ Present value of existing pensions and allowances .. .. 2,924,825 Present value of prospective benefits .. .. .. £9,052,579 Less present value of members' contributions .. .. 2,823,844 — 6,228,735 Total net liabilities .. .. .. .. .. 9,153,560 Funds in hand .. .. .. .. .. 2,493,790 Present value of total liability of State .. .. .. .. 6,659,770 Less present value of present subsidy of £86,000 (if treated as a perpetuity) 1,911,111 Value of future subsidies to be provided for by the State over and above the present subsidy of £86,000 .. .. .. £4,748,659 t ' 16. The above statement shows a total State liability of £6,659,770, as compared with £5,534,173 at the last valuation, giving an increase of £1,125,597. This increase, which would have been still greater had the valuation been made at 4 per cent., is due partly to normal expansion of the Service and to the inclusion of house allowance as salary for pension purposes, partly to the accumulation at interest of that part of the State's liability which is unprovided for, and partly to the heavy retirements of young officers with long service. 17. In view of the above-mentioned results disclosed by valuation, it might be helpful to briefly indicate why the financial stability of the Public Service Superannuation Fund is dependent on a strong subsidy. In the first place, the inauguration of any superannuation scheme depends for its success- on adequate provision being made for those employees who have rendered years of service and are too old to pay in full for their pension. In order to grant them the same rate of-pension in relation to service that their successor's would receive, an initial deficiency, estimated at roughly one million and a half sterling, was incurred. Short of meeting this liability by a capital payment, annual payments, including principal and interest, were essential to extinguish it within a reasonable period of time.

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Secondly, contributions of new contributors are paid on the salary received through the whole period of service—that is, practically, on an average-salary basis —whereas pensions are determined by the salary only of the last three years. The correlation, therefore, between the values of contributions and pensions is so low as to be almost non-existent. This is not confined to the Public Service Superannuation Fund, but is common to nearly all pension schemes based on terminal salary, and supplies one of the reasons why an employer's subsidy to such a scheme is an essential. In individual cases large salary-increases during the latter period of service give pensions out of all proportion to contributions, but they are too few in number to be of material moment as regards extra subsidy, and even this could be minimized, if desired, by extendijig the final period on which pensions are based from three to, say, five or seven years. If, however, through economic inflation or other causes, there is a general increase in the salaries of practically the whole Service, the necessity for a substantial subsidy, particularly in respect of back service, becomes apparent. The amount of the subsidy required is also dependent on the use made of the option to retire after forty years' service irrespective of age. Many officers join the Service round about age 15, and it must be obvious that it is very costly to cause, of even allow, them to retire on the maximum rate of pension at as early an age as 55 when, in many cases, their ability and experience are of most value to the State. Not only is it one of the objects of a good superannuation scheme to retain men of outstanding ability, but from the financial point of view alone it would be preferable if the employee had no option to retire before age 65, and certainly not before age 60. This, of course, refers only to the employee's option to voluntarily retire, and must not be interpreted as in any way questioning his right to a pension if he were compulsorily retired after forty years' service through no fault of his own. In other words, the State alone should have the power to decide whether a man was to be retired in the interests of efficiency before age 65. 18. The importance of the ascertainment of the state of the fund in the form given in paragraph 15 lies in the fact that the shortage in the fund to be made good by the State—viz., £6,659,770 —is equivalent to an annual interest income (at 4| per cent.) of £299,690. It follows that if any less sum than £299,690 is paid in by the State as subsidy the total deficiency will increase, and the subsidy must accordingly by way of compensation rise later on to a much higher figure than £299,690 per annum in respect of present contributors alone. If, however, any annual amount in excess of £299,690 is paid in, the fund would in respect of present members attain solvency within a definite period of time. It should be clearly understood that this amount of £299,690 is a perpetuity and does not cease with the lifetime of the present members, nor does it include any subsidy to new entrants. Ascertainment op State Subsidy. 19. The Act, however-, cloes not provide that the subsidy should be determined from the foregoing actuarial ascertainment. It directs the Actuary to show in his report " the probable annual sums required by the fund to provide the retiring and other allowances falling due in the ensuing three years without affecting or having recourse to the actuarial reserves appertaining to the contributors' contributions." I take this to mean, that as the contributions are insufficient to provide the full benefits for service after joining the fund, the principle underlying the section is that the State shall postpone till it emerges the liability for pensions arising out of service before joining the fund, and for such part of the pensions arising out of subsequent service as is not covered by the contributors' contributions. I estimate the pensions falling due during the financial years 1927-28, 1928-29, and 1929-30, the amounts provided by the contributions, and the subsidies payable on the basis laid down by the Act, to be as follows :— 1927-28. 1928-29. 1929-30. £ £ £ Estimated pensions .. .. .. .. 330,661 337,788 347,115 Amount provided by contributions .. .. 100,823 107,020 114,939 Amount due to be paid by the State in respect of the three years mentioned (but see also next paragraph) .. .. .. .. 229,838 230,768 232,176 4 20. The above figures would give for the years 1927-28, 1928-29, and 1929-30 an average subsidy of approximately £231,000 per annum, or £145,000 more per annum than is at present being paid. The following considerations, however, must be taken into account: — (a) The actuarial recommendations made in the past in pursuance of the Act have not been fully carried out, the actual payments into the fund to the 31st March, 1927, being short by £804,000 of the amounts recommended. From Table Xof the Appendix it will be seen that this shortage, accumulated at 4J per cent, interest to the end of this year, amounts to £1,060,325, and I consider that at least £50,000 per annum will require to be added to the future subsidies on this account. (b) The State subsidy should also provide year by year the amount charged to the Superannuation Fund in administration expenses, less possibly the amount of commission due in connection with investments which might be regarded as a deduction from interest. The payment of expenses from the fund is a definite departure from the original scope of the superannuation scheme, and my interpretation of section 48 (2) of the Act is that expenses amounting to, say, £4,000 per annum should form part of the subsidy.

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21. I have accordingly to report that according to the system laid down by the Act the annual subsidy required for each year of the period ending 31st March, 1930, is as follows : — £ Subsidy now being paid . . .. .. .. .. .. 86,000 Further annual subsidy required — £ Paragraph 20 .. .. .. .. .. 145,000 Paragraph 20 (a) above .. .. .. .. 50,000 Paragraph 20 (b) above .. .. .. .. 4,000 199,000 Annual subsidy required for the years 1927-28, 1928-29, 1929-30 . . £285,000 When making provision for this annual subsidy it is important to see that it is back-dated to 1927, and that interest of 4| per cent, is added to any portion paid late. Remarks upon Method of Arriving at State Subsidy. 22. As indicated in the preceding paragraph, the Act appears to lay down a certain method of arriving at the State's subsidy, the principle being that members contribute upon the basis of paying their share of the liabilities during their period of service, and the State pays its share of the pensions as they mature. This principle of deferring payment is defensible on broad economic grounds and is quite sound financially, but it suffers to some extent from the defect that it will mean for many )'ears to come a rapidly increasing subsidy. This is almost self-evident from the fact that in a young fund the number of pensioners increases year by year, and in the Public Service Superannuation Fund the bulk of such pensioners have only contributed for portion of their service. The actual facts are shown in the following table : —

It is true that the above-mentioned periods have had to bear the brunt of economic and other forces not likely to recur in the near future, and, while the subsidy must keep on rising, the rate of future increase will not be so rapid. 23. In order to assist to the best ofmy ability, I have given careful consideration to the possibility of minimizing, as far as can be done, the rate of increase of future subsidies, by devising an automatic basis that will proceed by more gradual steps. Any such method would necessarily require increased State payments at the outset, but this would be more than offset by the considerable gain in steadiness in regard to future subsidies as well as in point of ease of working. I accordingly recommend for consideration a subsidy of 8 per cent, of the salary roll, which would give a commencing subsidy of about £350,000 per annum. This may appear at first sight to be a large sum, but in order to create comparisons with standards elsewhere, I submit the following extracts, the first from the report of a Commission on the pension funds of the City of New York, and the second by the late Mr. H. W. Manly, F.1.A., a world authority on pension funds : —■ (i) " The Commission has made a broad review of existing pension systems in operation, both in the United States and abroad, on which it was able to secure information. This inquiry has brought out the fact that the development of pension measures as a result of an experience of over a hundred years is in the direction of equal division of cost between the employer and the employed, and that this tendency applies equally to systems for public employees and for industrial workers." (ii) " If he [the employer] makes a proper contribution to the fund, in addition to guaranteeing a good rate of interest, he secures efficiency in the service by superannuating his servants with a reasonable pension when they are no longer useful. His salary list is a good 5 per cent. —I am inclined to think in many cases nearer 10 per cent.—less than it would be if there were no fund, and I do not think, therefore, that he can reasonably object to subscribe 5 or 6 per cent, of salaries to the fund." 24. My recommendation for the State subsidy to be 8 per cent, of the salary roll does not differ very much from apportioning the cost equally between the employer and the employees when account is taken of the initial deficiency when the fund was established, and the subsidy payments shown

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Average Animal Subsidy required for Triennium succeeding Valuation Date. Valuation Date. : Wm-mnl Actual (for Pensions only). (allowing for Past Shortages v ■" in the State Subsidy). £ £ 31st December, 1919 .. .. .. 110,000 125,000 31st March, 1924 .. .. .. .. 193,000 240,000. 31st March, 1927 .. .. .. .. 231,000 285,000

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to be necessary in previous actuarial reports. I should perhaps add that the suggested subsidy of 8 per cent, of the contributors' salaries is in the nature of a perpetuity, and consequently modification will be necessary if at any time the constitution of the present fund is altered, as for example, if the enrolment of new entrants into the Service were to be be made voluntary instead of compulsory. In fixing the amount at 8 per cent, a low estimate has deliberately been made to allow for expected gains to the fund from a good investment policy and other sources of profit. General Remarks. 25. The question arises periodically whether a superannuation scheme in connection with the Public Service can be justified. In considering this question too much stress is inclined to be laid on the aspect that a State which leaves its servants without pensions in their old age is not fulfilling its plain obligations. True as this may be, there is the more important aspect that a superannuation fund is primarily necessary in the interests of efficiency. The rapid increase in pension funds inaugurated by industrial corporations the world over, in many cases without requiring any contribution from the employee, must surely convince even the most casual observer that superannuation schemes are not altruistic but are instituted by the employer from motives of self-interest. In this connection it may not be out of place to mention that the benefits accruing to the State as employer in a good superannuation scheme are considered so great by the Imperial Government that their Civil servants' pension scheme, which includes certain substantial death benefits in addition to a pension on a similar basis to that of the New Zealand Government, is paid for in full by the State. This may be said to represent the ideal pension fund in that it enables the employer not only to attract and retain the best type of employee, but also gives him a free hand in effecting retirements and clearing the lanes of promotion, so offering encouragement to younger and abler men. In conclusion, I have to acknowledge the assistance of the small but efficient staff engaged in carrying out the heavy work of the valuation. C. Gostelow, Fellow of the Institute of Actuaries (London), Government Actuary.

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APPENDIX.

TABLE I. The Benefits and Contributions provided for by the Act. The contributions vary according to the age at the time when the first contribution becomes payable, and are as follows :— Age 30 and under .. .. .. .. 5 per cent, of pay. „ ... Over 30 and not exceeding 35 .. .. .. 6 „• Contributions ..J 35 40 .. 7 40 45 '.. !. ..8 " „ 45 „ 50 .. .. .. ..9 „ 50 .. .. .. .. .. .. 10 "I. On Attainment of Pension—Males at Age 65, or after Forty Years' Service ; Females at Age 55, or after Thirty Years' Service. (1) A pension of one-sixtieth of yearly salary for each year's service, with a limit of forty - sixtieths (two-thirds) of salary. Maximum pension for entrants after 24th Deoember, 1909, £300. (2) Or the option, in lieu thereof, of a return of total contributions. (Note. —The Minister in charge of a Department may retire contributors on pension in the following cases : — (а) Where the age of a male contributor is not less than 60, or of a female contributor not less than 50. (б) Where the age of a male contributor is not less than 55, if his length of service is not less than thirty years. (c) Where the length of service of a male contributor is not less than thirty-five years. In any such exceptional cases the Minister may impose upon the retiring contributor such terms and conditions as to payments into the fund or otherwise as he thinks fit.) 11. On Retirement before Pension Age (on the Grounds of being Medically Unfit for Future Duty). (1) At any time, on the certificate of two doctors approved by the Board, a pension of onesixtieth of yearly salary for each year's service, limited to forty-sixtieths. Benefits .. < (2) Or the option, in lieu thereof, of a return of total contributions. (Where officers of the Police Force are incapacitated by injuries received on duty the Board may increase the pension up to three-fifths of salary.) 111. On Retirement before Pension Age (on other Grounds than Medical Unfitness). (1) On voluntary retirement or dismissal for misconduct, a return of total contributions. (2) On compulsory retirement for any reason other than misconduct, after twenty years' service, a return of total contributions with 3J per cent, interest. IV. At Death, whether before or after becoming entitled to a Retiring-allowance. (1) Leaving no widow or children : A return of total contributions, less any sums received from the fund during lifetime. (2) Leaving a widow : — (a.) £18 yearly during widowhood ; or (b.) A return of total contributions, together with such compensation (if any) as the contributor would have been entitled to receive from the Consolidated Fund on compulsory retirement, less any sums received from the fund during lifetime. (If death occurs before retirement the compensation is paid from the Consolidated Fund ; if after retirement, from the Superannuation Fund.) (3) Leaving children : ss. weekly to each child until age 14. (Note. —The contributions and pensions are payable monthly, and the pensions are computed on the average salary for the last three years.) In addition to the widows' and children's benefits shown above, section 27 of the Finance Act, 1925, provides for additional allowances of £13 per annum in respect of the widow and of each child, to be paid from the Consolidated Fund. Subsequent to the valuation date, section 114 of the Public Service Superannuation Act, 1927, established these as definite benefits of the fund, to be recovered from the Consolidated Fund by special subsidy. These additional benefits do not therefore fall to be valued till the 31st March, 1930, but they cannot, of course, affect the financial position of the fund.

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TABLE II. Statement of Progress of Active Membership.*

TABLE III. Particulars of Discontinuance of Active Membership.*

8

New Members. Increase by Promotion. Discontinued. Total in Force at End of Year. ear * Annual Annual Annual Annual Number. Salaries. Contribu- Salaries. Contribu- Number. Salaries. Contribu- Number. Salaries. Contributions. tions. tions. tions. Il £ £ I £ £ £ £ £ £ 1908 .. 7,546 1,112,099 80,526, 37,769 2,301 310 42,521 3,463 7,2361,107,347 79,364 1909 .. 717 77,877 5,290 58,268 3,425 630 103,414 8,575 7,3231,140,078 79,504 1910 .. 1,520 205,427 12,814 73,936 4,509 472 61,322 4,238 8,3711,358,119 92,589 1911 .. 1,253 134,065 8,196 81,431 4,906 484 69,174 5,021 9,1401,504,441 100,670 1912 .. 1,471 145,396 8,980 96,863 5,730 584 80,469 5,540 10,0271,666,231 109,840 1913 ., 1,428 123,493 7,047 118,571 7,022 646 87,916 5,903 10,8091,820,379 118,006 1914 .. 1,777 170,471 9,996 135,220 7,990 783 103,170 7,062 11,8032,022,900 128,930 1915 .. 1,916 163,335 9,248 103,462 5,916 939 121,152 7,870 12,7802,168,545 136,224 1916 .. 1,593 129,628 7,326 120,532 6,711 1,060 131,114 8,417 13,313 2,287,591 141,844 1917 .. 1,663 121,067 6,763 127,300 7,103 1,192 151,733 9,671 13,7842,384,225 146,039 1918 .. 1,687 138,743 7,835 176,362 9,782 1,400 177,708 10,864 14,0712,521,622 152,792 1919 .. 1,642 217,667 12,927 559,178 32,282 [ 1,497 214,272 13,073 14,2163,084,195 184,928 1920 .. 2,772 445,052 26,409' 860,893 49,332 |! 1,601 301,038 19,030 15,3874,089,102 241,639 1921 .. 1,637 258,827 14,828j 182,393 9,920 1,242 286,497 18,367 15,782 4,243,825 248,020 1922-23t 1,200 152,922 8,362 43,092 2,298 1,993 658,874 41,271 14,989 3,780,965 217,409 1923-24.. 1,219 159,496 8,917 139,589 7,369 1,187 257,682 16,003 15,0213,822,368 217,692 1924-25.. 1,921 278,898 16,035 228,471 12,140 1,160 248,856 15,264 15,7824,080,881 230,603 1925-26.. 1,682 231,794 12,870 204,658 11,035 1,136 254,497 15,512 16,328 4,262,836 238,996 1926-27.. 1,518 193,451 10,487 157,749 8,328 932 204,675 12,176 16,914 4,409,361 245,635 Totals .. 36,162 4,459,708 274,856 3,505,737 198,099 19,248 3,556,084 227,320 - 1 ■ I , j * Compiled from Annual Reports. t Fifteen months.

By Withdrawal By Pensions. By Transf J By Death. or nM TPn <*h toother Total discontinued. Dismissal. of Service? Medically Unfit. Funds. Year. Si g || ?| gg 1| gg 1| 2| Ag 8 i » . fe fe **4 53 g£ Si tB §5 j5 g a | J? n & sS « s 8 .9 £ s 6-1 .o 3 S .2 ® a oflg : d9 a o a % 9 9 fl a S 2 & 2 ofl g ° E S g ao9 |« g goS g g° a S-" a S°a g« g go g goS %g <! | S (8 •'••'| ■« fc«i &< «! h fc | ■«! & -«! ft< £ £ £ ££££ £ ££ 190S .. 24 41 437 190 421 74 .. 6,658 20 .. 1,838 2 22 310 484 8,933 1909 37 148 676 417 3,454 154 21 17,039 19 .. 1,958 3 5 630 3,628 19,673 1910 , 28 768 380 387 4,964 42 .. 4,147 13 .. 1,101 2 13 472 5,745 5,628 1911 . 33 1,634 292 354 5,853 73 215 8,631 19 .. 1,314 5 10 484 7,712 10,237 1912 45 2,222 784 450 8,388 64 .. 6,992 19 61 1,017 6 21 584 10,692 8,793 1913 40 1,149 1,043 516 9,364 73 115 8,716 13 78 591 4 5 646 10,711 10,350 1914 53 2,207 1,015 -610 9,659 106 471 11,243 11 .. 637 3 37 783 12,374 12,895 1915 .. 99 4,850 1,574 741 12,497 75 974 8,272 21 98 1,345 3 78 939 18,497 11,191 1910 .. 134 5,535 1,260 821 13.920 71 636 11,692 14 .. 751 20 742 1,060 20,833 13,703 1917 .. 145 6,187 1,299 940 19,618 85 759 14,371 17 .. 1,252 5 175 1,192 26,739 16,922 1918 .. 27211,733 3,129 1,045 21,051 62 946 10,934 15 .. 1,137 6 1961,400 33,926 15,200 1019 157 9,794 1,189 1,232 34,946 89 1,028 13,496 15 .. 828 4 229 1,497 45,997 15,513 1920 80 8,618 1,296 1,370 43,799 127 887 25,095 18 .. 1,471 6 238 1,601 53,542 27,862 1921 .. 65 6,198 950 1,031 41,746 124 1,778 22,873 19 .. 1,665 3 24 1,242 49,746 25,488 1922-23+ . 63 7,672 1,117 1,573 69,145 320 1,853 69,620 33 .. 2,405 4 204 1,993 78,874 73,142 1923-24 .. 55 6,261 761 986 44,644 128 1,126 32,259 13 .. 1,380 5 68 1,187 52,099 34,400 1924-25 55 5,499 1,220 992 54,465 91 .. 20,086 11 .. 1,085 11 2721,160 60,236 22,391 1925-26 61 8,850 1,167 900 42,198 150 .. 40,793 16 .. 1,418 9 1851,136 51,233 43,378 1926-27 .. 68 8,496 1,473 739 36,092 98 .. 21,601 22 .. 1,865 5 j 28 932 44,616 24,939 Totals .. 1,51497,86221,062 15,294476,224 2,00610,809354,518 328 237 25,058 106 2,552 19248 587,684400,638 * Compiled from Annual Reports. t Fifteen mouths.

H.—26A.

TABLE IV. Statement of Progress of Pensions.*

2 —H. 26A.

9

Attainment of Pen|on Length of Service. Retired Medically Unflfc . (Section 36<) Year. Granted. I Void by Death. In Force. Granted. In Force * Num- Pension. I um " Pension. Num- Pension. Num- Pension. Num- Pension. Pension, ber. ber. ber. ber. ber. «er. £ £ £ £ £ £ 1908 .. 74 6,658 1 57 73 6,601 20 1,838 .. .. 20 1,838 1909 .. 153 17,038 4 324 222 23,315 19 1,959 4 677 35 3,120 1910f 84 8,737 12 945 294 31,107 56 4,706 5 680 86 7,146 1911 .. 72 8,631 23 2,593 343 37,145 19 1,314 10 621 95 7,839 1912 .. 64 6,992 22 2,124 385 42,013 18 1,017 9 526 104 8,330 1913 .. 71 8,716 18 2,003 438 48,726 11 591 14 903 101 8,018 1914 .. 100 11,243 28 2,911 510 57,058 11 637 13 730 99 7,925 1915 .. 68 8,272 24 2,072 554 63,258 20 1,345 5 307 114 8,963 1916 .. 67 11,693 30 3,726 591 71,225 14 751 9 596 119 9,118 1917 .. 81 14,371 32 3,938 640 81,658 17 1,252 11 1,018 125 9,352 1918 .. 55 10,934 32 4,511 663 88,081 15 1,137 8 491 132 9,998 1919 .. 83 13,496 39 4,179 707 97,398 15 828 14 719 133 10,107 1920 .. 127 25,095 38 4,473 796 118,020 18 1,471 6 454 145 11,124 1921 .. 124 22,873 42 3,981 878 136,912 19 1,666 9 480 155 12,310 1922-23J .. 322 69,640 63 9,516 1,137 197,036 33 I 2,405 30 2,087 158 12,628 1923-24 .. 128 32,259 49 5,922 1,216 223,373 13 1,380 10 872 161 13,136 1924-25 .. 91 20,086 54 8,811 1,253 234,648 11 1,084 10 895 162 13,325 1925-26 .. 150 44,279 57 7,587 1,346 271,340 16 1,689 17 1,425 161 13,589 1926-27 .. 98 21,666 56 8,152 1,388 284,854 22 1,873 8 812 175 14,650 Totals .. 2,012 362,679 624 77,825 .. .. 367 28,943 192 14,293 1 Death of Contributor. Family Pension. P[iT1 -, ma (Section 42, &c.) ic " ;a ' r "- nsI0ns - Year. Granted. V °or Expiry 1 ' 11 In Force. Granted. Void. In Force. Num- pension. Num- pension. Num- Pension. Num- Pension. Num- p enB i on . Pension, ber. ber. ber. ber. ber. ber. £ £ £ £ £ £ 1908 .. 30 455 1 13 29 442 124 8,951 2 70 122 8,881 1909 .. 47 751 3 39 73 1,154 219 19,748 11 1,040 330 27,589 1910f .. 40 635 6 98 107 1,691 180 14,078 23 1,723 487 39,944 1911 .. 40 625 11 163 136 2,153 131 10,570 44 3,377 574 47,137 1912 .. 72 1,086 14 197 194 3,042 154 9,095 45 2,847 683 53,385 1913 .. 90 1,355 12 171 272 4,226 172 10,662 44 3,077 811 60,970 1914 .. 90 1,365 12 176 350 5,415 201 13,245 53 3,817 959 70,398 1915 .. 130 1,945 22 311 458 7,049 218 11,562 51 2,690 1,126 79,270 1916 .. 99 1,507 34 507 523 8,049 180 13,951 73 4,829 1,233 88,392 1917 .. 115 1,755 30 425 608 9,379 213 17,378 73 5,381 1,373 100,389 1918 .. 233 3,474 52 766 789 12,087 303 15,545 92 5,768 1,584 110,166 1919 .. 116 1,733 60 865 845 12,955 214 16,057 113 5,763 1,685 120,460 1920 .. 106 1,603 66 983 885 13,575 251 28,169 110 5,910 1,826 142,719 1921 .. 93 1,414 62 856 916 14,133 236 25,953 113 5,317 1,949 163,355 1922-23J .. 132 2,001 ! 85 1,200 963 14,934 487 74,046 178 12,803 2,258 224,598 1923-24 .. 93 1,464 71 1,013 985 15,385 234 35,103 130 7,807 2,362 251,894 1924-25 .. 134 2,032 ' 88 1,244 1,031 16,173 236 23,202 152 10,950 2,446 264,146 1925-26 .. 80 15,718 96 2,606 1,015 29,285 246 61,686 170 11,618 2,522 314,214 1926-27 .. .116 3,336 78 2,123 1,053 30,498 236 26,875 142 11,087 2,616 330,002 Totals .. 1,856 44,254 803 13,756 .. .. 4,235 435,876 1,619 105,874 * Compiled from Annual Reports. f Includes pensioners transferred from Police Provident Fund. J Fifteen monlhs.

H.—-26A.

TABLE V. Present Annual Pay and Contributions of Officers now in Service.

10

,, Present Annual Pay as from Present Annual Contribution as from JNUmDtr ' 1st April, 1927. 1st April, 1927. Age : : j Age attained. j j attained. Males. Females. Males. Females. Males. Females. ■ £ £ £ £ 15 .... 11 .. 770 .. 38 .. 15 16 .. 201 3 14,845 220 742 11 16 17 .. .. 552 16 43,465 1,261 2,173 63* 17 18 .. .. 679 29 59,120 2,603 2,956 130 18 19 .. .. 635 47 63,327 4,419 3,166 221 19 20 .. .. 523 60 62,172 6,717 3,109 336 20 21 .. .. 432 70 60,658 8,471 3,033 423 21 22 .. .. 417 107 74,719 13,919 3,736 696 22 23 .. .. 405 105 87,377 14,743 4,369 737 23 24 .. .. 397 145 92,738 24,221 4,637 1,211 24 25 .. .. 427 110 108,680 18,835 5,434 942 25 26 .. .. 446 114 119,121 19,914 5,956 .996 26 27 .. .. 490 93 139,286 16,444 6,964 822 27 28 .. ... 482 97 140,599 18,002 7,030 900 28 29 .. .. 475 72 140,823 14,884 7,041 744 29 30 .. .. 419 70 123,068 12,987 6,159 652 30 31 .. .. 414 65 124,303 12,585 6,256 636 31 32 .. .. 364 55 110,781 11,051 5,600 -554 32 33 .. .. 345 57 104,083 11,134 5,363 571 33 34 .. .. 378 53 116.114 10,585 5,991 545 34 35 .. .. 363 50 114,743 10,703 5,921 555 35 36 .. .. 415 35 134,617 6,795 6,984 350 36 37 .. .. 342 41 109,315 8,900 5,725 471 37 38 .. .. 318 41 102,521 9,005 5,550 485 38 39 .. .. 334 36 109,492 7,510 5,994 407 39 40 .. .. 348 36 120,279 8,305 6,515 462 40 41 .. .. 351 36 117,601 8,163 6,389 454 41 42 .. .. 330 47 109,893 11,030 6,088 608 42 43 .. .. 315 42 107,927 9,938 6,267 571 43 44 .. .. 278 33 93,907 8,227 5,413 471 44 45 .. .. 284 33 101,229 8,215 5,896 487 45 46 .. .. 286 26 103,450 6,760 5,832 413 46 47 .. .. 267 29 98,338 7,597 5,806 452 47 48 .. .. 255 27 92,613 7,131 5,651 481 48 49 .. .. 243 18 90,014 4,410 5,460 292 49 50 .. .. 249 22 100,261 5,934 6,511 396 50 51 .. .. 184 15 69,797 3,332 4,556 233 51 52 .. .. 162 13 60,465 2,975 3,993 229 52 53 .. .. 156 12 60,750 2,744 3,924 194 53 54 .. .. 123 6 50,839 1,370 3,404 112 54 55 .. 126 9 47,570 2,055 3,346 162 55 56 .. 120 6 48,211 1,770 3,456 131 56 57 .. 94 4 38,360 840 2,789 67 57 58 .. .. 83 5 36,349 1,315 2,690 102 58. 59 .. 88 4 34,672 1,010 2,601 85 59 60 .. 72 8 28,513 2,060 2,224 179 60 61 .. .. 61 .. 22,990 .. 1,905 .. • 61 62 .. .. 49 .. 19,435 .. 1,603 .. 62 63 .. 34 2 13,459 495 1,105 42 63 64 .. .. 41 .. 16,424 .. 1,447 .. 64 65 .. 24 1 10,098 180 927 18 65 66 .. 9 .. 4,895 .. 447 .. 66 67 .. 5 1 2,508 115 229 11 67 68 .... 1 .. 80 .. 7 .. 68 69 .. .. 3 .. 3,350 .. 301 .. 69 70 .. .. .. .. .. .. .. 70 71 1 .. 330 .. 33 .. 71 72 .... 1 .. 600 .. 60 .. 72 73 .... 1 .. 825 .. 82 .. 73 Totals .. 14,908 2,006 4,062,769 371,879 226,884 20,110

H.— 26A.

TABLE VI. Classification of Pensions granted, showing the Ages at which were granted, for Period from 1st April, 1924, to 31st March, 1927 (inclusive).*

3. H.—26A.

11

At ™ n i™Shil P S e Age Retired Medically Unfit. Belted. W^iid S ren n<1 Total 01 L (Son fir (Sections 36 and 29.) (Section 52.) r ° tal Age at which — — —— PeI1 ted No * No. No. ® « N°. gran ' Amount Amount Amount No §•§ Amount of Pension. of Pension. of Pension. o g of Pension. M. F. M. F. M. buh M. F. Total. < | ■■ £ s. d. £ s. d. £ s. d. £ £ s. d. 87 .. .... .. .. .. 1 18 .. 1 1 18 0 0 83 .. .... .. .. .. 2 36 .. 2 2 36 0 0 80 • • .... .. .. -. 79 .. 1 .. 400 0 0 .... .. .. ■. .. .. 1 .. 1 400 0 0 78 .. .... .. .. .. 1 18 .. 1 1 18 0 0 77 .. .... .. .. .. 4 72 .. 4 4 72 0 0 76 .. .... .. .. .. 1 18 .. 1 1 18 0 0 75 .. .... .. .. .. 4 72 .. 4 4 72 0 0 74 .... .. .... .. .. .. 4 72 .. 4 4 72 0 0 73 .. .... .. .. .. 3 54 .. 3 3 54 0 0 72 .. .... .. .. .. 4 72 .. 4 4 72 0 0 71 .. 1 .. 470 0 0 .. .. .. •• 1 18 1 1 2 488 0 0 70 .. 2 .. 703 7 0 .. .. .. .. .. 5 90 2 5 7 793 7 0 69 .. 1 .. 304 1 0 .... .. .. •• 2 36 1 2 3 340 1 0 68 .. 1 .. 276 5 0 .... .. ■ • • • 5 90 1 5 6 366 5 0 67 .. 6 .. 1,113 16 0 .. .. .. .. •• .. •• 6 6 1,113 16 0 66 .. 18 .. 3,507 4 0.... .. .. .. 4 72 18 4 22 3,579 4 0 65 .. 59 .. 12,263 1 0.... .. .. •• 3 54 59 3 62 12,317 1 0 64 .. 13 3 3,056 17 0 .. .. .. .. •• 5 90 13 8 21 3,146 17 0 63 .. 8 1 2,360 4 0.... .. .. 3 54 8 4 12 2,414 4 0 62 .. 7 1 1,864 14 0 1 .. 214 19 0 .. .. 7 126 8 8 16 2,205 13 0 61 .. 11 3 3,263 14 0 1 .. 147 19 0 .. .. 4 72 12 7 19 3,483 13 0 60 .. 13 7 3,689 14 0 1 .. 220 5 0 .. .. 6 108 14 13 27 4,017 19 0 59 .. 9 3 3,331 17 0 .. .. .. .. •• 3 54 9 6 15 3,385 17 0 58 22 1 7,316 17 0 1 .. 87 3 0 1 106 6 0 4 72 24 5 29 7,582 6 0 57 .. 17 .. 6,691 18 0 .. .. .. 5 90 17 5 22 6,781 18 0 56 .. 20 6 7,607 2 0 1 .. 130 9 0 1 440 16 0 3 54 22 9 31 8,232 7 0 55 .. 20 4 7,277 17 0 4 .. 598 8 0 1 135 13 0 2 36 25 6 31 8,047 18 0 54 .. 11 5 3,203 9 0.... •• •• •• 4 72 11 9 20 3,275 9 0 53 ..10 3 3,198 1 0.... .. •• •• 1 18 10 4 14 3,216 1 0 52 .. 5 5 1,790 2 0 2.. 358 15 0 .. .. 2 36 7 7 14 2,184 17 0 51 .. 6 7 2,781 9 0 ; 1 .. 129 11 0 .. .. 4 72 7 11 18 2,983 0 0 50 8 5 3,160 3 0 : 2.. 205 19 0 .. .. 5 90 10 10 20 3,456 2 0 49 .. 7 1 1,809 9 0 ! 2 91 17 0 .. .. 1 18 9 2 11 1,919 6 0 48 . .. 4 585 12 0 1 1 176 14 0 .. .. 4 72 1 9 10 834 6 0 47 .... .. 1 .. 101 4 0 .. .. 5 90 1 5 6 191 4 0 46 ..1 155 7 0 .. .. .. •• •• 2 36 .. 3 3 191 7 0 45 .... .. 1 .. 49 8 0 .. .. 3 54 1 3 4 103 8 0 44 .. .. 2 v 86 6 0 .. .. 2 36 .. 4 4 122 6 0 43 .... .. 2 1 " 164 10 0 .. .. 3 54 2 4 6 218 10 0 42 .. .. 1 70 3 0 .. .. 4 72 .. 5 5 142 3 0 41 .. .... .. .. .. 2 36 .. 2 2 36 0 0 40 .. .. 1 .. 134 7 0 .. .. 4 72 1 4 5 206 7 0 39 .. .. 2 184 13 0 .. ... • 1 18 2 1 3 202 13 0 38 .... .. 2 195 1 0 .. .. 3 54 2 3 5 249 1 0 37 .... .. 1 .. 158 11 0 .. .. 8 144 18 9 302 11 0 36 ! .. .. .. .. .. 3 54 .. 3 3 54 0 0 35 .. .. 3 1 300 1 0 .. .. 3 54 3 4 7 354 1 0 34 .. .. 1 .. 15 7 0 .. .. 1 18 1 1 2 33 7 0 33 .. .. 3 203 14 0 .. .. 3 54 3 3 6 257 14 0 32 .... .. 1 .. 74 14 0 .. •• .... 1 .. 1 74 14 0 31 .. 2 109 5 0 .. . ■ 3 54 2 3 5 163 5 0 30 .. 1 63 15 0 .. •• 3 54 1 3 4 117 15 0 9 9 .... .. .. .. 1 18 .. 1 1 18 0 0 2g j .. .. .. .. .'. 2 36 .. 2 2 36 0 0 97 .. i ] .. 22 6 0 .. •. 2 36 1 2 3 58 6 0 26 .. .. 2 92 13 0 .. .. .. .. 2 2 92 13 0 25 . .. 1 11 6 0.. • • 3 54 1 3 4 65 6 0 24 " " .. .. 1 • • 24 2 0 .. .. •. • • 1 • • I 24 2 0 23 .. .... .. .. .. 1 18 .. 1 1 18 0 0 2 9 " " !! .. .. 1 5 7 0.. .. 1 1 5 7 0 11 " .. .. .. .. 9 117 6 3 9 117 0 0 13 " " ... .. .. .. 14 182 7 7 14 182 0 0 no .. .. .. .. 14 182 5 9 14 182 0 0 " " .... .. .. .. 11 143 5 6 11 143 0 0 i 0 " " .. .. .. •• 10 130 5 5 10 130 0 0 q .. .. .. 9 117 5 4 9 117 0 0 8 ... .. .. .. 9 117 4 5 9 117 0 0 7 .. .. .. 16 208 10 6 16 208 0 0 a .... .. .. .. 10 130 4 6 10 130 0 0 « " " .. .. .. •■ 13 169 8 5 13 169 0 0 4 " " . .. .. .. 11 143 7 4 11 143 0 0 O .. .. .. .. 10 130 8 2 10 130 0 0 0 . .. .. .. 9 117 4 5 9 117 0 0 1 " " .. .. .. 7 91 437 91 00 o ;; :: .. .... .. .. .. 8 104 35 8 104 0 0 Totals 276~~6(T 0 43 7 4,428 12 0 3 682 15 0 329 5,122 407 311 718 92,415 7 0 * Compiled from cards.

H.—26a

TABLE VII. EXPERIENCE TABLE. Probabilities per Cent. per Annum of Withdrawal, Death, and Retirement used in the Calculation of Valuation Factors for the Public Service Superannuation Fund.

12

Contributing Members : Males. Contributing Members: Females. Probabilities of Withdrawal, Death, or Re- Probabilities of Withdrawal, Death, or Retirement, within a Year (expressed as a tirement within a Year (expressed as a Percentage of the Number Existing in Percentage of the Number Existing in Ag e< Service at the Beginning of the Year). Servicc at the Beginning of the Year). Age. Withdrawal. Death. Retirement. Withdrawal. Death. j Retirement. . Per Cent. Per Cent. { Per Cent. Per Cent. Per Cent. Per Cent. 15 .. .. | 8-00 0-19 ! .. | ' 3-50 0-13 .. 15 16 .. .. I 7-90 0-19 ' .. 1 3-60 0-13 .. 16 17 .. .. j 7-70 0-19 I .. 3-90 0-13 .. j 17 18 .. .. 7-30 0-19 .. 4-40 0-13 .. ! 18 19 .. .. 6-80 0-19 : .. 6-40 0-13 .. 19 20 .. .. 6-30 0-19 | .. 9-40 0-13 .. 20 21 .. .. 5-80 0-19 ! .. 12-10 0-13 .. 21 22 .. .. 5-30 0-19 ! .. 13-80 0-13 .. 22 23 .. .. 4-80 0-19 0-10 « 14-80 0-13 .. 23 24 .. .. 4-40 0-19 0-10 15-30 0-13 .. 24 25 .. .. 1 4-16 0-19 0-10 15-50 0-13 .. 25 26 .. .. 3-94 ! 0-20 ! 0-10 15-30 0-14 .. 26 27 .. .. 3-75 0-20 ! 0-10 j 14-90 0-15 .. 27 28 .. .. 3-59 0-21 | 0-10 14-00 0-16 .. 28 29 .. .. 3-46 0-22 j 0-10 13-10 0-17 .. 29 30 .. .. 3-36 0-23 0-10 12-20 0-18 .. 30 31 .. .. 3-27 0-24 ! 0-11 11-30 0-19 .. 31 32 .. .. 3-18 0-25 ! 0-11 10-50 0-20 • .. 32 33 .. .. 3-10 0-26 0-11 9-80 0-21 .. 33 34 .. .. 3-02 0-27 ! "0 11 9-10 0-22 •• ' ! 34 35 .. .. 2-95 0-28 ! 0-12 8-50 0-23 .. 35 36 .. .. 2-87 0-29 0-12 8-00 0-24 .. 36 37 .. . . 2-80 0-30 0-12 7-50 0-25 .. 37 38 .. .. 2-72 0-31 0-12 7-00 0-26 0-01 38 39 .. .. 2-64 0-32 0-13 6-50 0-27 0-04 39 40 .. .. 2-56 0-33 0-13 6-00 0-28 0-07 40 41 .. .. j 2-48 0-34 0-14 5-50 0-29 0-10 41 42 .. .. j 2-40 0-36 0-14 5-00 0-30 0-30 42 43 .. .. 2-30 0-38 0-15 4-50 0-31 0-60 43 44 .. .. 2-20 0-41 0-17 4 00 0-32 1-00 44 45 .. .. 2-10 0-45 0-20 3-50 0-33 1-50 45 46 .. .. 2-00 0-50 0-25 3-00 0-34 2-00 46 47 .. .. 1-90 0-55 0-30 2-50 0-35 2-50 47 48 .. .. 1-80 0-61 0-40 2-00 0-37 3-00 48 49 .. .. 1-70 0-67 0-60 1-50 0-39 3-50 49 50 .. .. 1-60 0-74 0-90 1-00 0-41 5-00 50 51 .. .. 1-50 0-81 1-30 0-50 0-44 6-50 51 52 .. .. 1-40 0-88 1-80 .. 0-47 8-00 52 53 .. .. 1-30 0-96 2-40 .. 0-50 9-50 53 54 .. .. 1-20 1-04 3-10 .. 0-54 11-00 54 55 .. .. 1-08 1-12 3-90 .. 0-59 12-00 55 56 .. .. 0-93 1-21 4-80 .. 0-64 13-00 56 57 .. .. . 0-76 1-30 5-80 .. 0-70 14-00 ! 57 58 .. .. 0-56 1-40 6-90 .. 0-70 , 15-00 58 59 .. .. 0-34 1-50 8-10 .. 0-70 16-00 59 60 .. .. 0-10 1-61 9-40 .. .. 100-00 60 61 .. .. .. 1-73 10-80 .. .. .. 61 62 .. .. .. 1-86 12-50 .. .. .. 62 63 .. .. .. 2-00 20-00 .. .. .. j 63 64 .. .. .. 2-15 30-00 .. .. .. 64 65 .. .. .. .. 100-00 .. .. . . 65

H.—26A.

TABLE VIII. LIFE AND SERVICE TABLE. Based upon the Probabilities per Cent. per Annum of Withdrawal, Death, and Retirement given in Table VII.

13

Males. Females. . Existing in With- Tenth's Betile- Existing in With- ltettre- , ■ Service. drawals. ueatn.. men t s . Service. drawals. ments. 8 15 .. .. 100,000 8,000 190 .. 100,000 3,500 130 .. 15 16 .. .. 91,810 7,253 174 .. 96,370 3,469 125 .. 16 17 .. .. 84,383 6,497 160 .. 92,776 3,618 121 .. 17 18 .. .. 77,726 5,674 148 .. 89,037 3,918 116 .. 18 19 .. .. 71,904 4,889 137 .. 85,003 5,440 ! Ill .. 19 20 .. .. 66,878 4,213 127 ' 79,452 7,468 103 .. 20 21 .. .. 62,538 3,627 119 .. 71,881 8,698 93 .. 21 22 .. .. 58,792 3,116 112 .. 63,090 8,706 82 .. 22 23 .. .. 55,564 2,667 106 ! 56 54,302 8,037 71 .. 23 24 .. .. 52,735 2,320 100 i 53 46,194 7,068 60 .. 24 25 .. .. 50,262 2,091 95 ! 50 39,066 6,055 | 51 .. 25 26 .. .. 48,026 1,892 96 ! 48 32,960 5,043 j 46 .. 26 27 .. .. 45,990 1,725 92 I 46 27,871 4,153 . 42 .. 27 28 .. .. 44,127 1,584 93 j 44 23,676 3,315 38 .. 28 29 .. .. 42,406 1,467 93 ! 42 20,323 2,662 35 .. 29 30 .. .. 40,804 1,371 94 41 17,626 2,150 32 .. 30 31 .. .. 39,298 1,285 94 43 15,444 1,745 29 .. 31 32 .. .. 37,876 1,204 95 42 13,670 1,435 27 .. '32 33 .. .. 36,535 1,133 95 40 12,208 1,196 26 .. 33 34 .. .. 35,267 1,065 95 39 10,986 1,000 24 .. 34 35 .. .. 34,068 1,005 95 41 9,962 847 23 .. 35 36 .. .. 32,927 945 95 40 9,092 727 22 .. 36 37 .. .. 31,847 892 96 38 8,343 626 21 .. 37 38 . .. .. 30,821 838 96 37 7,696 539 20 1 38 39 .. .. 29,850 788 96 39 7,136 464 19 3 39 40 .. .. 28,927 741 95 38 6,650 399 19 5 40 41 .. .. 28,053 696 95 39 6,227 342 18 6 41 42 .. .. 27,223 653 98 ' 38 5,861 293 18 18 42 43 .. .. 26,434 608 100 40 5,532 249 17 33 43 44 .. .. 25., 686 565 105 44 5,233 209 17 52 44 45 . .. 24,972 524 112 j 50 4,955 173 16 74 45 46 .. .. 24,286 486 121 . 61 4,692 141 16 94 46 47 .. .. 23,618 449 130 71 4,441 111 16 111 47 48 .. .. 22,968 413 140 92 4,203 84 16 126 48 49 .. 22,323 379 150 134 3,977 60 16 139 49 50 .. .. 21,660 347 160 195 3,762 38 15 188 50 51 .. .. 20,958 314 170 272 3,521 18 15 229 51 52 .. .. 20,202 283 178 364 3,259 .. 15 261 52 53 .. .. 19,377 252 186 465 2,983 .. 15 283 53 54 . . 18,474 222 192 573 2,685 . . 14 295 54 55 .. .. 17,487 189 196 682 2,376 .. 14 285 55 56 . . . . 16,420 153 199 788 2,077 .. 13 270 56 57 .. .. 15,280 116 199 886 1,794 .. 13 251 57 58 .. .. 14,079 79 197 971 1,530 .. 11 230 58 59 .. .. 12,832 44 192 1,039 1.289 .. 9 206 59 60 .. ! 11,557 12 186 1,086 1,074 .. .. 1,074 60 61 .. .. 10,273 .. 178 1,109 .. .. .. .. 61 62 .. .. 8,986 .. 167 1,123 .. .. .. .. 62 63 .. .. 7,696 .. 154 1,539 .. .. .. .. 63 64 .. .. 6,003 .. 129 1,801 .. .. .. .. 64 65 .. .. 4,073 .. .. 4,073 .. .. .. .. 65

H.—26A

TABLE IX. SUMMARY OF PUBLIC SERVICE SUPERANNUATION RESULTS. Valuation Balance-sheet as at 31st March, 1927. Liabilities. Males— £ £ Value of — 1,394 pensions for £285,451 3s. 9d. per annum already granted .. .. .. 2,607,584 624 pensions for £11,232 per annum granted to widows of contributors or pensioners 124,574 429 pensions for £5,577 per annum granted to children of deceased contributors or pensioners .. .. .. .. .. .. .. .. 20,274 Prospective pensions for back service .. .. .. .. .. 3,944,627 Prospective pensions for future service .. .. .. .. .. 3,248,312 Prospective pensions to widows .. .. .. .. .. .. 413,343 Prospective pensions to children .. .. .. .. .. .. 75,869 Return of contributions on death .. .. .. .. .. .. 47,351 Return of contributions on withdrawal .. .. .. .. .. 722,770 11,204,704 Females-— Value of— 169 pensions for £14,052 9s. lid. per annum already granted .. .. .. 172,393 Prospective pensions for back service .. .. .. .. .. .. 267,847 Prospective pensions for future service .. .. .. .. .. 236,780 Return of contributions on death and withdrawal .. .. .. .. 95,680 772,700 £11,977,404 Assets. £ Accumulated funds .. .. .. .. .. .. .. .. 2,493,790 Value of— Future contributions from males .. .. .. .. .. .. .. .. 2,678,693 Future contributions from females .. .. .. .. .. .. .. 145,151 Subsidy of £86,000 per annum now being paid .. .. .. .. .. .. 1,911,111 Future increases in subsidy to be provided .. .. .. .. .. .. 4,748,659 £11,977,404

TABLE X. Statement showing Subsidies paid as compared with Subsidies required under the System indicated in the Act.

Approximate Cost of Paper.—Preparation, not given ; printing (1,950 copies), £26 15s.

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

Price. <M.]

14

Year ended. Subsidy required. Subsidy paid. Shortage. 1 ___ £ £ £ £ 31st December, 1908 .. (Say) 20,000 20,000 1909 .. „ 20,000 20,000 1910 .. „ 22,500 22,500 1911 .. 48,000 23,000 25,000 52,835 1912 .. 48,000 23,000 25,000 50,559 1913 .. 48,000 48,000 1914 .. 66,000 48,000 18,000 33,335 1915 .. 66,000 48,000 18,000 31,900 1916 .. 66,000 48,000 18,000 30,526 1917 .. 86,000 48,000 38,000 61,668 1918 .. 86,000 48,000 38,000 59,014 1919 .. 86,000 86,000 1920 .. 125,000 86,000 39,000 55,462 1921 .. 125,000 86,000 39,000 53,074 1922 .. 125,000 86,000 39,000 50,788 1923 .. 172,000 86,000 86,000 107,171 1st January to 31st March 1924* .. 43,000 34,000 9,000 11,095 31st March, 1925 .. 240,000 136,000 104,000 122,688 1926 .. 240,000 86,000 154,000 173,849 1927 .. 240,000 86,000 154,000 166,361 Totals .. 1,972,500 1,168,500 804,000 1,060,325 * Taken as one-fourth of a full year's factors.