NATIONAL PROVIDENT FUND. EIGHTEENTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1928.

Appendix to the Journals of the House of Representatives, 1929 Session I, H-17

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1929. NEW ZEALAND.

NATIONAL PROVIDENT FUND. EIGHTEENTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1928.

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

At the 31st December, 1928, the contributors to the fund totalled 30,870. The total income for the year amounted to £410,686 6s. 2d., including £234,820145. 4d. paid by contributors and £115,769 17s. lOd. interest. The fund has now passed the two - million mark, amounting at the end of the year to £2,275,681 14s. Id., an increase of £318.455 Is. 4d. The rate of interest earned was £5 12s. 6d. per cent., and the expenses of administration in respect of ordinary contributors 22-02 per cent., as compared with 22-8 per cent, for the previous year. It is satisfactory to note that private employers are showing much practical interest in the fund's new superannuation scheme and are taking advantage of its provisions. Jas. B. Donald, Chairman of the Board. R. E. Hayes, Superintendent of the Fund. Wellington, 20th June, 1929.

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NATIONAL PROVIDENT FUND. (1) Revenue Account for the Year ended 31st December, 1928. £ s. d. £ s. d. Amount of fund at beginning of year .. 1,957.226 12 9 Maternity claims (section 19) .. .. 7,236 0 0 Contributions .. .. .. .. 234,820 14 4 Maternity claims (approved friendly societies) 36,186 0 0 Interest .. .. .. .. 115,769 17 10 Refund of contributions on lapse, reduction, Pines .. .. .. .. .. 969 5 3 and withdrawal (sections 11, 12, 13, and 14) 58,213 16 0 Government contribution under Act .. 59,125 1 9 Incapacity allowances (sections 17 and 18), Refund of maternity claims by the State .. 43,422 0 0 ! including contributions waived on incapacity Contributions overpaid on exit .. .. 212 12 2 ! (£521 4s. 9d.) .. .. .. .. 3,559 14 6 Benefits refunded on exit .. .. .. 4,281 2 5 Death: Refund, of contributions (sections Miscellaneous receipts .. .. .. 17 0: 15 (5) and 16) .. .. .. .. 5,369 1 2 Death : Allowances on account of widows and children (section 15) .. .. .. 9,428 17 8 Retirement: Allowances (section 13) .. 19,940 17 11 Refund of contributions overpaid on exit .. 212 12 2 Amount of fund at end of year .. .. 2,275,681 14 1 £2,415,828 13 6 £2,415,828 13 6 Balance-sheet as at 31st December, 1928. Liabilities. £ s. d. 1 Assets. £ s. d. Fund as per Revenue Account .. .. 2,275,68114 1 In hands of Public TrusteeClaims due and in course of payment— , Invested .. .. .. .. 2,172,382 0 2 Maternity .. .. .. .. 3,235 9 0 | Uninvested .. .. .. .. 27,107 10 11 Death (section 16) .. .. .. 660 7 3 Balance with Post Office .. .. .. 491 6 7 Death: Allowances (section 15) .. .. 397 0 3 j Balances in transit .. .. .. 13,794 19 0 Allowances (section 13) .. .. .. 939 4 6 ' Contributions outstanding or in course of Allowances (section 17) .. .. .. 98 14 0 transmission*— Refunds in suspense .. .. .. 32.129 11 5 (a) Contributions due but not overdue .. 13,561 4 11 Suspense Account .. .. .. 361 8 3 (6) Contributions overdue .. .. 3,778 12 5 Contributions prepaid .. .. .. 7,151 15 5 Government subsidy due under Act* .. 59,125 1 9 Investment Fluctation Reserve (by transfer Refund due in respect of maternity claims* ~ 3,810 0 0 from refunds unclaimed) .. .. 13,169 15 9 Fines due* .. .. .. .. 472 6 6 Interest due* .. .. .. .. 5,855 10 11 Interest accrued but not due* .. .. 33,446 6 9 £2,333.824 19 11 £2,333,824 19 11 * Included in Revenue Account. R. E. Hayes, Superintendent. R. M. Porteous, Wellington, Ist June, 1929. 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, 1928.

Numbers. Class 1. Class 2. Class 3. Class 4. Class 5. a Pension Rate, 10s. Pension Rate, 20s. Pension Rate, 30s. Pension Rate, 40s. Pension Rate: Other. ggrega Lontnoutions. M. j F. | T. M. F. T. M. | F. T. M. F. | T. M. F. T. M. F. j T. - - £ s. d. Number of contributors at commence- 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 ment of year New entrants durin<* the year .. [2,234 96 2,330 305 38 343 48 13 61 48 14 62 398 897 1,295 3,033 1,058 4,091 26,647 3 8 Transfers from another class .. 202 7 209 116 8 124 25 25 26 2 28 3 .. 3 372 17 389 5,738 1 4 Increases due to adjustment on age- .. •• •• •• •• •• •• •• •• •• ■■ •• •• •• 122 2 8 error, &c. Total .. .. .. 22,957 804 23,761 3,170 326 3,496 311 49 360 430 71 501 3,905 3,075 6,980 30,773 4,325 35,098 271,241 14 8 Discontinuances, &c. (as per detailed 2,576 101 2,677 504 28 532 46 3 49 36 3 39 244 687 931 3,406 822 : 4,228 26,204 19 4 statement below) Total at end of year .. 20,381! 703 1 21,084 2,666 298 1 2,964 265 46 311 394 68 ' 462 3,661 2,388 1 6,049 127,367 3,503 1 30,870 245,036 15 4 Details of Discontinuances, &c., during the Year. Deaths.. .. .. .. 48 2 50 5 2 1 7 13 10 23 66 14 80 1,471 18 4 Notice of withdrawal .. . . 1,273 77 1,350 182 17 199 16 2 18 13 1 14 191 655 846 1,675 752 2,427 18,379 13 8 Lapse and cancellations .. .. 1,130 14 1,144 110 2 112 8 8 4 1 5 5 14 19 1,257 31 1,288 3,990 15 8 Attainment to pension-age .. . . .. • • .... .. 1 .. 1 ■ ■ .. .. 35 8 43 36 8 44 1,044 7 0 Transfers to another class .. .. 12-5 8 133 207 7 214 21 1 22 19 1 20 372 17 389 1,176 10 8 Decreases due to adjustment on age- .. .. • • • • •. .. • • • • • • ■ • • • • • • ■ ■ • • • .. .. .. 141 14 0 error, &c. Total .. .. .. 2,576' 101 2,677 504 28 i 532 46 3 49 36 3 | 39 244 687 931 3,406 822 4,228 i 26,204 19 4 Numerical Progress since Establishment. Total entered .. .. .. 45,308 3,657 48,965 7,886 j 953' 8,839 794! 97 S91 914: 106 1,020 6,083 4,368 10,451 60,985 9,181 70,166 Total transferred from other classes 2,906 151 3,057 1,505 110 1,615 239 28 267 337, 23 360 3 3 4,990 312 5,302 48,214 3,808 52,022 9,391 1,063 10,454 1,033 125 1,158 1,251 129 1,380 6,086 4,368 10,454 65,975 9,493 75,468 Total discontinued .. .. 26,383 3,004 29,387 3,990 602 4,592 398 54 452 422 38 460 2,425 1,980 4,405 33,618 5,678 39,296 1 Total transferred to other classes .. 1,450 101 1,551 2,735 163 2,898 370 25 395 435 23 458 .. .. 4,990 312 5,302 27,833 3,105 30,938 6,725 765 7,490 j 768 79 847 857 61 918 2,425 1,980 4,405 38,608 5,990 44,598 Total contributors on books at 31st 20,381 703 21,084 2,666 298 2,964 j 265 ! 46 311 394 68 462 3,661 2,388 6,049 27,367 3,503 30,870 245,036 15 4 December, 1928 I i

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NATIONAL PROVIDENT FUND ACT, 1926. Direct Contributors.

Other Contributors. (3a) Statement of Retiring and other Allowances for the Year ended 31st December, 1928

NATIONAL PROVIDENT FUND. Progress of Retiring and other Allowances since the Establishment of the Fund to 31st December, 1928.

Approximate Cost of Paper.—Preparation, not given ; printing (650 copies), £6.

Authority : W. A. G. Skinner, Government Printer, Wellington.—l 929.

Price 3d.]

(3) Statement of Retiring and other Allowances for the Year ended 31st December, 1928. n „ - , K , On Attainment of Total Retiring and other On Death. On Incapacity. Age 60 Allowances. Tf.imW Annual Wnm h„r ! Annual Nnmh . r Annual Wnmhpr I Annual JNumber. Amount. dumber. Amount. -WumDer. Amount. | Amount. M. F. £ s. d. M. F. £ s. d. M. ! F. £ s. d. M. F. £ s. d. Allowances existing at be- 122 .. 7,254 0 0 22 .. 1,033 10 0 22 ; 6 1,388 17 0166 6 9,676 7 0 ginning of year C4ranted during the year 25 .. 1,579 10 0 16 .. 1,228 10 0 1.. 78 0 0 42 .. 2,886 0 0 Total ..147 .. 8,833 10 0 38 | ;. 2,262 0 0 23 6 1,466 17 0208 6 12,562 7 0 Discontinued during the 3 .. 702 0 0 16 i .. 1,150 10 0 .. .. .. 19 1,852 10 0 year (as per statement below) Existing at end of year .. 144 .. 18,131 10 0 22 I .. 1,111 10 o] 23 1 6 1,466 17 o|l89 6 10,709 17 0 Particulars of Retiring and other Allowances discontinued during the Year. Discontinued by death j S 10 0 2 .. 58 10 0 .. .. .. 2 .. 117 0, 0 Expiry .. .. 3 643 10 0 14 .. 1,092 0 0.. .. .. 17 .. 1,735 10 0 Total .. 3 702 O 0 16 .. 1,150 10 0 .. 1 .. .. 19 .. 1,852 10 0

~ t. ,, „ tt On Attainment of Total Retiring and other On Death. On Medical Unfitness. Retiring Age. Allowances. Numhpr Annual isr, lmt ,„, Annual T*r„mh<.r Annual Wlin , h „ Annual .Number. Amount. JNumber. Amount. dumber. Amount. dumber. AmoU nt. M. F. £ s. d. M. f. £ Si d. M. ' F. £ s. d. m. f. £ s. ,d. Allowances existing at be- 72 .. 1,766 0 0 21 .. 1,758 9 0175 4 16,68016 0 268 4 20,205 5 ; 0 ginning of year Granted during year .. 15 .. ; 403 0 0 5 1 364 8 0 32 6 3,372 2 0 ,52 7 4,139 10 0 Total .. 87 ., 2,169 0-0 26 I 1 2,122 17 0207 10 20,05218 0320 11 24,344 15 0 Discontinued during year 7 .. 220 0 0 4 .. 299 16 0 11 .. 754 4 o| 22 .. 1,274 0 0 (as per statement below) Existing at end of year .. 80 ..1,949 0 0 22 1 1,823 1 0196 10 19,298 14 0?298 11 23,070 15 0 Particulars of Retiring and other Allowances discontinued during the Year. Discontinued by death ..15 .. 90 0 0 1 .. 1 70 11 0 11 .. 754 4 0 17 .. 927 15 0 Expiry .. .. j 2 .. 130 0 0 3 .. j 229 5 0 .. .. .. 5 .. 346 5 0 Total .. 7 .. 220 0 0 4 .. j 299 16 0 11 .. ; 754 4 0 22 .. 1,274 0 0

On Death. On Incapacity, bnAttjtaMrtrf &2SA> *"><*?• \ A A ZS:l. Number, j AnnuajJ Number Annual I j ■ ; " M. F. £ s. d. M. F. £ s. d.j M. F. £ s. d. M. F. £ s. d. Total granted ..253 .. 13,458 0 0 202 5 12,821 5 0 265 17 24,755 0 0 720 22 51,034 5 0 Total discontinued .. 29 .. 3,377 10 0158 4 9,886 14 Oj 46 1 3,989 9 0 233 5 17,253 13 0 Total existing at 31st De- 224 .. 10,080 10 0 44 1 2,934 11 0 219 16 20,765 11 0 487 17 33,780 12 0 cember, 1928 I