PUBLIC SERVICE SUPERANNUATION BOARD (TWENTY-FIRST ANNUAL REPORT OF THE), WITH ACCOUNTS, FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1929.

Appendix to the Journals of the House of Representatives, 1929 Session I, H-26

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1929. NEW ZEALAND.

PUBLIC SERVICE SUPERANNUATION BOARD (TWENTY-FIRST ANNUAL REPORT OF THE), WITH ACCOUNTS, FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1929.

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, 1929 (after allowing for deaths, retirements, and withdrawals), grouped according to their respective rates of contribution : —

Retiring and other Allowances. —Pensions for £32,035 12s. per annum were granted during the year as follows : For age or length of service, £25,625 14s. to 115 members (103 males and 12 female members) ; for medical unfitness for duty, £2,654 18s. to 28 members ; to widows and children of deceased members, £2,201 per annum to 71 widows, and £1,404 per annum to 54 children.

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Number. Rate per Gent, of Annual Contribution as provided -r Annual Salary. Contributions. by the Act. Male | Female _ Tota] _ ; I ' £ s. d. £ s. d. 5 685 224 909 124,554 8 4 6,227 14 5 6 54 7 61 17,374 11 8 1,042 9 6 7 • 32 6 38 11,332 18 4 793 6 1 8 21 2 23 7,656 5 0 612 10 0 9 6 17 1,975 0 0 177 15 0 10 1 .. 1 270 0 0 27 0 0 Transfer from other 7 .. 7 1,012 0 0 50 12 0 funds ; Totals .. 806 240 1,046 164,175 3 4 8,931 7 0

® ,at f , Number. per Gent, of Contribution as Annual Salary. n provided by m , Contributions, the Act. Male. Female. Total. £ 8. d. £ s. d. 5 11,918 1,588 13,506 3,382,551 8 4 169,127 11 5 6 1,545 140 1,685 569,132 5 10 34,147 18 9 7 973 102 1,075 362,310 8 4 25,361 14 7 8 583 61 644 217,822 10 0 17,425 16 -0 9 200 17 217 72,922 18 4 6,563 1 3 10 48 2 50 17,055 10 10 1,705 11 1 Totals .. 15,267 1,910 17,177 4,621,795 1 8 254,331 13 1

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One contributor belonging to the Police Force, who was retired as medically unfit by reason of injuries received whilst in the execution of his duty, was granted an allowance of £150 per annum under section 61 of the Act. Under section 114 of the Public Service Superannuation Act, 1927, 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 Serviee Act, 1866, would have been entitled to receive the sum of £4,141, 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 £555,105. To this amount must be added accretions to the date of retirement, approximately £133,500, 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 21 years, amounting to £1,462,500. Ninety-eight retiring-allowances were discontinued by death, and fifty-five for other causes — viz., five widows remarried, and fifty children reached the age of fourteen. The annual amount payable at the close of the year was £359,083 17s. 2d., as shown in the statement attached. Income.—The total income for the year was made up as follows : — £ Members' ordinary contributions .. .. .. .. .. 253,593 Subsidy, Cook and Samoa Administration .. .. .. .. 1,123 Contributions from Government .. . . .. .. .. 100,007 Fines, &c. .. .. .. .. .. .. .. 269 Interest .. .. .. .. .. .. .. .. 147,373 Total income for year .. .. .. .. £502,365 Outgo.—The pensions paid during the year to contributors who have retired and to dependants of deceased contributors amounted to £351,395 18s. lid.—viz., £319,862 lis. 4d. to members, and £31,533 7s. 7d. to widows and children. Refunds of contributions to contributors who have left the Service amounted to £32,675 17s. 7d., while the refunds under section 42 to personal representatives of deceased contributors and annuitants amounted to £11,288 19s. lOd. One contributor who was retired elected to accept a refund of his contributions under section 34, amounting to £269 10s. 4d., in lieu of a retiring-allowance. Six contributors were transferred to other funds in accordance with the provisions of section 120, and their contributions, amounting to £515 14s. Bd., were accordingly transferred to such other funds. The salaries of the staff and other office expenses were £2,834 13s. 2d. and £1,485 12s. 6d. respectively. The Public Trustee's commission on interest collected amounted to £3,676 4s. 3d. Medical fees for reports under section 32 amounted to £73 10s. During the year two mortgage securities were realized at a loss of £44 ss. of principal and of £537 17s. 4d., arrears of interest and expenses of realization. The total outgo for the year was £404,876 Bs. 3d. Accumulated Funds. —These amounted at the end of the year to £2,625,943 7s. 4d. Balance-sheet. —On the 31st March the total assets of the fund, which include provision for the outstanding accounts, amounted to £2,712,707 Is. lOd. 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. .. .. .. .. .. 336,000 5| per cent. .. .. .. .. .. 146,350 6 per cent. .. .. .. .. .. 40,000 Debenture securities :— 4| per cent. .. .. .. .. .. 15,000 5 per cent. .. .. .. .. .. 32,103 5J per cent. .. .. .. .. .. 15,423 6 per cent. .. . . . . .. .. 458,025 6\ per cent. .. .. .. .. .. 5,000 1,052,401 Mortgage securities : — 5 per cent. .. .. .. .. .. 2,392 5J per cent. .. .. .. .. .. 10,701 6 per cent. .. . . . . 1.475,430 6| per cent. .. .. . - 119,696 1,608,219 Total .. .. .. .. £2,660,620 The above total includes £22,205 os. 2d. invested on Stipendiary Magistrates' Account. The average rate of interest earned for the financial year on the mean funds was £5 17s. 6d. per cent.

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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 ended 31st March, 1929.

Particulars of Contributions discontinued during the Year.

Progress of Contributors since Date of Establishment of the Fund to 31st March, 1929.

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Year ended 31st December, Year ended I j 31st March, 1908. 1912. | 1916. [ 1921. j 1929. '.. I ' Total number of contributors .. .. 7,235 10,027 13,313 15,782 ; 17,177 Total amount contributed annually .. £79,831 £109,840 £141,844 £248,020 | £254,332 Interest received .. .. .. £1,295 £16,257 £42,314 £85,312 £147,373 Number of pensions and allowances payable 122 683 1,233 1,949 2,796 Annual value of retiring and other allow- £8,881 £53,385 £88,392 £163,355 £359,084 ances payable Total amount of contributions refunded .. £484 £10,749 £23,391 £51,705 £44,234 Expenses of administration .. .. £890 £1,144 £2,318 £4,615 £8,070 Total amount of accumulated fund .. £71,481 £423,556 £896,568 £1,716,837 £2,625,943 . I Jas. B. Donald, Chairman.

Number. Annual Salary. Contributions. M. F. Total. £ s. d. £ s. d. Contributors at beginning of the year .. 15,055 1,947 17,002 4,499,045 12 6 249,021 12 3 New contributors entered during the year .. 799 240 1,039 163,163 3 4 8,880 15 0 Contributors transferred from other funds .. 7 .. 7 1,012 0 0 50 12 0 Increase by promotion during the year .. .. .. .. 162,631 0 0 8,427 4 9 Totals .. .. .. 15,861 2,187 18,048 4,825,85115 10 266,380 4 0 Contributions discontinued during the year 594 277 -871 204,056 14 2 12,048 10 11 Total contributors at end of year 15,267 1,910 17,177 4,621,795 1 8 254,331 13 1

Number. Annual Amount RetiringHow discontinued. i Annual Salary. paid on allowance M. F. Total. ; Contributions. Retirement. granted £ s. d. £ s. d. £ s. d. £ s. d. By death before retiring-allowance en- 61 4 65 19,620 6 8 1,210 11 5 10,074 0 2 2,003 0 0 tered upon (sec. 42) By retirement before retiring age (sec. 37) 400 255 655 121,744 5 0 6,531 9 10 32,675 17 7 By retirement (sec. 34) .. .. 1 1 295 0 0 29 10 0 269 10 4 By retirement medically unfit (sec. 32) 23 5 28 7,879 0 0 460 8 2 .. 2,654 18 0 By retirement (sec. 61) .. .. 1 1 310 8 4 15 10 5 . - 150 0 0 By retirement at retiring age or for length 103 12 115 48,844 2 6 3,493 3 0 .. 25,625 14 0 of service (sec. 26) By transfer to other funds (sec. 120) .. 5 1 6 1,983 0 0 120 5 0 515 14 8 By reduction .. .. .. •• •• •• 3,380 11 8 187 13 1 Totals .. .. .. 594 277 871 204,056 14 2 12,048 10 11 43,535 2 930,433 12 0

Number. Annual Salary. Contributions. M. F. Total. £ s. d. £ s. d. Total entered .. .. .. .. 30,899 7,309 38,208 8,589,074 3 4 50(5,196 9 1 Total discontinued .. .. .. 15,632 5,399 21,031 3,967,279 1 8 251,864 16 0 Total existing at 31st March, 1929 .. .. 15,267 1,910 17,177 4,621,795 1 8 254,331 13 1

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Revenue Account for the Year ended 31st March, 1929. £ s. d. £ s. d. Amount of fund at-jbeginning of year 2,528,454 5 6 Retiring-allowances— Members'contributions — To members .. .. .. 319,862 11 4 Under section 19 (ordinary) .. 253,520 9 5 To widows and children .. .. 31,533 7 7 Transferred from other superannua- Contributions returned — tion funds .. •• 72 8 6 Under section 37 (left service) .. 32,675 17 7 Interest on arrears of contributions 332 9 9 Under section 42 .. .. 11,288 19 10 Government subsidy— Under section 34 .. . . 269 10 4 Statutory •• •• 86,000 0 0 Interest—Section 38, Public Service Section 114, Public Service Super- Superannuation Act, 1927 .. 78 4 8 annuation Act, 1927 (widows and Contributions to other superannuation children) .. •• 14,007 8 6 funds (section 120) .. .. 515 14 8 Interest on investments .. . ■ .147,040 8 I Loss on realization of securities .. 582 2 4 Fines, &c. .. ■ • • • 269 510 Expenses— Subsidy, Cook Islands and Samoa .. 1,123 0 0 Medical fees .. .. .. 73 10 0 Salaries .. .. .. 2,834 13 2 Audit fees .. .. .. 50 0 0 Heating and lighting .. . . 9 13 7 Bent .. .. .. 197 0 0 Cleaning .. .. .. 54 1 4 Messenger service .. .. 46 0 0 Public Trustee's charges .. .. 3,676 4 3 Furniture and fittings .. .. 13 16 10 Contingencies .. .. .. 46 17 7 Printing and stationery .. .. 117 3 5 Typewriters and other machines (upkeep) .. .. .. 6 14 6 Postages, telegrams, and services .. 174 12 9 Post and Telegraph charges .. 769 12 6 Balance as at 31st March, 1929 .. 2,625,943 7 4 £3,030,819 15 7 £3,030,819 15 7 Balance-sheet as at 31st March, 1929. Liabilities. Assets. Superannuation Fund Account — £ s. d. £ s. d. Balance due from Revenue Account 2,625,943 7 4 Amount invested by the Board .. 2,638,415 0 0 Add value of office furniture, fittings, Contributions due in course of transand machinery .. .. 523 13 3 mission .. .. . . 18,118 1 0 Interest due and accrued. .. .. 40,055 8 4 2,626,467 0 7 SubsidyRetiring and other allowances due, in Cook Islands and Samoa .. 191 14 8 course of payment— Section 114, Public Service SuperTo members .. . • ■ • 3,324- 0 4 annuation Act, 1927 .. .. 63 311 To widows and children .. .. 501 6 4 Balance in hand, Public Trustee .. 10,880 14 10 Refund of contributions due, in course Bank account .. .. .. 4,061 11 3 of payment — Office furniture, fittings, and machinery 523 13 3 Under section 37 (left service) .. 466 14 9 Rates and taxes paid on account of Under section 42 (death).. .. 476 12 9 mortgagors (recoverable).. .. 374 8 4 Expenses due, in course of payment — Retiring-allowances recoverable (Marine Heating and lighting .. .. 115 0 Department) .. .. .. 23 6 3 Printing and stationery .. .. 0 11 7 Post and Telegraph charges .. 167 12 0 Public Trustee's charges .. .. 1,001 7 8 Contributions paid in advance or in error .. •• ■ • 170 8 6 Unclaimed account (contributors, &c.) 2,061 11 8 Balance, Government subsidy* .. 64,500 0 0 Balance, cost-of-living bonus .. 2 3 4 Post Office Account .. 13,565 17 4 £2,712,707 1 10 £2,712,707 1 10 * 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. Gost-of-living Bonus paid to Annuitants of the Public Service Superannuation Fund on behalf of the Treasury. £ s. d. £ s. d. To Amount disbursed for period Ist April, By Amount received from the Treasury.. 3,661 9 9 1928 to 31st March, 1929 .. 3,659 6 5 Balance carried forward .. .. 2 3 4 £3,661 9 9 £3,661 9 9

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Stipendiary Magistrates' Account. Revenue Account for the Year ended 31st March, 1929. £ s. d. £ s. d. Amount of fund, Ist April, 1928 .. 21,509 11 0 Administration expenses .. .. 63 10 9 Members'contributions, section 63, Public Retiring-allowances .. .. .. 1,630 0 0 Service Superannuation Act, 1927 .. 1,880 0 0 Contributions returned, section 63, Public Interest on investments .. .. 1,248 7 7 Service Superannuation Act, 1927 .. 739 7 8 Balance as at 31st March, 1929 .. 22,205 0 2 £24,637 18 7 £24,637 18 7 Balance-sheet as at 31st March, 1929. Liabilities. Assets. £ s. d. £ s. d. Accumulated fund .. .. .. 22,205 0 2 Amount invested .. .. .. 22,205 0 2 William M. Wright, Secretary, R. S. Wogan, Accountant, Wellington, 6th June, 1929. 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 ended 31st March, 1929.

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

By Authority : W. A. G. Skinner, Government Printer, Wellington.— 1929.

Price 6d. ]

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n Section 32: Section 61: Police Section 2fi, Section 42 : Sections 42 (c> and 43 (a): Total Retiring and other or of 8 Medically unfit. injured on Duty. Finance Act, 1921. Widows. Children. Allowances. Number. Number. N w ~ "he? 1 i N ber" , Number. Number. Annual Annual Annual Annual ! ' Annual Annual M. F. i M. I JT. 1 AmOUnt M. Am0Unt ' AmOUnt ' F. Am0Un ' M. F. j 1 Am0Unt ' M. I F. I Am0UQt ' § j h ! ; _J§ ■ I {?_ £ s. d. £ s. d. £ s. d. £ s. d. £ £ £ s. d. Retiring and other allowances — Existing at beginning of 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 16591021 2680 342,881 7 4 year Granted during year at 103 12 115 25,625 14 0 23 5 28 2,654 18 0 1 150 0 0.. .. 21 651 32 20 52 1,352 159 58 217 30.433 12 0 retirement Granted during year after .. .. . . .. .. .. 50 1,550 1 1 2 52 1 51 52 1,602 0 0 retirement Totals .. 1330 1721502 313,905 10 5 181 27 208 17,882 16 5 10 1,377 4 6 46 7,338 8 0 731 22,661 252 200 452 11,752 181911302949 374,916 19 4 Discontinued during year 64 6 70 12,898 4 2 9 .. 9 900 18 0 .. .. .. .. 22 682 29 23 52 1,352 102 51 153 15,833 2 2 Existing at end of year 1266 1661432 301,007 6 3 172 27 199 16,981 18 5 10 1,377 4 6 46 7,338 8 0 709 21,979 223 177 400 10,400 1717il079 2796 359,083 17 2 I ) I Particulars of Retiring and other Allowances discontinued during the Year. l i i How discontinued — By death .. .. 64 6 70 12,898 4 2 9 .. 9 900 18 0 .. .. .. 17 527 .. 2 2 52 73 25 98 14,378 2 2 By expiry .. .. .. j .. .. .. .. 5 155 29 21 50 1,300 29 26 55 K455 0 0 Totals .. 64 6 70 12,898 4 2 9.. 9 900 18 0 .. .. .. 22 682 29 23 52 1,352 102 51 153 15,833 2 2 Progress of Retiring and other Allowances since Establishment of the Fund to 31st March. 1929. II I l ! ' > ' I I II i Total granted .. .. 1977 1942171 399,348 12 0 371 36 407 32,651 15 5 13 1,714 17 0 49 7,688 8 0 964 27,674 587 5361123 23,231 2997 17304727 492,308 12 5 Total discontinued .. 711 28 739 98,341 5 9 199 9 208 15,669 17 0 3 337 12 6 3 350 0 0 255 5,695 364 359 723! 12,831 1280 651 1931 133,224 15 3 Total existing at 31st 1266 1661432 301,007 6 3 172 27 199 16,981 18 5 10 1,377 4 6 46 7,338 8 0, 709 21,979 I 223i 177 400jj 10,400 171710792796 359,083 17 2 March, 1929 ___ Wellington, 6th June, 1929. M ' W « IGH \ Se f eta .>TApproximate Cost oi Paper. —Preparation, not given ; printing (1.950 copies), £10 7s. 6d. VVOGAN, Accountant.