NATIONAL PROVIDENT FUND. NINETEENTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1929.

Appendix to the Journals of the House of Representatives, 1930 Session I, H-17

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1930. NEW ZEALAND.

NATIONAL PROVIDENT FUND. NINETEENTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1929.

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

At the 31st December, 1929, the contributors to the fund totalled 30,909. The total income for the year amounted to £442,449 13s. 5d., including £244,364 13s. 9d. paid by contributors and £135,235 Is. Bd. interest. The fund at the end of the year totalled £2,598,981 7s. 4d., an increase of £323,299 13s. 3d. The benefits paid out by the fund during the year amounted to £164,457 7s. 3d., including maternity benefits of £41,974. It will be seen that the benefits, other than maternity, are beginning to figure more prominently in the accounts. The following illustrates the growth of the fund and its income since establishment : — v Income. Fund. eal '' £ £ 1911 .. .. .. .. 1,863 1,826 1916 .. .. .. .. 43,777 122,361 1921 .. .. .. .. 188,853 632,525 ' 1924 .. .. .. .. 250,897 1,165,284 1929 .. .. .. .. 442,450 2,598,981 The rate of interest earned was £5 14s. 2d., as compared with £5 12s. 6d. for the previous year. The expenses of administration in respect of ordinary contributors to the fnnd continue to show a satisfactory decrease, the percentage being'2l-02, against 22-02 for the previous year. Jas. B. Donald, Chairman of the Board. R. Withefokd, Wellington, 10th June, 1930. Deputy Superintendent of the Fund.

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NATIONAL PROVIDENT FUND. (1) Revenue Account for the Year ended 31st December, 1929. £ s. d. £ s. d. Amount of fund at beginning of year .. 2,275,681 14 1 Maternity claims (section 19) .. .. 6,570 0 0 Contributions .. .. .. .. 244,364 13 9 Maternity claims (approved friendly societies) 35,404 0 0 Interest . . . . . . . • 135,235 1 8 Refund of contributions on lapse, reduction, Fines .. .. .. .. .. 874 10 8 and withdrawal (sections 11, 12, and 13) .. 74,508 14 9 Government contribution under Act .. 61,974 810 Refund of contributions in lieu of pension Refund of maternity claims by the State .. 41,974 0 0 (section 14) .. .. .. 1,594 2 3 Contributions overpaid on exit .. .. 25 16 4 Incapacity allowances (sections 17 and 18), Benefits refunded on exit .. .. .. 6,705 9 6 including contributions waived on incapacity Miscellaneous receipts .. .. .. 0 18 6 (£4BB 12s. Bd.) .. .. .. .. 3,302 0 11 Death : Refund of contributions (sections 15 (5) and 16) .. .. .. .. 9,397 2 7 Death : Allowances on account of widows and children (section 15) .. .. .. 10,158 9 7 Retirement: Allowances (section 13) .. 23,522 17 2 Refund of contributions overpaid on exit .. 25 16 4 Public Trustee's charges .. .. .. 3,372 2 5 Amount of fund at end of year .. .. 2,598,981 7 4 £2,766,836 13 4 £2,766,836 13 4 Balance-sheet as at 31st December, 1929. Liabilities. £ s. d. Assets. £ s. d Fund as per Revenue Account .. .. 2,598,981 7 4 In hands of Public Trustee — Claims due and in course of payment*— Invested .. .. .. .. 2,490,859 7 2 Maternity .. .. .. .. 1,825 16 11 Uninvested .. .. .. .. 35,107 5 1 Death (section 16) .. .. .. 2,220 1 5 Balance with Post Office .. .. .. 893 1 1 Death: Allowances (section 15) .. .. 386 13 7 Balances in transit .. .. .. 11,903 610 Allowances (section 13) .. .. .. 988 8 6 Contributions outstanding or in course of Allowances (section 17) .. .. .. 148 2 4 transmission* — Public Trustee's charges* .. .. .. 1,139 10 11 (a) Contributions due but not overdue .. 13,194 16 11 Refunds in suspense .. .. .. 37,638 9 4 (b) Contributions overdue .. .. 3,085 4 7 Deposits on incomplete applications to join fund 0 3 0 Government subsidy due under Act* .. 61,974 810 Suspense Account .. .. .. 151 ' 4 3 Refund due in respect of maternity claims* . 3,346 0 0 Contributions prepaid .. .. .. 8,311 13 1 Fines due* .. .. .. .. 385 13 0 Investment Fluctuation Reserve (by transfer Interest due* .. .. .. .. 4,871 0 2 from refunds unclaimed) .. .. 14,539 10 0 Interest accrued but not due* .. .. 40,710 17 0 £2,666,331 0 8 £2,666,331 0 8 * Included in lievenue Account. R. Witheford, Deputy Superintendent. R. M. Porteous, Wellington, Ist June, 1930. 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, 1929.

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Numbers. Class 1. Class 2. Class 3. Class 4. Class 5. A „ . n Pension Rate, 10s. Pension Rate, 20s. Pension Rate, 30s. Pension Rate, 40s. Pension Rate: Other. Aggregate Lontnoutions I M. j F. T. M. j F. | T. ■ M. | F. j T. M. F. j T. M. J F. J T. M. j F. j T. ! £ s. d. Number of contributors at commence- 20,381 703 21,084 2,666 298 2,964 265 46 311 394 68 462 3,661 2,388 6,049 27,367 ,3,503 ! 30,870 245,036 15 4 ment of year New entrants during the year .. ! 2,210 95 2,305 368 47 415 64 13 77 118 89 207 442 892 1,334 3,202 1,136 4,338 33,418 9 0 Transfers from another class .. 186 5 191 137 11 148 46 5 51 73 2 75 19 1 20 461 24 , 485 7,344 0 8 Increases due to adjustment on age- .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. • • I 91 19 4 error, &c. Total .. .. .. 22,777 803 23,580 3,171 356 3,527 375 64 439 585 159 744 4,122 3,281 | 7,403 31,030 4,663 35,693 '285,891 4 4 Discontinuances, &c. (as per detailed 2,896 101 2,997 522 32 554 68 4 72 62 9 71 327 763 1,090 3,875 909 4,784 I 29,695 3 4 statement below) j j • Total at end of year .. 19,881 702 I 20,583 2,649 324 2,973 307 I 60 367 523 150 ' 673 3,795 2,518 ' 6,313 '27,155 3,754 1 30,909 256,196 1 0 Details oj Discontinuances. &c., during the Year Deaths.. .. .. .. 1 50 j 1 5] 8 1 9 2 2 .. .. .. 16 6 22 76 8 84 1,870 12 0 Notice of withdrawal .. .. 1,627 ! 78 1,705 211 21 232 28 28 30 4 34 261 720 981 2,157 823 2,980 21,510 10 0 Lapse and cancellations .. .. 1,006 | 13 1,019 105 1 | 106 7 .. J 7 7 7 5 25 30 1,130 39 1,169 3,558 2 0 Attainment to pension-age .. ! 5 j 1 6 2 j 1 ; 3 1 | 1 1 1 43 12 55 51 15 66 1,333 13 4 Transfers to another class .. 208 8 j 216 196 I 8 204 31 3 34 24 5 29 2 2 461 24 485 1,326 11 8 Decreases due to adjustment on age- I • • i .. j .. .. .. .. .. .. .. .. .. . . .. .. .. 95 14 4 error, &c. Total .. .. .. J 2,896 ! 101 2,997 522 32 | 554 68 4 72 62 9 | 71 327 763 | 1,090 3,875 909 4,784 29,695 3 4 Numerical Progress since Establishment. Total entered .. .. .. 47,518 3,752 j 51,270 8,254 jl,000 9,254 858! 110 968 1,032 J 195 1,227 6,525 5,260 | 11,785 64,187 10,317 74,504 ! Total transferred from other classes 3,092 156 3,248 1,642 | 121 1,763 285 33 318 410 25 435 22 i 23 5,451 336 5,787 50,610 3,908 j 54,518 9,896 1,121 j 11,017 1,143 143 1,286 1,442 ; 220 1,662 6,547 5,261 11,808 69,638 10,653 80,291 Total discontinued .. .. 29,071 3,097 I 32,168 4,316 i 626 I 4,942 435 55 490 460 42 502 2,750 2,743 ' 5,493 37,032 6,563 43,595 Total transferred to other classes .. 1,658 109 | 1,767 2,931 j 171 j 3,102 401 28 429 459 j 28 487 2 2 5,451 336 5,787 30,729 3,206 33,935 7,247 797 8,044 836 83 919 919 70 989 2,752 2,743 5,495 42,483 6,899 49,382 Total contributors on books at 31st 19,881 702 20,583 2,649 324 2,973 307 60 367 523 150 673 3,795 2,518 6,313 27,155 :3,754 30,909 256,196 1 0 December, 1929 I I I I

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NATIONAL PROVIDENT FUND ACT, 1926. Direct Contributors. (3) Statement of Retiring and other Allowances for the Year ended 31st December, 1929.

Other Contributors. (3a) Statement of Retiring and other Allowances for the Year ended 31st December, 1929.

NATIONAL PROVIDENT FUND. Progress of Retiring and other Allowances since the Establishment or the Fund to 31st December, 1929.

Approximate Cost of Paper.— Preparation, not given ; printing (650 copies), £G 10s.

Bv Authority : W. A. G. Skinner, Government Printer, Wellington.—l93o.

Price 3d.]

On Death. On Incapacity. On Attainment of Tota. other Amount. Number. j a" N » mb - ' Amount. i j j j ~i I M. I F. I £ S. d. M. F. £ S. d. M. F. £ S. d. M. F. £ s. d. Allowances existing at be- 144 .. 8,131 10 0 22 .. 1,111 10 0 23 6 1,466 17 0189 6 10,709 17 0 ginning of year Granted during the year 15 .. 1,248 0 0 23 .. 1,072 10 0 8 3 494 0 0 46 3 2,814 10 0 Total .. 159 .. 9,379 10 0 45 .. 2,184 0 0 31 9 1,960 17 0 235 9 ;13,524 7 0 Discontinued during the 13 .. J 955 10 0 18 .. 975 0 0.. 1 78 0 0 31 1 2,008 10 0 year (as per statement below) Existing at end of year.. 146 .. |8,424 0 0 27 .. 1,209 0 0 31 1 8 J.,882 17 01204 8 ill,515 17 0 Particulars of Retiring and other Allowances discontinued during the Year. Discontinued by death .. I .. I . . .. 2 1..] 136 10 0] .. 1 ' 78 0 0] 2 ! 1 214 10 0 Expiry .. .. 13 ] .. 955 10 0 16 .. 838 10 0 .. .. .. j 29 .. 1,794 0 0 Total .. | 13 j .. J 955 10 0 18 j .. 975 0 oj .. j 1'j 78 0 oj 31 1 j 2,008 10 0

On Death. On Medical Unfitness. ° Ag"' °' Wnmhpr Annual ? j. 1 „ h „ r Annual w h Annual TTlimh „- Annual JNumoei. Amount. dumber. Amount. Amount. -Number. , Amount, M. F. £ s. d. M. r. £ s. d. M. F. £ s. d. M. F. £ s. d. Allowances existing at be- 80 .. 1,949 0 0 22 1 1,823 1 0196 10 19,298 14 0 298 11 23,070 15 0 ginning of year Granted during year .. 13 .. 390 0 0 6 2 444 9 0 35 8 4,498 2 0 54 1 10 5,332 11 0 Total .. 93 .. 2,339 0 0 28 3 >2,267 10 0 231 18 23,79616 0 352 j 21 28,403 6 0 Discontinued during year 5 .. 205 0 0 4 .. 276 8 0 12 .. 794 1 0 21 .. 1,275 9 0 (as per statement below) Existing at end of year.. 88 .. 2,134 0 o! 24 3 1,991 2 01219 ! 18 >23,002 15 0S331 I 21 >27,127 17 0 Particulars of Retiring and other Allowances discontinued during the Year. Discontinued by death .. j 1 [ .. | 18 0 0 3 .. 184 1 0 12 .. 794 1 0 16 .. I 996 2 0 Expiry .. .. 4 .. j 187 0 0 1 .. 92 7 0 .. .. 5 .. 279 7 0 Total ! 5 j .. J 205 0 0 4 1 .. 276 8 0 12 .. I 794 1 0 21 .. 1,275 9 0 L L J __J 1 L

On Death. On incapacity Numb "- i Amount. Numb «- A™. Numter - A™. A™. : I ! L M. F. f s. d. M. I F. £ s. d. M. F. £ s. d.l M. F. j £ s. d. Total granted .. ..281 .. 15,096 0 0 231 7 14,338 4 0 308 28 29,747 2 0 820 35 59,181 6 0 Total discontinued .. 47 .. 4,538 0 0180 4 11,138 2 0 58 2 4,861 10 0 285 6 [20,537 12 0 Total existing at 31st De- 234 .. 110,558 0 0 51 3 [3,200 2 0 250 26 24,885 12 o|535 29 [38,643 14 0 cember, 1929 i I I ■ _____