PUBLIC SERVICE SUPERANNUATION BOARD (TWENTY-SECOND ANNUAL REPORT OF THE), WITH ACCOUNTS, FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1930.

Appendix to the Journals of the House of Representatives, 1930 Session I, H-26

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1930. NEW ZEALAND.

PUBLIC SERVICE SUPERANNUATION BOARD (TWENTY-SECOND ANNUAL REPORT OF THE), WITH ACCOUNTS, FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1930.

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, 1930 (after allowing for deaths, retirements, and withdrawals), grouped according to their respective rates of contribution

Retiring and other Allowances. —Pensions for £32,425 2s. per annum were granted during the year as follows : For age or length of service, £24,996 14s. to 101 members (91 male and 10 female members) ; for medical unfitness for duty, £2,836 Bs. to 22 members ; to widows and children of deceased members, £2,883 per annum to 93 widows, and £1,534 per annum to 59 children.

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I I Numoer. Rate per Cent, of , Contribution as provided j Annual Salary. Contributions by tbe Act. M&|e _ y oma l e . Total. £ s. d. £ s. d. 5 896 571 1,467 164,721 15 0 8,236 1 9 6 52 27 79 18,617 18 4 1,117 1 6 7 41 22 63 ]5,830 16 8 1,108 3 2 8 16 8 24 6,552 18 4 524 4 8 9 13 5 18 5,248 15 0 472 7 9 10 5 1 6 1,410 0 0 141 0 0 Transfer from other 4 4 8 2,650 0 0 138 8 0 funds Totals .. 1,027 638 1,665 215,032 3 4 11,737 6 10

®' at ® , Number. per Cent, of Contribution as Annual Salary. n f 1 provided by Contributions, the Act. Male. Female. Total. i | £ s. d. £ s. d. 5 12,411 1,912 14,323 3,582,497 16 8 179,124 17 10 6 1,515 155 1,670 562,058 15 0 33,723 10 6 7 971 118 1 1,089 j 360,787 10 0 25,255 2 6 8 566 64 630 214,213 15 0 17,137 2 0 9 194 19 213 71,522 1 8 6,436 19 9 10 48 3 1 51 17,065 16 8 1,706 11 8 Totals .. 15,705 2,271 17,976 i 4,808,145 15 0 263,384 4 3

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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 £175 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 Service Act, 1866, would have been entitled to receive the sum of £2,045, 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 £557,150. To this amount must be added accretions to the date of retirement, approximately £135,000, 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-two years, amounting to £1,648,500. One hundred and twenty-seven retiring-allowances were discontinued by death, and seventy-five for other causes —viz., eight widows remarried, and sixty-seven children reached the age of fourteen. The annual amount payable at the close of the year was £372,138 6s. 2d., as shown in the statement attached. Income.—The total income for the year was made up as follows : — £ Members'ordinary contributions .. .. .. .. .. 263,424 Subsidy, Cook and Samoa Administration .. .. .. . . 863 Contributions from Government .. .. .. .. .. 200,844 Fines, &c. .. .. .. .. .. .. .. 405 Interest .. .. .. .. .. .. .. .. 154,758 Total income for year .. .. .. .. £620,294 Outgo.—The pensions paid during the year to contributors who have retired and to dependants of deceased contributors amounted to £367,495 13s. 8d. —viz., £334,342 4s. to members, and £33,153 9s. Bd. to widows and children. Refunds of contributions to contributors who have left the Service amounted to £36,456 ss. Bd., while the refunds under section 42 to personal representatives of deceased contributors and annuitants amounted to £12,785 14s. 9d. Three contributors who were retired elected to accept a refund of their contributions under section 34, amounting to £864 15s. 7d., 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 £810 6s. lid., were accordingly transferred to such other funds. The salaries of the staff and other office expenses were £2,724 16s. 3d. and £1,507 16s. 9d. respectively. The Public Trustee's commission on interest collected amounted to £3,865 15s. Id. Medical fees for reports under section 32 amounted to £59 17s. During the year one mortgage security was realized at a loss of £1,662 Is. Id. The total outgo for the year was £428,233 2s. 9d. Accumulated Funds.—These amounted at the end of the year to £2,818,004 Is. lid. Balance-sheet. —On the 31st March the total assets of the fund, which include provision for the outstanding accounts, amounted to £2,909,071 14s. 2d. 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:— £ a. d. £ s. d. 5| per cent. .. .. .. .. 30,000 0 0 5J per cent. .. .. .. .. 336,000 0 0 51 per cent. .. .. .. .. 146,350 0 0 6 per cent. .. .. . . . . 40,000 0 0 Rural advances bonds :— 5 per cent. .. .. .. .. 186,070 10 0 Debenture securities : — 4J-per cent. .. .. .. .. 15,000 0 0 5 per cent. .. .. .. .. 35,602-12 7 5| per cent. .. .. .. .. 17,423 0 0 5| per cent. .. .. .. .. 6,700 0 0 6 per cent. .. .. .. . . 458,025 0 0 6-J- per cent. .. .. .. . . 5,000 0 0 ■ — 1,276,171 2 7 Mortgage securities : — 5 per cent. .. .. .. .. 2,310 7 4 5| per cent. .. .. .. .. 9,367 6 9 6 per cent, .. .. .. .. 1,506,832 15 11 61 per cent. .. .. .. .. 51,374 3 2 — 1,569,884 13 2 " £2,846,055 15 9 The above total includes £22,818 12s. Id. invested on Stipendiary Magistrates' Account. The average rate of interest earned for the financial year on the mean funds was £5 16s. 11. 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 :—

General.—Legislation passed by Parliament during the session of 1928 permitting temporary employees to join the fund under certain conditions has involved additional work during the year. Four hundred and ninety-three applications were received ; 138 were withdrawn after the applicants were notified of their indebtedness ; thirteen were deferred for various reasons ; three were rejected on medical grounds, and 339 were brought into the fund as contributors. Applicants are given the option of becoming contributors to the fund either from the date of election or from the date of appointment. In the latter case the sum to be paid is fixed by the Board, and where it is not possible for a contributor to pay the amount required in one sum payment by instalments is permitted. Jas. B. Donald, Chairman.

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Year ended 31st December, Year ended . j 1 31st March, 1908. 1912. 1 1916. 1921. 1930. Total number of contributors .. .. 7,235 j 10,027 13,313 15,782 17,976 Total amount contributed annually .. £79,831 I £109,840 £141,844 £248,020 £263,384 Interest received .. ' .. .. £1,295 j £16,257 £42,314 £85,312 £154,758 Number of pensions and allowances payable 122 683 1,233 1,949 2,870 Annual value of retiring and other allow- £8,881 £53,385 £88,392 £163,355 £372,138 ances payable Total amount of contributions refunded .. £484 £10,749 £23,391 £51,705 > £50,107 Expenses of administration .. .. £890 £1,144 £2,318 £4,615 £8,158 Total amount of accumulated fund .. £71,481 £423,556 £896,568 ;£1,716,837 £2,818,004

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PUBLIC SERVICE SUPERANNUATION FUND. Revenue Account for the Year ended 31st March, 1930. £ s. d. £ s. d. Amount of fund at beginning of year 2,625,943 7 4 Retiring-allowances— Members' contributions — To members . . .. . . 334,342 4 0 Under section 19 (ordinary) .. 262,543 14 0 To widows and children .. .. 33,153 9 8 Transferred from other superannua- Contributions returned — tion funds .. .. .. 880 15 2 Under section 37 (left service) .. 36,456 5 8 Interest on arrears of contributions 145 14 3 Under section 42 (death).. .. 12,785 14 9 Government subsidy— Under section 34 . . . . 864 15 7 Statutory .. .. .. 86,000 0 0 Contributions to other superannuation Additional .. .. .. 100,000 0 0 funds, section 120 .. .. 810 6 11 Section 114 (widows and children).. 14,844 1 2 Loss on realization of security .. 1,662 1 1 Interest on investments .. .. 154,612 910 Expenses— Fines, &c. .. .. .. 404 13 6 Medical fees .. .. . . 59 17 0 Subsidy, Cook Islands and Samoa .. 862 9 5 Salaries .. .. .. 2,724 lo 3 Audit fees .. .. .. 50 0 0 Heating and lighting .. .. 11 19 11 Rent .. .. .. .. 197 0 0 Cleaning .. .. .. 55 3 8 Messenger service .. .. 46 0 0 Public Trustee's charges . . .. 3,865 15 I Furniture and fittings . . . . 33 4 6 Contingencies .. .. . . 5 17 4 Printing and stationery . . . . 123 13 10 Typewriters and other machines (upkeep) .. . . .. 5 5 1 Postages, telegrams, and services .. 170 11 11 Post and Telegraph charges . . 809 0 6 Balance as at 31st March, 1930 .. 2,818,004 I 11 £3,246,237 4 8 £3,246,237 4 8 Balance-sheet as at 31st March, 1930. Liabilities. I Assets. Superannuation Fund Account— £ s. d. £ s. d. Balance due from Revenue Account 2,818,004 111 Amount invested by the Board .. 2,823,237 3 8 Add amount transferred from Un- Contributions due in course of transclaimed Account .. .. 1,053 16 6 mission .. .. .. 17,266 18 3 Add value of office furniture, fittings, Interest due and accrued .. .. 39,510 2 10 and machinery .. . . 499 17 7 Subsidy— Cook Islands and Samoa.. . . 56 8 3 2,819,557 16 0 Section 114, Public Service SuperRetiring and other allowances due, in animation Act, 1927 . . . . 69 6 11 course of payment— Cash in hand, Public Trustee .. 25,066 14 9 To members .. .. .. 3,997 10 10 Bank Account .. .. .. 1,457 9 3 To widows and children .. .. 325 19 I Office furniture, fittings, and machinery 499 17 7 Refund of contributions due, in course Rates and taxes paid on account of of payment— mortgagors (recoverable).. .. 224 10 5 Under section 37 (left service) .. 404 9 8 Retiring-allowances recoverable (Marine Under section 42 (death) .. 935 18 0 Department) .. .. .. 21 1 2 Contributions transferable to other Assets in Suspense Account . . 1,662 1 1 superannuation funds .. .. 64 0 5 Expenses due, in course of payment— Heating and lighting .. .. 2 0 5 Printing and stationery .. .. 5 15 0 Post and Telegraph charges .. 185 10 0 Typewriters and other machines (upkeep) .. .. . . 0 4 0 Postages, telegrams, and services .. 9 13 3 Public Trustee's charges .. .. 987 15 1 Balance, cost-of-living bonus .. 10 1 Contributions paid in advance or in error .. .. .. . . 155 10 3 Balance, Government subsidy* . . 64,500 0 0 Unclaimed Account (contributions, &c.) 520 10 7 Post Office Account .. .. 15,756 0 5 Writing off Suspense Account .. 1,662 1 1 £2,909,071 14 2 £2,909,071 14 2 * The Government subsidy is paid in January of each year, and, owing to the change in the date of the financial year, to show the true dosition 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. £ s. d. To Amount disbursed for period Ist April, By Balance, Ist April, 1929 .. .. 2 3 4 1929, to 31st March, 1930 .. 3,509 12 9 Amount received from the Treasury.. 3,508 9 6 Balance carried forward .. .. 10 1 £3,510 12 10 £3,510 12 10

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Stipendiary Magistrates' Account. Revenue Account for the Year ended 31st March, 1930. £ s. d. £ s. d. Amount of fund, Ist April, 1929 .. 22,205 0 2 Administration expenses .. .. 62 01] Members' contributions, section 63, Public Retiring-allowances .. .. .. 2,470 4 0 Service Superannuation Act, 1927 .. 1,870 15 5 Balance as at 31st March, 1930 .. 22,822 15 5 Interest on investments .. .. 1,279 10 9 £25,355 6 4 £25,355 6 4 Balance-sheet as at 31st March, 1930. Liabilities. £ s. d. Assets. £ s. d. Accumulated fund .. .. .. 22,822 15 5 Contributions due in course of transmission .. .. .. .. 4 3 4 Amount invested .. .. .. 22,818 12 1 £22,822 15 5 £22,822 15 5 William M. Wright, Secretary. Wellington, 11th June, 1930. R. S. Wogan, Accountant. 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. P. 0. Campbell, Controller and Auditor-General.

Statement of Contributors for the Year ended 31st March, 1930.

Particulars of Contributions discontinued during the Year.

Progress of Contributors since Date of Establishment of the Fund to 31st March, 1930.

Number. . Annua! Salary. contributions. M. F. Total. I I j I £ s. d. £ s. d. Contributors at beginning of the year .. 15,267 1,910 17,177 4,621,795 1 8 254,331 13 1 New contributors entered during the year .. 1,023 634 1,657 212,382 3 4 11,598 18 10 Contributors transferred from other funds .. 4 4 8 2,650 0 0 138 8 0 Increase by promotion during the year .. .. . . .. 174,517 10 0 9,031 10 8 Total .. .. .. 16,294 2,548 18,842 5,011,344 15 0 275,100 10 7 Contributions discontinued during the year .. 589 277 866 203,199 0 0 11,716 6 4 Total contributors at end of year 15,705 2,271 17,976 4,808,145 15 0 263,384 4 3

Number. Annual i Amount RetiringHow discontinued. , Annual Salary. I paid on allowance M. I F. Total. ooncriDutions. Retirement. granted £ s. d. £ s. d. £ s. d. £ s. d. By death before retiring-allowance en- 70 8 78 22,111 5 0 1,376 15 3 10,905 13 8 1,903 0 0 tered upon (sees. 42 and 43) By retirement before retiring age (sec. 37) 403 255 658 124,755 11 8 6,575 11 9 36,456 5 8 By retirement (sec. 34) .. .. 3 3 704 3 4 60 13 6 864 15 7 By retirement medically unfit (sec. 32) 18 4 22 7,136 2 6 392 4 0 .. 2,836 8 0 By retirement (sec. 61) .. . . 1 1 319 8 4 15 19 5 j .. 175 0 0 By retirement at retiring age or for length 91 10 101 44.583 9 2 3,072 12 0 .. 24,996 14 0 of service (sec. 26) By transfer to other funds (sec. 120) .. 3 3 1,370 0 0 84 10 0 810 6 11 By reduction .. .. .. .. .. .. 2,219 0 0 138 0 5 > i Totals .. .. ..589 277 866 203,199 0 0 11,716 6 4 49,037 1 10 29,911 2 0 I 'I

Number. Annual Salary. Contributions. M. , F. Total. £ s. d. £ s. d. Total entered .. .. .. .. 31,926 7,947 39,873 8,978,623 16 8 526,965 6 7 Total discontinued .. .. ... 16,221 5,676 21,897 4,170,478 1 8 263,581 2 4 Total existing at 31st March, 1930 .. .. 15,705 1,271 17,976 4,808,145 15 0 263,384 4 3

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PUBLIC SERVICE SUPERANNUATION FUND. Statement of Retiring and other Allowances for the Year ended 31st March, 1930.

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

By Authority: W. A. G. Skinner, Government Printer, Wellington.— 1930.

Price 6d. 1

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On Attainment™ Retiring-age „ Section 32: Section 61: Police Section 28 Section 42 : Sections 42 (cj and 43 («): Total Retiring and other or for Length of Service. Medically unfit. injured on Duty. Finance Act, 1921. Widows. Children. Allowances. Number - Number. || II. ' I N faeT II , , Number. j Number. Annual !j Annual Annual * Annual Annual nir _ j *3 Amount. I „ I *3 I Amount. ! Amount. Amount. — Amount. ~ ; Amount. j TT M - P - | M. ! F. | M . M. F j M. F. ! | i M. F. J Amount. Lh J , !! ;; !; j g 1 & Retiring and other allow- £ s. d. £ s. d. £ s. d. £ s. d. £ £ , H anees— t s. a. Existing at beginning of 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 1717 10792796 359,083 17 J 2 Granted during year at 91 10 101 24,996 14 0 18 4 : 22 2,836 8 0 1 175 0 0.. .. 27 837 24 17 41 1 066 134 58 192 29 911 5> ' n retirement , ' ' * " Granted during year after .. .. .. .. .. .. 66 2;0 46 8 10 18 468 8 76 84 <> 514 0 0 retirement 1 Totals.. .. 1357 1761533 326,004 0 3 190 31 221 19,818 6 5 11 1,552 4 6 46 7,338 8 0 802 24,862 255 204 1 459 11,934 1859 1213 3072 391 508 19 2 Discontinued during year 87 3 90 15,484 18 7 12 1 13 947 1 5 .. 2 271 13 0 29 899 33 35 68 1,768 134 68 202 13 0 Existing at end of year 1270 1731443 310,519 1 8 178! 30 208 18,871 5 0 11 1,552 4 6 44 7,066 15 0 773 j 23,963 222 169' 391 10,166 1725 H45 2870 372,138 6 2 _ Particulars of Retiring and other Allowances discontinued during the Year. How discontinued — By death .. ..87 3 90 15,484 18 7 12 1 13 947 1 5 j .. .. 2 271 13 0 21 651 .. 1 1 2 6 I 101 26 127 17 380 13 0 By expiry .. .. .. ! .. .. 8 248 33 34 67 1,742 | 33 42 75 0 0 Totals .. 87 3 90 15,484 18 7 12 1 13 947 1 5 .. 2 271 13 0 29 j 899 33 35 68 1,768 J~134 68, 202 19,370 13 ~0 Progress of Retiring and other Allowances since Establishment of the Fund to 31st March, 1930. Total granted .. .. 2068 2042272 424,345 6 0 389, 40 429 35,488 3 5 14 1,889 17 0 49 7,688 8 0 1,057 30,557 619 5631182 24,765 3139 1864 5003 ! 524 733 14 5 Total discontinued .. 798 31 829 113,826 4 4 211 10, 221 16,616 18 5 3 337 12 6 5 621 13 0 284 6,594 397 394 791 14,599 1414 719 2133 8 3 Total existing at 31st: ,1270 1731443 310.519 1 8 178: 30 208 18,871 5 0 11 1,552 4 6 44 7,066 15 0| 773 ! 23,963 222 169 391 10,166 1725 1145 2870 372 138 6 2 March, 1930 I _ ill \ I Wellington, 11th June, 1930. William M. Wright, Secretary. Approximate Cost of Paper. —Preparation, not given ; printing (1,950 copies), £10 7s. 6d. S. WOGAN, Accountant.