EDUCATION: TEACHERS' SUPERANNUATION FUND.

Appendix to the Journals of the House of Representatives, 1931 Session I-II, E-08

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1931. NEW ZEALAND.

EDUCATION: TEACHERS' SUPERANNUATION FUND.

Presented to both Houses of the General Assembly by Command of His Excellency.

No. I.—TWENTY-FOURTH ANNUAL REPORT OF THE TEACHERS' SUPERANNUATION BOARD. For the Year ended 31st January, 1931. The Hon. the Minister of Education. Si R , Wellington, 15th September, 1931. The Board has to submit the following report for the year ended the 31st January, 1931 :— The Board.—The usual quarterly meetings of the Board were held in February, May, August, and November. The following figures show the transactions, &c, of the fund for the year ended 31st January, 1931, as compared with those for previous year : — r 1931. 1930. Contributors on roll at 31st January .. .. .. 9,909 9,616 Increase over previous year .. .. .. • • 293 335 Retiring and other allowances — Annual rate granted during year .. .. ■• £20,692 £21,630 Total annual rate at 31st January .. .'. •• £239,624 £226,967 Number granted during year — On retirement .. .. .. • • • • 91 102 To widows .. .. • • • • • • 26 18 To children .. .. . • ■ • ■ • 10 15 Number discontinued during year — By death ■ • • 60 34 By other causes .. ■ • • • • • 15 lo Number current at 31st January — Retired members .. ■ • • ■ • • L 273 1,231 Widows and children .. .. ■ • • • 309 "™ P £ Income for year — x Contributions ■• ■• 143,392 141^094 Government subsidy— Section 112 of Act 118,000 43,000 Section 114 of Act .. ■-. •■ •■ 3,939 3,831 Additional grant .. .. •■ •• 4,167 25,000 Total Government subsidy .. .. •■ 126,106 71,831 Interest 73,105 Total income £342,603 £283,069

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Expenditure— £ £ Retiring and other allowances ~ .. .. 235,902 222,423 Refund of contributions .. .. .. .. 29,305 30,377 Administration expenses, &c. .. .. .. .. 3,960 3,548 Total expenditure .. .. ... .. £269,167 £256,348 £ £ Net revenue for year .. .. .. .. .. 73,437 26,721 Funds invested at 31st January— At 4| per cent. .. .. .. .. .. 30,050 30,150 At 5 per cent. .. .. .. .. .. 147,960 55,917 At 5| per cent. .. .. .. .. .. 15,800 15,800 At 5|- per cent. .. .. .. .. .. 138,510 138,510 At 5| per cent. .. .. . . . . .. 400 300 At 6 per cent. .. .. .. .. .. 881,688 921,374 At 61 per cent. .. .. .. .. .. 35,704 30,920 Total .. .. .. .. £1,250,112. £1,192,971 Average rate of interest (per cent.) .. .. .. 5-796 5-83 Unclaimed contributions held at 31st January . . .. £693 £622 Cost-of-living Bonus. —The payment of this bonus has been continued in necessitous cases. H. Atmore, Chairman.

No. 2.—STATEMENTS IN ADDITION TO THOSE PRESCRIBED BY THE ACT AND REGULATIONS.

A. Number of Contributors on the 31st January, 1931, arranged according to Percentage of Contribution.

B. Total Number of Contributors who have joined and left the Fund since its Establishment (1st January, 1906, to 31st January, 1931).

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5 per 6 per 7 per 8 per I 9 per 10 per T , , Cent. Cent. Cent. Cent, j Cent. Cent. M. F. M. F. M. j F. M. F. M. F. M. F. M. F. Total. Number at 31st January, 1930 3,051 5,158 342 295 205 208 80 120 57 43 40 17 3,775 5,841 9,616 New contributors entered during 230 522 10 20 10 26 2 11 3 9 4 3 259 591 850 year Transfers from other funds .. 2 1 3.. 3 3,2835,680 352 315 216 234 82 131 60 52 44 20 4,037 6,43210,469 Number left during year .. 56 383 20 28 27 16 2 5 6 7 5 5 116 444 560 Number at 31st January, 1931 .. 3,2275,297 ; 32 287 189 218 80 126 54 45 39 15 3,921 5,988 9,909

Expenditure— £ £ Retiring and other allowances . . .. .. 235,902 222,423 Refund of contributions .. .. .. .. 29,305 30,377 Administration expenses, &c. .. .. .. .. 3,960 3,548 Total expenditure .. .. .. £269,167 £256,348 £ £ Net revenue for year .. .. .. .. .. 73,437 26,721 Funds invested at 31st January— At 4J per cent. .. .. .. .. .. 30,050 30,150 At 5 per cent. .. .. .. .. .. 147,960 55,917 At 5| per cent. .. .. .. .. .. 15,800 15,800 At 5|- per cent. .. .. .. .. .. 138,510 138,510 At 5J per cent. .. .. .. .. .. 400 300 At 6 per cent. .. .. .. .. .. 881,688 921,374 At 6| per cent. .. .. .. .. .. 35,704 30,920 Total .. .. .. .. £1,250,112. £1,192,971 Average rate of interest (per cent.) .. .. . . 5-796 5-83 Unclaimed contributions held at 31st January . . .. £693 £622 Cost-of-living Bonus. —The payment of this bonus has been continued in necessitous cases. H. Atmore, Chairman. No. 2.—STATEMENTS IN ADDITION TO THOSE PRESCRIBED BY THE ACT AND REGULATIONS. A. Number of Contributors 'on the 31st January, 1931, arranged according to Percentage op Contribution. 5 per 6 per 7 per 8 per I 9 per 10 per T , . Cent. Cent. Cent. Cent, j Cent. Cent. M. F. M. F. M. j F. M. 1 F. ; M. F. M. F. M. F. Total. Number at 31st January, 1930 3,051 5,158 342 295 205 208 80 120 57 43 40 17 3,775 5,841 9,616 New contributors entered during 230 522 10 20 10 26 2 11 3 9 4 3 259 591 850 year Transfers from other funds .. 2 1 3.. 3 3,2835,680 352 315 216 234 82 131 60 52 44 20 4,037 6,43210,469 Number left during year .. 56 383 20 28 27 16 2 5 6 7 5 5 116 444 560 Number at 31st January, 1931 .. 3,2275,297 ; 32 287 189 218 80 126 54 45 39 15 3,921 5,988 9,909 B, Total Number of Contributors who have joined and left the Fund since its Establishment (1st January, 1906, to 31st January, 1931). Number. Annual Rate Annual M. F. Total. Salary. Contribution. £ £ Total entered (including net increases in 6,134 12,300 18,434 4,526,399 257,168 salary and contributions) Total discontinued ... ... ... 2,213 6,312 8,525 1,910,035 116,576 Total existing at 31st January, 1931 3,921 5,988 9,909 2,616,364 140,592

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0. Table showing Progress of Fund since its Inception (Ist January, 1906). %■$ Year ended "S g | £ |g |g ,{j ■§g£ 31st December, «j= • 1 |g d •§ gj ff^ 1 s sS s g^S ZS 1918. 1921. |3 |« |S £g h 5 Total number of contributors .. 2,182 4,894 5,872 6,858 8,377 9,616 9,909 Total amount of contributions £32,320 £60,160 £96,391 £101,632 £147,028 £141,094 £143,392£1,960,220 Interest received .. .. £864 £22,666 £35,146 £48,725 £73,420 £70,144 £73,105 £784,689 Subsidy from Government .. £5,000 £17,000 £43,000 £63,833 £71,428 £71,831 £126,106 £950,690 Number of allowances payable 84 698 881 1,078 1,273 1,530 1,581 Total amount paid on account of £3,147 £48,354 £74,315 £112,861 £184,707 £222,423 £235,902£2,054,479 retiring and other allowances Total amount of contributions £260 £13,115 £15,804 £19,189 £26,590 £30,377 £29,305 £333,698 refunded and transferred Accumulated fund .. .. £34,734 £458,056 £681,777 £858,662£1,083,155£1,198,711 £1,272,148

No. 3.—ACCOUNTS AND STATEMENTS AS PRESCRIBED BY REGULATIONS, IN TERMS OF SECTION 110 OF THE PUBLIC SERVICE SUPERANNUATION ACT, 1927. (1) (A) REVENUE ACCOUNT fob the Year ended 31st January, 1931. £ s. d. £ s. d. To Balance, 31st January, 1930 .. .. 1,198,711 3 8 By Retiring and other allowances .. .. 235,90110 6 Contributions of members .. .. 142,343 16 11 Contributions refunded— £ s. d. Additional contribution from Fiji Govern- On voluntary retirement .. 25,040 12 5 ment in respect to teachers in Fiji schools 254 11 8 On death of members .. 3,227 0 3 Contributions transferred from other funds 793 7 2 On lapse of membership .. 944 15 11 Government subsidy— £ s. d. , — 29,212 8 7 Under the Act, section 112 43,000 0 0 Contributions transferred to other funds .. 92 8 0 Under the Act, section 112 Administration expenses— £ s. d. (additional) .. 75,000 0 0 Commission, G.P.O. .. 501 15 0 Under the Act, section 114 '3,939 8 11 Commission, Public Trustee 1,815 18 9 Additional grant (part of Clerical assistance .. 900 0 0 £25,000 for year ended Postage and telegrams .. 77 15 7 31st March, 1930) .. 4,166 13 4 Office expenses .. .. 114 17 0 126,106 2 3 Travelling-expenses of Board Interest — members .. .. 113 10 3 On investments .. 72,538 10 6 Medical fees .. .. V; 35 14 0 On contributions in arrears 566 7 11 Audit fees .. v. 50 6 0 73,104 18 5 3,609 10 7 Actuarial investigation as at 31st January, 1930 (in progress), reserve for cost .. .. 350 0 0 Balance, 31st January, 1931 .. 1,272,148 2 5 £1,541,314 0 1 £1,541,314 0 1 COST-OF-LIVING BONUS ACCOUNT FOR THE YEAR ENDED 31st JANUARY, 1931. £ s. d. I £ s. d. To Refund from Consolidated Fund .. .. 1,619 6 8 | By Balance due from Consolidated Fund, January, Balance due from Consolidated Fund, 31st Janu- 1930 .. .. .. .. .. 141 011 ary, 1931 .. .. .. .. 131 0 3 Payment of bonus .. .. .. 1,609 6 0 £1,750 6 11 £1,750 6 11

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(B) BALANCE-SHEET as at 31st January, 1931. Liabilities. £ s. d. assets. Fund as per Revenue Account .. .. 1,272,148 2 5 Amount held by Public Retiring and other allowances due and unpaid 2,341 7 1 Trustee— . '~ ,J * S ' URefund of contributions due and unpaid .. 791 9 4 Invested .. .. 1,250.115 14 1 Administration expenses unpaid- Invested in Common Fund 37,000 0 0 Commission, Post and Telegraph £ s, d. Uninvested .. .. 4,794 0 L Department .. .. 159 10 0 1,291,909 14 2 Clerical assistance .. .. 750 0 0 Contributions of members— Postage and telegrams .. 66 13 4 In transit .. .. 1.240 5 i Office expenses, printing, and ■ T)ue and outstanding .. 5,370 14 4 g 61£j Jg 6 stationery ....22610 ~, ' Audit fee 41 13 4 Interest on investments1,040 3 6 Due and outstanding .. 3,861 15 7 Unclaimed contributions .. .. 693 9 4 Accrued, but not due .. 20,753 19 0 ? Amounts paid into fund in error .. 292 0 10 _ > Government subsidy-Statutory Interest on arrears of contributions due and outgrant paid in advance for 193! 39,416 13 4 standing (contributors ) .. .. .. 433 lo 6 Less additional subsidy under Due by annuitants (contributions and interest) 150 14 7 section 114 of Act not yet paid 325 19 8 Consolidated Fund, on account of cost-of-living * Less additional subsidy under bonus section 114, payable in respect to allowances outstanding at 31st January, 1931 .. .. 80 17 0 39,009 16 8 Reserve — For commission payable to Public Trustee in respect to interest due or accrued .. 615 8 0 For commission to Post and Telegraph Department in respect to vouchers issued but unpaid . . .. 33 10 6 For actuarial investigations .. 350 0 0 998 18 6 Reserve for loss on realization of securities .. .. ■ • ■ • 4 10 8 Vouchers issued but unpaid at 31st January, 1931 .. .. 15,814 1 6 Less cash in Post Office .. 9,277 1 6 6,537 0 0 ā,mê,9U 18 4 £1,323,856 18 4 C. E. Crawford, A.R.A.N.Z., Education Department, Secretary, Teachers' Superannuation Board. Wellington, Bth April, 1931. 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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(2) STATEMENT of CONTRIBUTORS, showing Annual Rates of Salaries and Contributions as at the 31st January, 1931.

(3) PARTICULARS of CONTRIBUTIONS discontinued and Allowances granted and Refunds of Contributions made during the Year ended 31st January, 1931.

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Number. Annual Rate of Annual Rate of M F Total " Salary. Contributions. _ _ £ _ Contributors at 31st January, 1930 ... 3,775 5,841 9,616 2,530,140 136,308 New contributors entered during the 259 591 850 109,859 6,139 year ended 31st January, 1931 Transfers from other funds during the 3 ... 3 1,450 89 year Net increase in salaries and contributions ... ... ... 115,863 6,062 during the year '_ Totals 4,037 6,432 10,469 2,757,312 148,598 Contributions discontinued during the 116 444 560 140,948 8,006 year ended 31st January, 1931, by resignation, &c. Totals at 31st January, 1931 3,921 5,988 9,909 2,616,364 140,592 I

Number of Annual Rate at Date of R fi( Contributors. Withdrawal. aenents. How discontinued. j .-.,, n -: am Other PayM. P. J Salary. Contributions, Annual Rate meut8 .( nou " EH ' recurring). By death before allowance £ £ £ s. d. £ s. d. entered upon — (a) Contributions paid to per- 4 6 10 2,332 125 .. 880 0 0 sonal representatives (b) Leaving widow or child 9 1 10 4,225 260 363 0 0 2,004 6 11 By voluntary retirement .. 43 349 392 86,651 4,581 .. 25,040 12 5 By lapsed membership .. 16 40 56 8,750 452 .. 951 9 3 By transfer to other'funds .. 2 . . 2 730 49 .. 92 8 0 By allowances granted on retirement — (a) Ordinary .. ..36 42 78 33,447 2,238 17,631 6 0 (b) Medically unfit .. 5 6 11 3,698 227 1,693 4 0 (c) Extended provisions .. 2 .. 2 1,195 78 487 5 0 By death of annuitants .. .. 589 0 0 342 13 4 Additional on account of deaths .. .. 114 0 0 in previous years 117 444 561 141,028 8,010 20,877 15 029,311 9 11 Less — Previously written off as 1 .. 1 80 4 .. 6 13 4 lapsed but now included above under Transfer to other funds Net totals ., 116 444 560 140,948 8,006 20,877 15 029,304 16 7

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(4) STATEMENT of RETIRING-ALLOWANCES (including Allowances to Widows and Children) for the Year ended 31st January, 1931.

By Authority : W. A. G. Skinner, Government Printer, Wellington.— 1931.

Approximate Cost of Paper. — ■Preparation, not given; printing (875 copies), £9.

Price 6d.~]

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(3) (1) (2) Details of Column (2). „,,.,, Retiring-allowances. Allowances to Total Allowances. ° Particulars. Ordinary (Age or Service). Extended Provisions. Medically unfit. Widows. Children. Number. I . Number. Number. , Number. Number. J Annual Rate. Annual Rate. Annual Rate. I Annual Rate. Number. Annual Rate. ! Annual Rate. M. If. . £ M. F. M. F. ! M. F. M. F. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. Allowances as at 31st January, 1930 527 10031,530226,966 17 0 310 663 180,695 11 0 86 25 18,648 7 0 81 66 18,765 16 0 214 6,647 3 0 50 35 2,210 0 0 Allowances granted during the year at 47 59 106 20,226 15 0 34 41 17,631 6 0 11 487 5 0 8 6 1,693 4 0 5 155 0 0 4 6 260 0 0 retirement or decease of contributors Allowances granted during the year ... 21 21 651 0 0 ... ... ••• 21 651 0 0 to widows and children of deceased an nuitants Totals... ... ... 574 10831,657 247,844 12 0344 704 198,326 17 0 87 26 19,135 12 0 89 72 20,459 0 0 240 7,453 3 0 54 41 2,470 0 0 Allowances discontinued during the 40 35 75 8,034 13 0 20 13 5,616 6 0 9 1 1,164 2 0 3 3 523 5 0 11 341 0 0 8 7 390 0 0 Allowances existing at end of year ... 534 10481,582 239,809 19 0324 691 192,710 11 0 78 25 17,97110 0 86 69 19,935 15 0 229 7,112 3 0 46 34 2,080 0 0 Particulars of Allowances discontinued during the Tear. How discontinued — By death ... ... ... 32 28 60 7,644 13 0 20 13 5,616 6 0 9 1 1,164 2 0 3 3 523 5 0 11 341 0 0 By expiry ... ... ... 8 7 15 390 0 0 ... ... ... ... ... ... ... 8 7 390 0 0 Totals,.. ... ... 40 35 75 8,034 13 0 20 13 5,616 6 0 9 1 1,164 2 0 3 3 ' 523 5 0 11 341 0 0 8 7 390 0 0 Progress of Allowances since Establishment of Fund to the 31st January, 1931. Total granted ... ... ... 944 1399 2,343 302,407 1 0514 803 230,988 8 0 123 27 !25,297 17 0 150 99 30,788 13 0 326 9,404 3 0 157 144 5,928 0 0 Total discontinued ... ... 410 351 761 62,597 2 0190 112 38,277 17 0 45 2 I 7,326 7 0 64 30 10,852 18 0 97 2,292 0 0 111 110 3,848 0 0 Total existing ... ... 534 10481,582 239,809 19 0324 691 192,710 11 0 78 25 17,971 10 0 86 69 19,935 15 0 229 7,112 3 0 46 34 2,080 0 0