PUBLIC SERVICE SUPERANNUATION BOARD (TWENTY-THIRD ANNUAL REPORT OF THE), WITH ACCOUNTS, FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1931.

Appendix to the Journals of the House of Representatives, 1931 Session I-II, H-26

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1931. NEW ZEALAND.

PUBLIC SERVICE SUPERANNUATION BOARD (TWENTY-THIRD ANNUAL REPORT OF THE), WITH ACCOUNTS, FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1931.

Presented to Parliament pursuant to the provisions of the Public Service Superannuation Act, 1927.

EEPOET. The Board has the honour to submit the following report upon the transactions in connection with the Public Service Superannuation Fund : — The Eevenue Account, Balance-sheet, and statements regarding membership and retiring and other allowances will be founds 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, 1931 (after allowing for deaths, retirements, and withdrawals), grouped according to their respective rates of contribution : —

Retiring and other Allowances. —Pensions for £29,618 Bs. per annum were granted during tie year as follows : For age or length of service, £23,556 ss. to 108 members (98 male and 10 female members) ; for medical unfitness for duty, £2,219 6s. to 25 members ; to widows and children of deceased members, £2,387 per annum to 77 widows, and £1,248 per annum to 48 children,

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Bate per Cent, of Contribution as provided by the Act. Number. Annual Salary. Annual Male. Female. Total. Contributions. £ s. d. £ s. d. 5 421 301 722 97,624 0 0 4,881 4 0 6 79 20 99 22,075 16 8 1,324 11 0 7 50 2 52 14,006 5 0 980 8 9 8 24 2 26 7,489 3 4 599 2 8 9 6 2 8 1,920 16 8 172 17 6 10 2 2 494 8 4 49 8 10 Transferred from other 20 r 21 2,724 15 0 150 10 9 funds Totals . . 602 328 930 146,335 5 0 8,158 3 6

Bate per Cent, of Contribution as provided by the Act. Number. Annual Salary. Annual Male. Female. Total. Contributions. 5 6 7 8 9 10 12,555 1,524 989 538 180 39 2,004 168 114 63 20 3 14,559 1,692 1,103 601 200 42 £ s. d. 3,752,792 15 0 560,714 3 4 363.895 0 0 202,539 15 10 66,635 0 0 13,609 18 4 £ s. d. 187,639 12 9 33,642 17 0 25,472 13 0 1.6,203 3 8 5,997 3 0 1,360 19 10 Totals .. 15,825 2,372 18,197 4,960,186 12 6 270,316 9 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 £207 17s. 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 £2,080, 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 £559,239. To this amount must be added accretions to the date of retirement, approximately £137,000, 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-three years, amounting to £1,734,500. One hundred retiring-allowances were discontinued by death, and seventy-six for other causes— viz., eight widows remarried, and sixty-eight children reached the age of fourteen. The annual amount payable at the close of the year was £383,922 12s. 2d., as shown in the statement attached. Income. —The total income for the year was made up as follows : — £ Members' ordinary contributions .. .. .. .. .. 271,686 Subsidy, Cook and Samoa Administration .. . . .. .. 928 Contributions from Government . . .. . . .. .. 101,361 Fines, &c. .. .. .. .. .. .. .. 422 Interest . . . . .. . . .. . . . . .. 162,888 Total income for year .. .. . . . . £537,285 Outgo. —The pensions paid during the year to contribxitors who have retired and to dependants of deceased contributors amounted to £381,242 14s. 7d.—viz.,. £346,548 4s. 2d. to members, and £34,694 10s. sd. to widows and children. Refunds of contributions to contributors who have left the Service amounted to £24,679 16s. 4d., while the refunds under section 42 to personal representatives of deceased contributors and annuitants amounted to £12,538 13s. sd. Twelve contributors who were retired elected to accept a refund of their contributions under section 34, amounting to £3,535 10s. 9d., in lieu of retiring-allowances. One contributor was transferred to another fund in accordance with the provisions of section 120, and his contributions, amounting to £47 os. Bd., were accordingly transferred to such fund. The salaries of the staff and other office expenses were £2,775 10s. lOd. and £1,533 19s. 3d. respectively. The total outgo for the year was £439,189 lis. Id. Accumulated Funds. —These amounted at the end of the year to £2,917,153 15s. lOd. Balance-sheet. —On the 31st March the total assets of the fund, which include provision for the outstanding accounts, amounted to £3,011,254 12s. Id. 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— £ s. d. £ s. d. per cent. .. .. .. .. 30,000 0 0 5J per cent. .. .. .. .. 286,000 0 0 5J per cent. .. .. .. .. 232,350 0 0 548,350 0 0 Rural advances bonds— 5 percent... .. .. .. .. .. 236,155 10 0 Rural intermediate credit bonds — 5| per cent. .. .. .. .. .. 29,000 0 0 Debenture securities — i\ per cent. .. .. .. .. 15,000 0 0 5 per cent. .. .. .. .. .. 35,602 12 7 5|- per cent, .. .. .. .. 17,523 0 0 51 per cent. .. ... .. .. 7,700 0 0 5| per cent. .. .. .. .. 1,750 0 0 6 percent... .. .. .. .. 498,025 0 0 6| per cent. .. .. .. .. 5,000 0 0 580,600 12 7 Mortgage securities — 5 per cent. .. .. .. .. .. 2,224 13 2 5| per cent. . . .. .. .. 8,326 13 0 6 percent... .. .. .. .. 1,507,013 8 0 6| per cent, .. , . .. .. 36,771 8 11 1,554,336 3 1 £2,948,442 5 8 The above total includes £23,022 Bs. 7d. invested on Stipendiary Magistrates' Account, The average rate of interest earned for the financial year on the mean funds was £5 16s. lid, 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 : —

Jas. B. Donald, Chairman.

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Year ended 31st December, Year ended , 31st March, 1908. 1912. 1916. 1921. j 1931. Total number of contributors .. .. 7,235 10,027 13,313 15,782 18,197 Total amount contributed annually .. £79,831 £109,840 £141,844 £248,020 £270,316 Interest received .. .. .. £1,295 £16,257 £42,314 £85,312 £162,888 Number of pensions and allowances payable 122 §83 1,233 1,949 2,953 Annual value of retiring and other allow- £8,881 £53,385 £88,392 £163,355 £383,923 ances payable Total amount of contributions refunded .. £484 £10,749 £23,391 £51,705 £40,754 Expenses of administration .. .. £890 £1,144 £2,318 £4,615 £8,418 Total amount of accumulated fund .. £71,481 £423,556 £896,568 £1,716,837 £2,917,154

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PUBLIC SERVICE SUPERANNUATION FUND. Kevenue Account for the Year ended 31st March, 1931. £ s. d. £ s. d. Amount of fund at beginning of year.. 2,819,057 18 5 Retiring allowances— Members' contributions — To members .. .. .. 346,548 4 2 Under section 19 (ordinary) .. 271,179 9 0 To widows and children .. .. 34 , 694 10 5 Transferred from other superannua- Contributions returned — tion funds .. .. .. 243 110 Under section 37 (left service) .. 24,679 16 4 Interest on arrears of contributions.. 263 17 11 Under section 42 (death) .. .. 12,538 13 5 Government subsidy— Under section 34 (retirement) .. 3,535 10 9 Statutory .. .. .. 86,000 0 0 Contributions transferred to other Section 114, Public Service Super- superannuation funds (section 120).. 47 0 8 annuation Act, 1927 (widows and Loss on realization of securities .. 8,620 13 10 children) .. .. .. 15,3 U 7 3 Interest (section 38, Public Service Interest on investments .. .. 162,8*18 5 0 Superannuation Act, 1927) .. 107 910 Pines, &c. .. .. .. 4fl 12 11 Expanses— Subsidy, Cook Islands and Samoa .. 927 14 7 Medical fees .. .. .. 72 9 0 Salaries .. ... .. 2,775 10 10 Audit fees .. .. .. 50 0 0 Heating and lighting .. .. 9 5 10 Rent .. . . . . .. 197 0 0 Cleaning .. ... .. 54 1 4 Messenger service . . .. 46 0 0 Public Trustee's charges . . .. 4,035 12 7 Purniture and fittings .. .. 2 17 6 Contingencies .. .. .. 11 14 11 Printing and stationery .. .. 151 15 3 Typewriters and other machines (upkeep) .. .. .. 5 0 1 Postages, telegrams, and services .. 181 12 4 Post and Telegraph charges .. 824 12 0 Balance as at 31st March, 1931 .. 2,917,153 15 10 £3,356,343 6 11 £3,356,343 6 11 Balance-sheet as at 31st March, 1931. Liabilities. Assets. £ s. d. Superannuation Fund Account— Amount invested by the Board .. .. 2,925,419 17 1 Balance due from Revenue £ s. d. £ s. d. Contributions due in course of transmission .. 14,390 16 9 Account .. .. 2,917,153 15 10 Interest due and accrued .. .. .. 48,725 15 9 Add value of office furniture, Subsidy— fittings, and machinery.. 452 15 4 Cook Islands and Samoa .. .. .. 223 12 8 2,917,606 11 2 Section 114, Public Service Supferannuation Retiring and other allowances Act, 1927 .. .. .. .. 53 14 7 due in course of pay- Cash in hand, Public Trustee .. .. 12,074 8 7 ment — Cash in bank .. .. .. .. 1,004 7 8 To members .. •.. .. .. 3,724 16 6 Rates, fees, and premiums paid on account of To widows and children .. .. .. 372 II II mortgagors (recoverable) .. .. .. 288 9 10 Refund of contributions due in course of pay- Assets in suspense .. .. .. 8,620 13 10 ment: — Office furniture, fittings, and machinery .. 452 15 4 Under section 37 (left service) .. .. 590 4 1 Under section 42 (death) .. '.. .. 599 5 9 Under section 34 (retirement) .. .. 545 17 6 Expenses due in course of payment — Heating and lighting .. .. .. 1 12 6 Printing and stationery .. .. .. 6 10 Post and Telegraph charges .. .. 191 16 6 Postages, telegrams, and services .. .. 19 19 6 Public Trustee's charges .. .. .. 1,207 15 6 Balance, cost-of-living bonus .. .. 2 12 6 Contributions paid in advance or in error .. 202 14 0 Balance, Government subsidy* .. .. 64,500 0 0 Unclaimed Account (contributions, &c.) .. 313 16 9 Writing off suspense .. .. .. 8,620 13 10 Post Office Account .. .. .. 12,748 3 1 £3,011,254 12 1 £3,011,254 12 1 Subsidiary Account. Cost-of-living Bonus paid to Annuitants of the Public Service Superannuation Fund on behalf of the Treasury. To Amount disbursed for period Ist April, 1930, to £ s. d. £ s. d. 31st March, 1931 .. .. .. 3,321 310 By Balance, Ist April, 1930 .. .. .. 10 1 Balance carried forward .. .. ... 212 6 Amount received from Treasury .. .. 3,322 16 3 £3,323 16 4 £3,323 16 4 * 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.

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PUBLIC SERVICE SUPERANNUATION FUND—continued. Stipendiary Magistrates' Account. Revenue Account for the Year ended, 31st March, 1931. £ s. d. £ s. d. Amount of fund, Ist April, 1930 .. .. 22,822 15 5 Retiring-allowances .. .. .. .. 2,963 4 0 Members' contributions (section 63, Public Service Administration expenses .. .. .. 63 7 7 Superannuation Act, 1927) .. .. .. 1,927 0 0 Balance as at 31st March, 1931 .. .. 23,022 8 7 Interest on investments .. .. .. 1,299 4 9 £26,049 0 2 • £26,049 0 2 Balance-sheet as at 31st March, 1931. Liabilities. Assets. £ s. d. £ s. d. Accumulated fund .. .. .. .. 23,022 8 7 Amount invested .. .. .. .. 23,022 8 7 £23,022 8 7 £23,022 8 7 E. S. Wogan, 5.F.A.1., Acting-Secretary, Wellington, 17th June, 1931. Public Service Superannuation Board. I hereby certify that the Bevenue 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.

Statement of Contributors for the Year ended 31st March, 1931.

Particulars of Contributions discontinued during the Year.

Progress of Contributors since Date of Establishment of the Fund to 31st March, 1931.

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Number. Annual Salary. Annual M. F. Total. Contributions. Contributors at beginning of the year New contributors entered during the year Contributors transferred from other funds Increase by promotion during the year 15,705 582 20 2,271 327 1 17,976 909 21 £ s. d. 4,808,145 15 0 143,610 10 0 2,724 15 0 185,675 8 4 £ s. d. 263,384 4 3 8,007 12 9 150 10 9 9,514 0 5 Total Contributions discontinued during the year .. 16,307 482 2,599 227 18,906 709 5,140,156 8 4 179,969 15 10 281,056 8 2 10,739 18 11 Total contributors at end of year 15,825 2,372 18,197 4,960,186 12 6 270,316 9 3

How discontinued. Number. Annual Salary. Annual Contributions. Amount paid on Retirement. RetiringM. F. Total. allowance granted £ s, d. £ s. d. £ s. d. £ s. d. By death before retiring-allowance en65 4 69 22,197 18 4 1,323 5 10 10,246 1 3 2,033 0 0 tered upon (sees. 42 and 43) By retirement before retiring age (sec. 37) 286 207 493 93,734 11 8 4,954 1 6 24,679 16 4 By retirement (sec. 34) 11 1 12 3,596 13 4 314 3 8 3,535 10 9 By retirement medically unfit (sec. 32) 21 4 25 7,264 6 8 390 18 6 2,219' 6 0 By retirement (sec. 61) 1 1 349 5 0 17 9 3 207 17 0 By retirement at retiring age or for length 98 10 108 45,708 15 0 3,329 13 11 23,556 5 0 of service (sec. 26) By transfer to other funds (sec. 120) . . 1 1 156 10 0 7 16 6 47 0 8 By reduction 6,961 15 10 402 9 9 Total 482 227 709 179,969 15 10 10,739 18 11 38,508 9 0 28,016 8 0

Number. Annual Salary. M. F. Total. Contributions. Total entered Total discontinued 32,528 16,703 8,275 5,903 40,803 22,606 £ s. d. 9,310,634 10 0 4,350,447 17 6 £ s. d. 544,637 10 6 274,321 1 3 Total existing at 31st March, 1931 15,825 2,372 18,197 4,960,186 12 6 270,316 9 3

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E. S. Wogan, 5.F.A.1., Acting-Secretary.

Wellington, 17th June, 1931.

PUBLIC SERVICE SUPERANNUATION FUND— continued. Statement of Retiring and other Allowances for the Year ended 31st March, 1931.

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

Approximate Cost of Paper,—Preparation, not given printing (1,950 copies), £11.

Price 6d.]

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Section 26: Section 32: Section 61: Police Section 28, Section 42: Sections 42 (c) and 43 (a): Total Retiring and other On Attainment of Retiring Age Medically unfit. injured on Duty. Finance Act, 1921. Widows. Children. Allowances. or for Length of Service. — Number. Number. Nmber. Annual Amount. " p J Amount. — Amount. Amount. Amount. ? ? Amount. p | Amount. g g ; ' 1 L * Retiring and other allow- £ s. d. £ s. d. i £ s. d. £ s. d. £ £ £ s. d. a rj (tpo Existing at beginning of 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 Granted during year at 98 10 108 23,556 5 0 21 4 25 2,219 6 0 i 1 207 17 0 .. 27 837 21 25 46 1,196 141 66 207 28,016 8 0 GmntedXlng year after .. .. •• ■■ SO 1.550 j 52_ 52 1,602 0 0 Total .. .. 1368 1831551 334,075 6 8 199 34 233 21,090 11 0 12 1,760 1 6 44 7,066 15 0 850 26,350 | 243 196 439 11,414 186612633129 401,756 14 2 Discontinued during year 67 5 72 14,153 17 0 9 .. 9 1,054 8 0.. .. 1 51 17 0 26 806 35 33 68 1,768 112 64 176 l/,834 2 0 Existing at end of year.. 1301 1781479 319,921 9 8 190 34 224 20,036 3 0 j 12 1,760 1 6 43 7,014 18 0 824 25,544 i 208 163 371 9,646 1754 11992953 383,922 12 2 Particulars of Retiring and other Allowances discontinued during the Year. . How discontinued — , _ __ , Bv death .. .. 67 5 72 14,153 17 0 9 .. 9 1,054 8 0 .. .. 1 51 17 0 18 558 .. 77 23 100 15,818 2 0 By expiry !! ....... .. •• •• •• •• 8 248 35 33 68 1,768 35 41 76 2,016 0 0 Total .. .. 67 oi 72j 14,153 17 0 9 .. 9 1,054 8 0.. .. 1 51 17 0 26 806 35 33 68 1,768 112 64 176 17,834 2 0 Progress of Retiring and other Allowances since Establishment of the Fund to 31st March, 1931. . ■ — ■ - ; j Total sranted 2166 2142380 447 901 11 0 410 44 454 37,707 9 5 15 2,097 14 0 49 7,688 8 0 1,134 32,944 640 5901230 26,013 3280:19825262 554,352 2 5 Total disoontitni'ed " 865 36 901 1 4 220 10 230 17,671 6 5 3 337 12 6 6 673 10 0 310 7,400 432 427 859 16,367 152 6 j 783j2309 170,429 10 3 Total existing at 31st 1301 1781479 319,921 9 8 190 34 224 20,036 3 0 12 1,760 1 6 43 7,014 18 0 824 25,544 208 163 371 9,646 17541199|2953 383,922 12 2 March, 1931 j I : '