EDUCATION: TEACHERS' SUPERANNUATION FUND.

Appendix to the Journals of the House of Representatives, 1932 Session I-II, E-08

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1932. NEW ZEALAND.

EDUCATION: TEACHERS' SUPERANNUATION FUND.

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

No. I.—TWENTY-SIXTH ANNUAL REPORT OF THE TEACHERS' SUPERANNUATION BOARD. Fob the Yeab ended 31st January, 1932. The Hon. the Minister of Education. Sib,— Wellington, 12th August, 1932.. The Board has to submit the following report for the year ended the 31st January, 1932 : — The Board. —The usual quarterly meetings of the Board were held in February, May, August, and November. The following figures show the transactions, &c. x of the fund for the year ended 31st January, 1932 as compared with those for previous year : — 1932. 1931. Contributors on roll at 31st January .. .. .. 9,964 9,909 Increase over previous year .. .. .. .. 55 293 Retiring and other allowances — Annual rate granted during year .. .. .. £39,659 £20,692 Total annual rate at 31st January .. .. .. £270,840 £239,624 Number granted during year — On retirement .. .. .. .. .. 126 91 To widows .. .. .... .. 20 26 To children .. .. .. .. .. 6 10 Number discontinued during year— By death ~ ./... 44 : 60 By other causes .. .. .. .. 21 15 Number current at 31st January — Retired members .. .. .. • • 1,362 1,273 Widows and children .. .. .. .. 315 309 Income for year — £ £ Contributions .-, ... 115,961* 143,392 Government subsidy — ■ —■ Section 112 of Act .. ... ~ ... 43,000 118,000 Section 114 of Act 3,917 3,939 Additional grant .. .. .. .. •• 4,167 Total Government subsidy .. .. .. 46,917 126,106 Interest , 72,682 73,105 Total income .-. £235,560 £342,603

* £136,931 less rebate under Finance Act, 1931, £20,970.

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1932. 1931. Expenditure— £ £ Retiring and other allowances .. .. ~ 254.927 235,902 Refund of contributions .. .. .. ~ 30,628 29^305 Administration expenses, &c. .. .. .. .. 3,987 3^960 Total expenditure .. .. ~ .. £289,542 £269,167 £ £ Net revenue for year .. .. .. .. ... .. 73,437 Net loss for year .. .. .. .. .. 53,982 Balance at credit of Fund .. .. .. .. 1,218,166 £1,272,148 Funds invested at 31st January— £ At 4| per cent. .. .. .. .. ~. 29,950 30,050 At 5 per cent. .. .. .. .. .. 147,960 147,960 At 5| per cent. .. .. .. .. .. 15,800 15,800 At 5J per cent. .. .. .. .. .. 131,510 138,510 At b\ per cent. .. .. .. ~ .. 400 400 At 6 per cent. .. .. .. .. ... 867,104 881,688 At 6J per cent. .. .. .. .. .. 24,450 35,704 Total £1,217,174 £1,250,112 Average rate of interest (per cent.) .. .. .. 5-78 5-796 Unclaimed contributions held at 31st January .. .. £1,051 £693 Cost-of-living Bonus. —The payment of this bonus has been continued in necessitous cases. R. Masters, Chairman.

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

A. Number of Contributors on the 31st January, 1932, 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, 1932).

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5 per 6 per 7 per 8 per 9 per 10 per ™ . , ' Cent. Cent, i Cent. Cent. Cent. Cent. lotals. j i M. F. M. F. M. F. M. P. M. P. M. P. M. F. Total. Number at 31st January, 1931 3,227 5,297 332 287 189 218 80 126 54 45 39 15 3 921 5 988 9 909 New contributors entered during 185 382 5 18 2 15 2 6 3 5 2 3 199 429 *628 year Transfers from other funds 3,412 5,679 337 305 191 233 82 132 57 50 41 18 4 120 6 41710 537 Number left during year .. 49 379 28 24 24 21 5 12 10 7 7 7 123 450 *573 Numberat 31st January, 1932 .. 3,3635,300 309 281 167 212 77 120 47 43 34 11 3,997 9^964

Number. Annual Rate _______ Annual M. P. Total. Salary. Contribution. — ; . £ jg Total entered (including net increases in 6,333 12,729 19,062 4,458,202 253,698 salary and contributions) Total discontinued ... ... ... 2,336 6,762 9,098 2,055,855 125,058 Total existing at 31st January, 1932 3,997 5,967 9,964 2,402,347 128,640

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C. Table showing Progress of Fund since its Inception (1st January, 1906).

No. 3.—ACCOUNTS AND STATEMENTS AS PRESCRIBED BY REGULATIONS IN TERMS OF SECTION no OF THE PUBLIC SERVICE SUPERANNUATION ACT, 1927. (1) (A) REVENUE ACCOUNT for the Year ended 31st January, 1932. £ s. d. £ s. d. To Balance, 31st January, .1931 .. .. 1,272,148 2 5 By Retiring and other allowances .. .. 254,927 3 4 £ s. d. Contributions refunded— £ s. d. Contributions of members .. 136,693 7 9 On voluntary retirement .. 24,419 10 10 Less rebate under section On death of members .. 4,447 5 11 8 (2) of Finance Act, 1931 20,969 19 1 On lapse of membership .. 1,745 11 8 115,723 8 8 30,612 8 5 Additional contribution from Fiji Government Contributions transferred to other funds ' .. 16 0 0 in respect to teachers in Fiji schools . . 238 7 2 Administration expenses— £ s. d. Government subsidy— £ s. d. Commission, G.P.O. .. 506 11 6 Under the Act, section 112 43,000 0 0 Commission, Publio Trustee 2,120 14 0 Under the Act, section 114 3,916 12 10 Clerical assistance .. 900 0 0 46,916 12 10 Postage and telegrams .. 138 5 8 Interest— Office expenses .. .. 80 19 9 On investments .. 72,603 10 11 Travelling-expenses of Board 110 3 2 On contributions in arrears 78 4 9 members 72,681 15 8 Medical fees .. .. 28 7 0 Audit fees .. .. 50 0 0 3,935 1 1 Actuarial investigation as at 31st January, 1930 .. 402 0 0 Less reserved last year .. 350 0 0 52 0 0 Balance, 31st January, 1932 .. ..1,218,1651311 £1,507,708 6 9 £1,507,708 6 9 COST-OF-LIVING BONUS ACCOUNT FOR THE YEAR ENDED 31st JANUARY, 1932. £ s. d. £ s. d. To Refund from Consolidated Fund .. .. 1,547 310 By Balance due from Consolidated Fund, January, Balance due from Consolidated Fund, 31st Janu- 1931 .. .. .. .. .. 131 0 3 ary, 1932 .. .. .. .. 128 3 9 Payment of bonus .. .. .. .. 1,544 7 4 £1,675 7 7 £1,675 7 7 1 ■ ■ I ■——«——

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•ad V, 8 ■ •«!? flb h ■§§ • fls •§§. in. is ig. ■$§. s$. sg§ g s s §s | §s§ s§g §§s sis S«2 SStT *>->2 o^S is |SI Ss Is |s 8« rt £« >*s *a a Total number of contributors .. 2,182 5,872 6,858 8,377 9,616 9,909 9,964 Total amount of contributions £32,320 £96,391 £101,632 £147,028 £141,094 £143,392 £115,961 £2,076,182 Interest received .. .. £864 £35,146 £48,725 £73,420 £70,144 £73,105 £72,682 £857,371 Subsidy from Government .. £5,000 £43,000 £63,833 £71,428 £71,831 £126,106 £46,917 £997,607 Number of allowances payable 84 881 1,078 1,273 1,530 1,582 1,677 Total amount paid on account of £3,147 £74,315 £112,861 £184,707 £222,423 £235,902 £254,927 £2,309,406 retiring and other allowances Total amount of contributions £260 £15,804 £19,189 £26,590 £30,377 £29,305 £30,628 £364,326 refunded and transferred Accumulated fund .. .. £34,734 £681,777 £858,662£1,083,155£1,198,711 £1,272,148£1,218,166

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(B) BALANCE-SHEET as at 31st January, 1932. Liabilities. £ s. d. Assets. Fund as per Revenue Account .. .. 1,218,165 13 11 Amount held by Public Retiring and other allowances due and unpaid .. 2,640 16 9 Trustee — £ s. d. £ s. d. Refund of contributions due and unpaid .. 1,225 18 8 Invested .. .. 1,217,174 7 9 Administration expenses unpaid— Invested in Common Fund 19,000 0 0 Commission, Post and Telegraph £ s. d. Uninvested .. .. 4,621 17 5 Department .. .. 161 14 0 -1,240,796 5 2 Clerical assistance .. .. 750 0 0 Amount held by High CommisPostage and telegrams .. 125 0 0 sioner, London, for payment Office expenses, printing, and of allowances, &o. .. .. 1,664 11 1 stationery .. .. 19 0 11 Contributions of members— Audit fee .. .. .. 41 13 4 In transit .. .. 3,173 0 3 Medical fees .. .. 9 9 0 Due and outstanding .. 7,134 10 6 Actuarial investigation .. 402 0 0 : 10,307 10 9 —— 1,508 17 3 Interest on investments — Unclaimed contributions .. .. 1,051 1 4 Due and outstanding .. 13,315 7 10 Contributions paid in advance Accrued, but not due .. 19,997 7 0 (rebate under Finance Act, 1931) .. 5,018 15 8 33,312 14 10 Amounts paid into fund in error .. 2 18 4 Interest on arrears of contributions due and outGovernment subsidy—Statutory standing (contributors) .. .. .. 409 3 6 grant paid in advance for 1932 39,416 13 4 Due by annuitants (contributions and interest) .. 37 4 6 Less additional subsidy under sec- Consolidated Fund, on account of cost-of-living tion 114 of Act not yet paid .. 322 4 5 bonus .. .. .. .. .. 128 3 9 Less additional subsidy under section 114, payable in respect to allowances outstanding at 31st January, 1932 .. .. 85 11 3 39,008 17 8 Rent received from securities leased (in excess of interest yet due by mortgagor) .. .. .. 28 14 6 Reserve — For commission payable to Public Trustee in respect to interest due or accrued .. 1,037 0 0 For commission to Post and Telegraph Department in respect to vouchers issued but unpaid ...... 42 1 6 — 1,079 1 6 Reserve for loss on realization of securities .. .. .. .. 4 10 8 Vouchers issued but unpaid at 31st January, 1932 .. .. 21,733 5 9 Less cash in Post Office .. 4,81218 5 16,920 7 4 £1,286,655 13 7 . £1,286,655 13 7 C. E. Crawford, A.E.A.N.Z., • ! Education Department, . Secretary, Teachers' Superannuation Board. Wellington, 30th June, 1932. I hereby certify that the Eevenue 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.— J. H. Fowler, Deputy Controller and Auditor-General.

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(2) STATEMENT of CONTRIBUTORS, showing Annual Rates of Salaries and Contributions as at the 31st January, 1932.

(3) PARTICULARS of CONTRIBUTIONS discontinued and Allowances granted and Refunds of Contributions made during the Year ended 31st January, 1932.

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Number. Annual Rate of Annual Bate of ! M. F. Total. Salary. Contributions. jg £ Contributors at 31st January, 1931 ... 3,921 5,988 9,909 2,616,364 140 592 New contributors entered during the 199 429 628 ' 3 931 year ended 31st January, 1932 Transfers from other funds during the year Net decrease in salaries and contributions ... ... ... 240 244 7 401 during the year Totals 4,120 6,417 10,537 2,548,167 1377l22 Contributions discontinued during the 123 450 573 145,820 8 482 year ended 31st January, 1932, by resignation, &c. Totals at 31st January, 1932 3,997 5,967 9,964 2,402,347 128,640

Number of Annual Rate at Date of „ _ Contributors. Withdrawal. Benefits. How" discontinued. " M. F. | Salary. ConMbu.to, h recurring). By death before allowance 1 £ £ £ s. d. £ s d entered upon — (a) Contributions paid to per- 4 8 12 2,950 163 .. 1 238 3 1 sonal representatives (b) Leaving widow or child 11 .. 11 3,753 264 488 0 0 2,722 12 9 By voluntary retirement .. 41 324 365 78.411 4,277 .. 24,'419 10 10 By lapsed membership .. 12 46 58 540 .. 1, 745 11 8 By transfer to other funds .... 1 1 80 4 .. ' 16 0 0 By allowances granted on retirement— (a) Ordinary .. .. 44 57 101 42,632 2,754 35,677 5 0 (b) Medically unfit. .. 7 8 15 4,905 262 1,937 1 0 (c) Extended provisions .. 4 5 9 2,875 206 1,029 13 0 i .' (d) Under Section 14. Finance .. 1 1 168 • 12 30 13 0 Act, 1931 By death of annuitants .. .. 495 q q jq j Net totals.. .. 123 450 573 145,820 8,482 39,658 12 030,628 8 5

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Approximate Cost of Paper.—-Preparation, not given; printing (865 copies), £9 10s.

(4) STATEMENT of RETIRING-ALLOWANCES (including Allowances to Widows and Children) for the Year ended 31st January, 1932.

By Authority: W. A. G. Skinner, Government Printer, Wellington.— 1932.

Price 6dA

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Details of Column (2). Total Allowances. Retiring-allowances. Allowances to Parti0UlarS - Ordinary (Age or Service). Medically unfit. Widows. Children. ~ Number. Number. Number. Number. Number. ~ " -f Annual Rate. Annual Bate. Annual Bate. Annual Bate. Number. Annual Bate. Annual Bate. M. it'- h M. F. M. p. M. F. M. F ! • ' Allowances as at 31st January, 1931 5341048 1,582 809 19 0 324 691 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 Allowances granted during the year at 63 81 144 39,162 12 0 44 57 35,677 5 0 4 6 1,060 6 0 7 8 1,937 1 0 4 124 0 0 8 6 "NfU O O retirement or decease of contributors Allowances granted during the year ... 16 16 496 0 0 ... ... 16 496 0 0 to widows and children of deceased annuitants Totals... 59711451,742279,468 11 0 368 748 228,387 16 0 82 31 19,031 16 0 93 77 21,872 16 0 249 7,732 3 0 "ōT Allowances discontinued during the 39 26 65 8,628 13 0 18 10 6,516 7 0 3 2 583 7 0 3 1 765 19 0 7 217 0 0 15 6 '*546 0 0 year Allowances existing at end of year ... 55811191,677 270,839 18 0350 738 221,871 9 0 79 29 18,448 9 0 90 76 21,106 17 0 242 7,515 3 0 39 34 1,898 ~Ō~Ō Particulars of Allowances discontinued during the Year. How discontinued — By death 24 20 44 8,082 13 0 18 10 6,516 7 0 3 2 583 7 0 3 1 765 19 0 7 217 0 0 B y ex P ir ? - 15 6 21 546 0 0... ... is "e 54 6 o 0 Totals 39 26 65 8,628 13 0|l8~ 10 6,516 7 0 3 2 583 7 0 3 1 765 19 0 7 217 0 Ō "Iô 6 546 0 0 Progress of Allowances since Establishment of Fund to the 31st January, 1932. Total granted 10071496 2,503342,065 13 0558 860 266,665 13 0 127 33 26,358 3 0 157 107 32,725 14 0 346 10,024 3 0 165 150 6 292 0 O Total discontinued U9 377 826 71,225 15 0208 122 44,794 4 0 48 4 7,909 14 0 67 31 11,618 17 0 104 2[509 0 0 126 116 0 0 Total existing 55811191,677 270,839 18 0350 738 221,871 9 0 79 29 18,448 9 0 90 76 21,106 17 0 242 7,515~3~0 ~39~~3T.l, 898 0 0