EDUCATIION: TEACHERS' SUPERANNUATION FUND.

Appendix to the Journals of the House of Representatives, 1934 Session I, E-08

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1934. NEW ZEALAND.

EDUCATIION: TEACHERS' SUPERANNUATION FUND.

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

No. I.—TWENTY-EIGHTH ANNUAL REPORT OF THE TEACHERS' SUPERANNUATION BOARD. For the Year ended 31st January, 1934. The Hon. the Minister of Education. g IBj Wellington, 12th August, 1934. The Board has to submit the following report for the year ended the 31st January, 1934 :— 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, 1934, as compared with those for previous year ' 1 1934. 1933. Contributors on roll at 31st January .. .. .. 8,903 9,355 Decrease from previous year .. .. .. • ■ 452 609 Retiring and other allowances —• Annual rate granted during year .. .. .. £11,883 £44,615 Total annual rate at 31st January .. .. .. £299,667 £296,784 Number granted during year — On retirement .. .. .. • • • • 60 205 To widows .. .. . • • • • • 27 16 To children .. .. .. • • • • 17 3 Number discontinued during year— By death .. .. .. • • • • 58 44 By other causes .. .. • • • • 7 15 Number current at 31st January— Retired members .. .. • • • ■ 1 > 542 1,530 Widows and children .. .. - • • • 339 312 Income for year — £ £ , Contributions .. •• •• •• •• 114,775 113,764 Government subsidy — ■ Section 112 of Act .. .. •• •• 43,000 43,000 Section 114 of Act .. .. •• •• 4,143 4,020 Special on account of interest reductions .. .. 8,805 Total Government subsidy .. .. .. 55,948 47,020 Interest .. •• •• •• 54,310 61,117 Profit on realization of investments, &c. .. .. 1,462 Total income .. •• •• •• £226,495 £221,901

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1934. 1933. Expenditure— £ £ Retiring and other allowances .. .. .. 299,516 283,738 Contributions refunded or transferred .. .. .. 31,802 33,478 Administration expenses, &c. .. .. .. .. 3,634 3,709 Provision for loss on investment .. .. .. .. 7,500 Total expenditure .. .. .. .. £334,952 £328,425 £ £ Net loss for year .. .. •• 108,457 106,524 Balance at credit of Fund .. .. .. .. 1,003,185 1,111,642 Funds invested at 31st January — At 4 per cent. . . . • • ■ • ■ • • 2,855 At 4J per cent. .. ■ • • • • • • • 81,180 At 4f per cent. .. . ■ ■ • • • • • 400 At 4£ per cent. .. .. ■■ • • •• 29,850 At 41 per cent. .. ■ ■ • • • • 500 At 5 per cent. .. .. •• •• 81,648 147,960 At 5J per cent. .. .. . ■ ■ • • • • • 15,800 At 5£ per cent. .. .. • • • • • • • • 39,510 At 5| per cent. .. .. .. •. • • ■ • 400 At 6 per cent. .. .. .. •. • • • • 500 At 6 per cent. \ subject to reduction under the National f 834,943 854,582 At 6§ per cent. / Expenditure Adjustment Act, 1932 .. \ 17,432 17,432 Mortgage security acquired .. .. .. .. 3,365 3,446 Total .. .. .. .. •• £1,022,323 £1,109,480 C unreduced rate .. ' 5-78 5-79 Average rate of interest (per cent.)<J after reduction as shown above .. 4-94 5-00 Unclaimed contributions held at 31st January .. .. £1,727 £1,413 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, 1934, 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, 1934).

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5 per 6per 7 per 8 per I 9 per 10 per Trials Cent. Cent. | Cent. Cent, j Cent. Cent. M. F. M. F. M. F. M. F. M. F. M. F. M. F. Total. j L I Number at 31st January, 1833 .. 3,3094,880 270 254 157 193 72 101 43 36 31 9 3,882 5,473 9,355 New contributors entered during 21 43 3 8 3 5 2 5 2 2 3 34 63 97 year Transfers from other funds .. 1 1 1 1 2 3,3314,924 273 262 160 198 74 106 45 38 34 9 3,917 5,537 9,454 Number left during year .. 77 394 9 17 13 9 4 13 5 5 4 1 112 439 551 Number at 31st January, 1934 3,2544,530 264 245 147 189 70 93 40 33 30 8 3,805 5,098 8,903

Number. Annual Kate Annual M. F. Total. Salary. Contribution. £ £ Total entered (including net increases in 6,417 12,863 19,280 4,439,781 253,015 salary and contributions) Total discontinued 2,612 7,765 10,377 2,340,136 141,172 Total existing at 31st January, 1934 3,805 5,098 8,903 2,099,645 111,843

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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 110 OF THE PUBLIC SERVICE SUPERANNUATION ACT, 1927. (1) (A) REVENUE ACCOUNT for the Year ended 31st January, 1934. £ s. d. | £ s. d. To Balance, 31st January, 1933 .. .. 1,111,641 14 4 By Retiring and other allowances .. 299,515 10 11 Contributions of members .. .. 114,336 18 8 Contributions refunded — .. £ s. d. Contributions transferred from other funds 219 7 0 On voluntary retirement . . 26,284 7 4 Additional contribution from Fiji Govern- On death of members .. 2,973 410 ment in respect to teachers in Fiji schools 219 2 7 On lapse of membership .. 1,483 17 11 Government subsidy— £ s. d. 30,741 10 1 Under the Act, section 112 43,000 0 0 Rebate of contributions to annuitants on Under the Act, section 114 4,143 7 5 retirement under National Expenditure On account of reduction of Adjustment Act, 1932, section 9 (2) .. 171 15 4 interest during year ended Contributions transferred to other funds .. 888 16 9 31st March, 1933, under Administration expenses— £ s. d. National Expenditure Ad- Commission, G.P.O. .. 581 12 6 justment Act, 1932 .. 8,804 8 5 Commission, Public Trustee 1,670 18 5 55,947 15 10 Clerical assistance .. 900 0 0 Interest— Postage and telegrams .. 119 2 6 On investments .. .. 53,162 1 9 Office expenses .. 174 11 10 On contributions in arrears 1,147 11 10 Travelling - expenses of 54,309 13 7 Board members .. 108 13 1 Premium on conversion of Government In- Medical fees .. .. 29 8 0 scribed Stock .. .. .. 58 17 0 Audit fees .. .. 50 0 0 Profit on realization of Rural Advances Bonds 1,403 6 6 3,634 6 4 Balance, 31st January, 1934 .. .. 1,003,184 16 1 £1,338,136 15 6 j £1,338,136 15 6 COST-OF-LIVING BONUS ACCOUNT FOR THE YEAR ENDED 31st JANUARY, 1934. £ s. d. £ s. d. To Refund from Consolidated Fund .. .. 304 16 5 By Balance due from Consolidated Fund, January, Balance due from Consolidated Fund, 31st Janu- 1933 .. .. .. .. .. 24 11 3 ary, 1934 .. .. .. .. .. 56 17 2 Payment of bonus .. .. .. .. 337 2 4 £361 13 7 £361 13 7

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•» .a" 'ā ā • "g" % & I ■g & "g b ® o £ tH ® <3 Js cS £ & J2 s3 £§ Orf ■ŪH • V, Sc<, T3p. a != • 53 . : S • 'd 3 . ■*» n • 9 C! £3 ••# 51 (3 5? £ © H g£0 O fl _ 3 ®QrH ®§g »3« ®S8=0 rtgeo n 2 fe e- M ®i n >-* 2 * ® *5 2 -S MS 8« 1« I $S *$ *3 *3 *g | s Total number of contributors .. 2,182 5,872 6,858 8,377 9,616 9,355 8,903 Total amount of contributions £32,320 £96,391 £101,594 £146,804 £140,832 £113,549 £114,556 £2,314,150 Interest received .. .. £864 £35,146 £48,725 £73,420 £70,144 £61,117 £54,310 £973,305 Subsidy from Government .. £5,000 £43,000 £63,833 £71,428 £71,831 £47,020 £55,948 £1,100,575 Subsidy from Fiji Government.. .. .. £38 £214 £262 £215 £219 £2,203 Number of allowances payable 84 881 1,078 1,273 1,530 1,842 1,881 Total amount paid on account of £3,147 £74,315 £112,861 £184,707 £222,423 £283,738 £299,516 £2,892,751 retiring and other allowances Total amount of contributions £260 £15,804 £19,189 £26,590 £30,377 £33,478 £31,802 £430,012 refunded and transferred Accumulated fund .. .. £34,734 £681,777 £858,662 £1,083,155£1,198,711 £1,111,642 £1,003,185

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(B) BALANCE-SHEET as at 31st January, 1934. Liabilities. £ s. d. Assets. Fund as per Revenue Account . . ..1,003,18416 1 Amount held by Public Retiring and other allowances due and unpaid 2,401 18 4 Trustee — £ s. d. £ s. cl. Refund of contributions due and unpaid .. 646 7 9 Invested .. .. 1,0--, Sj6 1 0 Administration expenses unpaid — Uninvested .. .. 1,304 10 Commission, Post and Telegraph £ s. d. . ~ ' oon oin Department .. •• 190 14 6 Amounts paid to protect securities .. .. zm 6L u Clerical assistance .. .. 750 0 0 Contributions of members Postage and telegrams .. 100 0 0 In transit . . .. 4,259 Office expenses, printing, and Due and outstanding .. 4,307 14 11 stationery .. .. 16 6 1 8,566 16 7 Medical fppa .. 8 8 0 Interest on investments — Audit fee .. 41 13 4 Due and outstanding .. 21, 684 11 3 1,107 1 11 Accrued, but not due .. 12,728 2 0 Unclaimed contributions .. 1,727 210 — - — 34,412 13 3 Amounts paid into fund in error .. 2 18 4 Interest on arrears of contributions due and outGovernment subsidy — Statutory standing (contributors) . . .. • • 749 10 4 grant paid in advance for 1934 39,416 13 4 Due by annuitants (contributions and £ s. cl. Less additional subsidy under sec- interest) .. .. ..0311 tion 114 of Act not yet paid .. 329 14 4 Allowance overpaid .. ..2118 0 157 Less additional subsidy under sec- . tion 114, payable in respect to Consolidated Fund, on account of cost-of-living , allowances outstanding at 31st bonus .. .. . • • • • • January, 1934 . . . . 88 17 1 38,998 1 II Rent received from securities leased (held for rates and expenses) .. . • ■■ ■ • 123 5 2 Amounts received from mortgagors for expenses not yet paid .. 13 3 6 Reserve — For commission payable to Public Trustee in respect to interest due or accrued . ■ 1,249 0 0 For commission to Post and Telegraph Department in respect to vouchers issued but unpaid . . .. • • 42 2 6 1,291 2 6 Reserve for loss on realization of securities — Balance at 31st January, 1934. . 7,504 10 8 Less written-off principal .. 1,453 17 5 Less written-off interest .. 1,551 8 0 4,499 5 3 Vouchers issued but unpaid at 31st January, 1934 .. .. 19,436 12 1 Less cash in Post Office Account 5,786 18 2 13,649 13 11 £1,067,763 8 4 j £1,067,763 8 4 Notes. Since the closing of tlie Account for the year the Government has given a further subsidy on account of the loss suffered by the reduction of interest under the provisions of the National Expenditure Adjustment Act, 1932. The amount accrued for the period to 31st January, 1934—n0t included in the year's accounts—is £7,335. The liability under section 9 (2) of the National Expenditure Adjustment Act, 1932, as amended by section 25 of the Imance Act (No. 2), 1932-33, in respect to the rebate to those contributors who did not elect to continue to contribute on the higher rate of salary before the reductions in 1932 has not been taken into account in the foregoing statement. The benefit (which is payable upon retirement) will amount, in the aggregate, to approximately £30,000 ; but the additional liability is only approximately £5,000, as the remaining £25,000 would, in any case, be refunded as contributions in the ordinary way upon retirement before full age or service. 0. E. Crawford, A.R.A.N.Z., Education Department, Secretary, Teachers Superannuation Board. Wellington, 30th April, 1934. 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, subject to the above departmental notes— 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, 1934.

(3) PARTICULARS of CONTRIBUTIONS discontinued and Allowances granted and Refunds of Contributions made during the Year ended 31st January, 1934.

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Number. Annual Rate of Annual Rate of M F "" TotaL j Salary. j Contributions. £ & Contributors at 31st January, 1933 ... 3,882 5,473 9,355 2,128,255 113,480 New contributors entered during the 34 63 97 18,246 1,096 year ended 31st January, 1934 Transfers from other funds during the 1 1 2 351 18 year Net increase in salaries and contributions ... ••• 57,077 3,031 during the year Totals 3,917 5,537 9,454 2,203,929 117,625 Contributions discontinued during the 112 439 551 104,284 5,782 year ended 31st January, 1934, by resignation, &c. — Totals at 31st January, 1934 ... 3,805 5,098 8,903 2,099,645 111,843

Number of Annual Rate at Date of Contributors. Withdrawal. cenenis. How discontinued. 7 _ other Pay . M. E 1 . -ā Salary. Contributions, . ments ( non " o Annual «ate. reourring) . By death, before allowance £ £ £ s. d. £ s. d. entered upon— (a) Contributions paid to per- 3 8 11 2,116 112 .. 1,138 7 8 sonal representatives (b) Leaving widow or child 8 1 9 3,718 234 493 0 0 1,830 9 11 By voluntary retirement .. 46 320 366 1 65,482 3,514 .. 26,284 7 4 By lapsed membership .. 31 68 99 9,945 505 .. 1,483 17 11 By transfer to other funds .. 4 2 6 1,376 69 .. 888 16 9 By allowances granted on retirement— («) Ordinary .. 11 33 44 15,891 1,014 8,193 4 0 (b) Medically unfit .. 6 4 10 3,332 180 1,522 14 0 (c) Extended provisions .. 3 1 4 1,906 120 760 2 0 (id) Under section 14. Finance .. 2 2 518 34 127 16 0 Act, 1931 By death of annuitants ■ ■ - • 786 0 0 Additional amount on account .. •• •• 473 of death, 1932-33 Totals .. .. 112 439 551, 104,284 5,782 111,882 16 031,630 6 10 J I 1

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(4) STATEMENT of RETIRING-ALLOWANCES (including Allowances to Widows and Children) for the Year ended 31st January, 1934.

Approximate Cost of Paper.—Preparation, not given; printing (850 copies), £8 10a.

By Authority : G. H. Lo N i:Y, Government Printer, Wellington.— 1934.

Price 6d. 1

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Details of Column (2). Total Allowances. Retiring-allowances. Allowances to Particulars. Extended Provisions and „ Ordinary (Age or Service). gee Finance Aotj 1931 Medically unfit. Widows. Children. Number. Number. Number. Number. Number. ,, ~ | Annual Rate. Annual Rate. 7 Annual Rate. | Annual Rate. Number. Annual Rate. Annual Rate. M - M. F. M. | p. M. P. M. P. Allowances as at 31st January, 1933 6041238 1,842 784 7 0 395 826 11 0 82 51 20,827 "ô 0 91 85 22,766 11 0 251 7 788 19 0 36 25 1 0 0 Allowances granted during the year at 25 53 78 11,096 16 0 11 33 8,193 4 0 3 3 887 18 0 6 4 1,522 14 0 5 155 0 0 5 8 '338 0 0 retirement or decease of contributors Allowances granted during the year 3 23 26 786 0 0 ... 99 BR9 n n q i iru n n to widows and children of deceased annuitants Totals... ... ... 63213141,946 308,667 3 0 406 859 252,008 15 0 85 54 21,715 4 0 97 89 24,289 5 0 278 8,625 19 oU~ 34 Ō Ō Allowances discontinued during the 31 34 65 8,999 14 0 19 16 6,230 1 0 3 ... 445 8 0 6 4 1,832 5 0 10 310 0 0 3 4 'l82 0 n year . Allowances existing at end of year ... 60112801,881299,667 9 0387 843 245,778 14 0 82 54 21,269 16 0 91 85 22,457 0 0 268 8,315 19 0 41 30 Ī7846 0 Ō Particulars of Allowances discontinued during the Year. How discontinued — By death ... ... ... 28 30 58 8,817 14 0 19 16 6,230 1 0 3 ... 445 8 0 6 4 1,832 5 0 10 310 0 0 I 182 0 0 - "3 "4 182" 0 0 Totals... ••• - 31 34 65 8,999 14 0 19 16 6,230 1 0 3 ... 445 8 0 6 4 1,832 5 0 10 310 0~0 ~~3 4 182 0 Ō Progress of Allowances since Establishment of Fund to the 31st January, 1934. Total granted ... 11151716 2,831386,922 7 0632 989 301,265 13 0 136 58 30,106 3 0 172 120 37,381 8 0 389 11,357 3 0 175 160 6 812 0 0 Total discontinued 950 87 > 254 18 0245 14 6 55,486 19 0 54 4 8,836 7 0 81 35 14,924 8 0 121 3,041 4 0 134 130 0 0 Total existing 60112801,881299,667 9 0 387 843 245,778 14 0 21,269 16 0 ~9T~85~ 22,457 ~Ō~Ō 268 8,315 ~19~~0 41 30 .1,846 0 0