NATIONAL PROVIDENT FUND. TWENTY-THIRD ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1933.

Appendix to the Journals of the House of Representatives, 1934 Session I, H-17

H. 17.

1934. NEW ZEALAND.

NATIONAL PROVIDENT FUND. TWENTY-THIRD ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1933.

Prepared in Terms of Section 72 of the National Provident Fund Act, 1926.

At the 31st December, 1933, the contributors to the fund totalled 24,949. The total income for the year amounted to £436,279 3s. 2d., including £220,848 12s. 2d. paid by contributors and £162,184 17s. lid. interest. The fund at the end of the year totalled £3,756,980 15s. Id., an increase of £255,430 16s. Bd. The benefits paid out by the fund during the year amounted to £205,723 Bs. lid., including maternity benefits of £36,978. The rate of interest earned was £4 lis. sd. per cent., and the expenses of administration in respect of ordinary contributors to the fund were at the rate of 19-33 per cent, of contributions. A. T. Ngata, Chairman of the Board. R. Withefokd, Superintendent of the Fund. Wellington, 24th July, 1934.

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NATIONAL PROVIDENT FUND. (1) Revenue Account for the Year ended 31st December, 1933. £ s. d. £ s. d. Amount of fund at beginning of year .. 3,501,549 18 5 Maternity claims (section 19) .. .. 5,534 0 0 Contributions .. .. .. .. 220,848 12 2 Maternity claims (approved friendly societies) 31,444 0 0 Interest .. .. .. •• ■■ 162,184 17 11 Refund of contributions on lapse, reduction, Fines .. .. .. •• •• (136 9 5 and withdrawal (sections 11, 12, and 13) 80,825 11 5 Government contribution under Act .. 44,794 13 9 Refund of contributions in lieu of pension Refund of maternity claims by the State .. 31,444 0 0 (section 14) .. .. .. 5,286 17 0 Contributions overpaid on exit .. .. 30 1 11 Incapacity allowances (sections 17 and 18), Benefits refunded on exit .. .. •• 11,644 15 5 including contributions waived on incapacity Miscellaneous receipts .. ■■ •• 63 4 (£1,153 18s. 7d.) .. .. ■■ 7,643 16 0 Premium on conversion .. •• 7,808 6 7 Death: Refund of contributions (sections 15 (5) and 16) .. .. .. .. 21,293 0 8 Death : Allowances on account of widows and children (section 15) .. .. .. 11,980 19 1 Retirement: Allowances (sections 13 and 48).. 41,715 4 9 Refund of contributions overpaid on exit .. 30 1 11 Expenses— Salaries .. .. .. .. 7,629 6 1 Commission, allowances, and agency expenses 4,140 7 7 Postages .. .. .. .. 268 16 5 Printing and stationery .. .. .. 349 15 0 Rent .. .. .. .. .. 643 6 6 Government Actuary .. .. .. 850 11 10 Post and Telegraph Department: Charges .. 621 0 0 Public Trustee : Charges .. .. 3,025 0 4 Travelling allowances and expenses .. 265 18 4 General expenses .. .. .. 419 10 11 Amount of fund at end of year .. .. 3,756,980 15 1 £3,980,947 18 11 £3,980,947 18 11 Balance-sheet as at 31st December, 1933. Liabilities. £ s. d. Assets. £ s. d. Fund as per Revenue Account .. .. 3,756,980 15 1 In hands of Public Trustee— Add value of office furniture and fittings .. 47 12 6 Invested .. .. .. .. 3,671,684 12 7 Uninvested .. .. .. .. 7,664 18 10 3,757,028 7 7 Post Office .. .. .. .. 1,572 3 6 Claims due and in course of payment* — Balances in transit .. .. .. 9,736210 Maternity .. .. .. •• 2,757 9 1 Contributions outstanding or in course of Death (section 16) .. .. .. 1,612 13 11 transmission*— Death'section 15) .. .. •• 342 8 3 (a) Contributions due but not overdue .. 10,583 10 7 Death: Allowances (section 15) .. .. 48111 5 (b) Contributions overdue .. .. 3,370 5 9 Allowances (sections 13 and 48) .. .. 1,787 11 9 Government subsidy due under Act* .. 44,794 13 9 Allowances (section 17) .. .. .. 365 2 6 Refund due in respect of maternity claims* .. 2,432 0 0 Expenses due and in course of payment*— Fines due* .. .. .. .. 213 5 5 Sundry creditors .. .. •• 4,292 14 4 Interest due* .. .. .. .. 35,228 010 Commission, allowances, and agency expenses 612 I 10 Interest accrued but not due* .. .. 43,562 6 3 Refunds in suspense .. .. .. 41,878 10 8 Office furniture and fittings .. .. 47 12 6 Suspense Account .. .. • • 231 10 / Contributions prepaid .. .. • ■ 10, 657 9 4 Investment Fluctuation Reserve (by transfer from refunds unclaimed) .. .. 8,842 1 7 £3,830,889 12 10 £3,830,889 12 10 * Included in Revenue Account. R. Witheford, Superintendent. R. M. Porteous, Wellington, Ist July, 1934. Accountant. I hereby certify that the Balance-sheet and Revenue Account 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) Numerical Statement for the Year ended 31st December, 1933.

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Numbers. _ Annual Class 1. Class 2. Class 3. Class 4. Class o. Aggregate. Contributions. Pension Rate, 10s. Pension Rate, 20s. Pension Rate, 30s. Pension Rate, 40s. Pension Rate: Other. M. J F. T. M. P. T. M. F. T. M. I P. T. M. | . P. j T. M. P. T. £ s. d. Number of contributors at commence- 16,074 646 16,720 1,897 334 2,231 226 59 285 467 129 596 3,816 2,492 ' 6,308 22,480 3,660 26,140 233,750 4 8 New'entanta during the year .. 1,245 55 1,300 61 14 75 7 3 10 10 2 12 137 669 806 1,460 743 2,203 13,037 14 0 Transfers from another class .. 138 8 146 67 11 78 15 2 17 13 1 14 3 .. 3 236 22 258 3,072 1 0 Increases due to adjustment on age- .. •. • • • • • • • • • • • • • • • • • • • • • • j error, &c. Total .. .. .. 17,457 709 18,166 2,025 359 2,384 248 64 312 490 132 622 3,956 3,161 7,117 24,176 4,425 28,601 249,922 16 4 Discontinuance, &'e. (as per detailed 2,211 104 2,315 305 34 339 42 11 53 55 19 74 168 703: 871 2,781 871 3,652 24,106 13 4 statement below) | Total at end of year .. 15,246 605 ( 15,851 1,720 325 2,045 206 53 ! 259 435 ! 113 1 548 1 3,788 2,458 i 6,246 «21,395 3,554 ! 24,949 225,|l6 3 0 Details of Discontinuances, c6c., during the Year. Deaths 36 .. 36 3 2 1 5 3 .. 3 17 ! 6 23 59 8 67 2,543 10 4 Notice of withdrawal .. .. 1,030 65 1,095 107 17 ; 124 13 2 15 20 11 31 94 681 775 1,264 7/6 2,040 14,044 16 0 Lapse and cancellations .. .. 1,073 27 1,100 67 3 70 3 2 5 6 3 9 5 5 1,149 40 1,189 3,®7 6 8 Attainment to pension-age .. 13 7 20 1 5 6 1 2 3 2.. 2 56 11 67 73 98 2,544 8 Transfers to another class .. 59 5 64 127 7 j 134 25 5 30 24 5 29 1 1 -3b 22 Lo8 1,200 9 8 Decreases due to adjustment on age- .. .. .. .. • ■ ■ • • • • • ■ • • • • • • • • • • • • • • • • ■ ■ • error, &c. Total .. .. .. I 2,211 104 2,315 305 34 ; 339 42 11 53 55 19 74 168 703 871 2,781 871 3,652 | 24,106 13 4 Numerical Progress since Establishment. Total entered .. .. .. 52,136 4,111 56,247 8,793 1,124 9,917 952 140 1,092 1,184 227 1,411 7,512 «,211 15,723 70,577 13,813 84,390 ! Total transferred from other classes 3,988 195 4,183 2,037 167 2,204 377 j 41 418 534 37 571 55 j 1 56 6,991 441 7,432 I 56,124 4,306 60,430 10,830 1,291 12,121 1,329 181 1,510 1,718 264 1,982 7,567 [8,212 15,779 77,568 14,254 91,822 j Total discontinued .. .. 38,844 3,559 42,403 5,372 762 6,134 562 I 76 638 645 108 753 3,759 5,754 9,513 49,182 10,259 59,441 j Total transferred to other classes .. 2,034 142 2,176 3,738 204 3,942 561 I 52 613 638 43 681 20 20 6,991 441 7,432 40,878 3,701 44,579 9,110 966 10,076 1,123 128 1,251 1,283 151 1,434 3,779 5,754 9,533 56,173 10,700 66,873] Total contributors on books at 31st 15,246 605 15,851 1,720 325 2,045 206 53 259 435 113 548 3,788 2,458 6,246 21,395 3,554 24,949 225,816 3 0 December, 1933 I

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NATIONAL PROVIDENT FUND ACT, 1926. Direct Contributors. (3) Statement of Retiring and other Allowances for the Year ended 31st December, 1933.

Other Contributors. (3a) Statement of Retiring and other Allowances for the Year ended 31st December, 1933.

NATIONAL PROVIDENT FUND. Progress of Retiring and other Allowances since the Establishment of the Fund to 31st December, 1933.

Approximate Cost of Paper.—Preparation, not given ; printing (590 copies), £6 ss.

By Authority: G. H. Loney, Government Printer, Wellington.—l 934.

Price 3d.]

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t ■*. On Attainment of Total Retiring and other On Death. On Incapacity. Age 60 Allowances. , T , Annual Annual w„ m hi.r Annual w Iim h P r Annual Number. Amount. Number. Amount. Amount. -WuniDer. Amount. | m. K. £ s. d. m. e. £ s. d. M. r. £ s. d. M. F. £ s. d. Allowances existing at be- 163 .. 8,892 0 0 46 .. 1,852 10 0 57 29 3,928 17 0 266 29 14,673 7 0 ginning of year Granted during the year 20 .. 1,014 0 0 25 .. 1,326 0 0 17 14 1,363 10 0 62 14 3,703 10 0 Total ..183 .. 9,906 0 0 71 .. 3,178 10 0 74 43 5,292 7 0328 43 18,376 17 0 Discontinued during the 18 .. 1,131 0 0 27 .. 1,267 10 0 2 .. 104 0 0 47 .. 2,502 10 0 year (as per statement below) Existing at end of year 165 .. 8,775 0 0 44 .. 1,911 0 0 72;I 43 5,188 7 0 281 43 15,874 7 0 Particulars of Retiring and other Allowances discontinued during the Year. Discontinued by death .. j .. .. .. 5 .. ] 214 10 0 2 .. 104 0 0, 7 .. 318 10 0 Expiry .. ..18 .. 1,131 0 0 22 .. |l,053 0 0.. .. .. | 40 .. 2,184 0 0 Total ..18 .. 1,131 0 0 27 .. 1,267 10 0 2, .. 104 0 0 47 .. 2,502 10 0 ' I 1

On Death. On Me āi ca, Unfitness. ° £ * Number. ™. Number. J Amount —, j / = >_ M. i E. £ s. d. M. E. £ s. d. M. f. £ s. d. M. r. I £ s. d. Allowances existing at be- 118 .. 2,831 0 0 42 8 3,770 0 0279 50 34,475 14 0 439 58 41,083 0 0 ginning of year Granted during year .. 10 j .. 377 0 0 11 2 1,198 2 0 36 8 5,927 14 0 63 , 10 j 7,502 10 0 Total ..134 .. 3,208 0 0 53 10 4,974 8 0315 58 40,403 8 0502 j 68 48,585 10 0 Discontinued during year 2 .. 109 0 0 6 1 507 2 0 19 .. 1,921 0 0 27 1 2,537 2 0 (as per statement below) Existing at end of year 132 .. 3,099 0 01 47 9 4,407 6 0*290 I 58 38,482 8 ol475 I 07 40,048 14 0 Particulars of Retiring and other Allowances discontinued during the Year. Discontinued by death .. 1 .. 18 0 0 4 I 1 331 15 0 19 .. 1,921 0 0 24 1 j 2,270 15 0 Expiry .. .. 1 .. 91 0 0 2 | .. 175 7 0 .. .. .. 3 .. ! 206 7 0 Total .. 2 109 0 0 6 1 507 2 0 19 .. 1,921 0 0 27 1 j 2,537 2 0

On Death. On Incapacity. 0 \T^l£ Ot ™ XSSS?' Number - A™t. Numter " | Amount. Numter - | AmoZl. Number ' Amount m. ī. £ s. d. M. i I. £ s. d. m. I r. £ s. d. M. F. £ s. d. Total granted ..423 .. 21,176 10 0 395 18 24,45810 0 500 106 55,801 5 01318 124101,436 5 0 Total discontinued .. 126 .. 9,302 10 0 304 9 18,080 4 0132 j 5 12,13010 0 562 14 39,513 4 0 Total existing at 31st De- 297 .. 11,874 0 0 91 j 9 6,378 6 0 368 101 j43,670 15 0 756 110 61,923 1 0 cember, 1933 1 '