EDUCATION: TEACHERS' SUPERANNUATION FUND.

Appendix to the Journals of the House of Representatives, 1935 Session I, E-08

E.—B.

1935 NEW ZEALAND.

EDUCATION: TEACHERS' SUPERANNUATION FUND.

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

No 1 —TWENTY-NINTH ANNUAL REPORT OF THE TEACHERS' SUPERANNUATION BOARD. Foe the Yeae ended 31st January, 1935. The Hon. the Minister of Education. g IRj Wellington, 15th May, 1935. The Board has to submit the following report for the year ended the 31st January, 1935 : — 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, 1935, as compared with those for previous year : — 1935. 1934. Contributors on roll at 31st January .. .. .. 8,500 8,903 Decrease from previous year .. .. .. .. 403 452 Retiring and other allowances — Annual rate granted during year .. .. £15,577 £11,883 Total annual rate at 31st January .. .. .. £304,860 £299,667 Number granted during year — On retirement .. .. .. . • • • 84 60 To widows .. .. .. . • ■ ■ 29 27 To children .. .. .. .. .. 8 17 Number discontinued during year — By death .. .. .. .. .. 69 58 By other causes .. .. .. .. 14 7 Number current at 31st January — Retired members .. .. .. .. 1,575 1,542 Widows and children .. .. .. .. 344 339 Income for year — £ £ Contributions .. .. .. .. 114,699 114,775 Government subsidy— Section 112 of Act .. .. .. .. 43,000 43,000 Section 114 of Act .. .. .. .. 4,538 4,143 Section 17, Finance Act (No. 2), 1934 .. .. 108,000 Special on account of interest reductions .. .. 10,510 8,805 Total Government subsidy .. .. .. 166,048 55,948 Interest 48,327 54,310 Profit on realization of investments, &c. .. .. 750 1,462 Total income .. .. .. £329,824 £226,495 I—E. 8.

E„ —8.

1935. 1934. Expenditure— £ £ Betiring and other allowances .. .. .. 306,350 299,516 Contributions refunded or transferred .. .. .. 33,462 31,802 Administration expenses, &c. .. .. .. .. 3,887 3,634 Total expenditure .. .. .. .. £343,699 £334,952 £ £ Net loss for year .. .. .. .. .. 13,875 108,457 Balance at credit of Fund .. .. .. .. 989,310 1,003,185 Funds invested at 31st January —• At 4 per cent. .. .. .. .. .. 59,820 2,855 At 4J per cent. .. .. .. .. .. 54,160 81,180 At 4f per cent. .. .. .. .. .. .. 400 At 4f per cent. .. .. .. .. .. 17,195 At 4§ per cent. .. .. .. .. .. 500 500 At 5 per cent. .. .. .. .. .. .. 81,648 At 6 per cent. .. .. .. .. .. 5,385 At 6 per cent. J"subject to reduction under the National \ 802,502 834,943 At 6§- per cent. \ Expenditure Adjustment Act, 1932 J 9,431 17,432 Mortgage security acquired . . .. .. .. 3,255 3,365 Total .. .. .. .. .. £952,248 £1,022,323 f unreduced rate .. 5-745 5-78 Average rate of interest (per cent.) after reduction as shown above .. 4-881 4-94 Unclaimed contributions held at 31st January .. .. £1,680 £1,727 Cost-of-living Bonus.—The payment of this bonus has been continued in necessitous cases. S. G. Smith, Chairman.

No. 2.—STATEMENTS IN ADDITION TO THOSE PRESCRIBED BY THE ACT AND REGULATIONS. A. Number of Contributors on the 31st January, 1935, 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, 1935).

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5 per Cent. 6 per Cent. 7 per Cent. 8 per Cent. 9 per Cent. Totals. M. | P. M. E. M> P. M. P. M. 3?. M. F. M. 3?. Total. ; I I . Number at 31st January, 1934 3,254 4,530 264 245 147 189 70 93 40 33 30 8 3,805 5,098 8,903 New entered during 32 50 5 18 2 3 2 1 3 2 1 2 45 76 121 year Transfers from other funds .. 1 1 .. J 3,287 4,580 269 263 149 192 72 94 43 35 31 10 3,851 5,174 9,025 Number left during year .. 69 377 5 14 16 15 5 10 5 3 3 3 103 422 525 Number at 31st January, 1935 3,218 4,203 264 249 133 177 67 84 38 32 28 7 3,748 4,752 8,500

Number. Annual Annual Rate M. : F. Total. Salary ' Contribution. I £ £ Total entered (including net increases in salary 6,463 12,939 19,402 4,591,103 260,983 and contributions) Total discontinued .. .. .. .. 2,715 8,187 10,902 2,449,219 147,263 Total existing at 31st January, 1935 .. 3,748 4.752 8,500 2,141,884 113,720

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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 fob the Yeas ended 31st January, 1935. £ s. d. £ s. d. To Balance, 31st January, 1934 .. .. 1,003,184 16 1 By Retiring and other allowances .. .. 306,350 5 0 £ s. d. Contributions refunded — £ s. d. Contributions of members 114,660 13 4 On voluntary retirement .. 25,972 2 1 Less refunds to teachers On death of members .. 5,613 710 wrongly admitted as On lapse of membership .. 1,693 10 4 contributors .. 272 13 9 33,279 0 3 . 114,387 19 7 Rebate of contributions to annuitants on Contributions transferred from other funds 95 9 4 retirement under National Expenditure Additional contribution from Fiji Govern- Adjustment Act, 1932, section 9 (2) .. 135 18 4 ment in respect to teachers in Fiji schools 215 911 Contributions transferred to other funds .. 46 13 3 Government subsidy— £ s. d. Administration expenses— £ s. d. Under the Act, section 112 43,000 0 0 Commission, G.P.O. .. 586 3 0 Under Finance Act (No. 2), Commission, Public Trustee 1,602 4 2 1934, section 17 .. 108,000 0 0 Clerical assistance .. 900 0 0 Under the Act, section 114 4,538 110 Postage and telegrams .. 119 17 4 On account of reduction of Office expenses .. .. 135 13 2 interest during year Travelling-expenses of ended 31st March, 1934, Board members .. 88 11 1 under National Expendi- Medical fees .. .. 54 12 0 ture Adjustment Act, Audit fees .. .. 50 0 0 1932 .. .. 10,510 0 0 3,537 0 9 166,048 1 10 Acturial investigation as at 31st January, 1934 Interest (in progress), Reserve for cost of.. .. 350 0 0 On investments .. 47,851 19 9 Balance, 31st January, 1935 .. .. 989,310 3 10 On contributions in arrears 533 3 4 48,385 3 1 Less investments written down (proportion of premium on purchase of bonds) .. .. 2 19 0 Less interest allowed on amounts paid into fund in error .. .. 55 1 0 48,327 3 1 Premium on conversion of debentures 34 5 1 Profit on realization of Rural Advances Bonds 715 16 6 _____ £1,333,009 1 5 £1,333,009 1 5 COST-OF-LIVING BONUS ACCOUNT FOR THE YEAR ENDED 31st JANUARY, 1935. £ s. d. £ s. d. To Refund from Consolidated Fund .. .. 380 15 1 By Balance due from Consolidated Fund, January, Balance due from Consolidated Fund, 31st Janu- 1934 .. . . .. • • .. 56 17 2 ary, 1935 .. .. ■ • • ■ • • 72 16 4 Payment of bonus .. .. .. .. 396 14 3 £453 11 5 £453 11 5 2—E. 8.

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-3 -r n- & T3 *0 <=i . £? <DrC qjm a fn 03f-i a> f-j Pi in o £* •a 8 *2 $ . "S S . 'S ā • ā • f|s Ii ;|| Hi II II »:- 131 M _lr is _ II l| jl jj! Total number of contributors .. 2,182 6,858 8,377 9,616 9,355 8,903 8,500 Total amount of contributions £32,320 £101,594 £146,804 £140,832 £113,549 £114,556 £114,483 £2,428,633 Interest received £864 £48,725 £73,420' £70,144 £61,117 £54,310 £48,327 £1,021,632 Subsidy from Government .. £5,000 £63,833 £71,428 £71,831 £47,020 £55,948 £166,048 £1,266,623 Subsidy from Fiji Government .. £38 £214 £262 £215 £219 £215 £2,418 Number of allowances payable 84 1,078 1,273 1,530 1,842 1,881 1,919 Total amount paid on account of £3,147 £112,861 £184,707 £222,423 £283,738 £299,516 £306,350 £3,199,101 retiring and other allowances Total amount of contributions £260 £19,189 £26,590 £30,377 £33,478 £31,802 £33,462 £463,474 refunded and transferred Accumulated fund .. .. £34,734 £858,662 £1,083,155 £1,198,711 £1,111,642 £1,003,185 £989,310

E.—B.

(B) BALANCE-SHEET as at 31st January, 1935. Liabilities. £ s. d. Assets. Fund as per Revenue Account .. .. 989,310 310 Amount held by Public Retiring and other allowances due and unpaid .. 2,688 9 7 Trustee — £ s. d. £ s. d. Refund of contributions due and unpaid .. 1,917 11 5 Invested .. .. 952,247 17 10 Administration expenses unpaid— Uninvested .. .. 71,301 14 0 Commission, Post and Telegraph £ s. d. — 1,023,549 11 10 Department .. .. 190 5 6 Premium paid on purchase of Clerical assistance .. .. 750 0 0 rural bonds .. .. 101 5 0 Postage and telegrams .. 100 0 0 Less amount written off 2 19 0 Office expenses, printing, and 98 6 0 stationery .. .. 717 2 Amounts paid to protect securities .. . . 319 14 10 Medical fees .. .. 8 8 0 Contributions of members — £ s. d. Audit fee .. .. .. 41 13 4 In transit .. .. 2,503 9 0 1,098 4 0 Due and outstanding .. 3,637 16 4 Unclaimed contributions .. .. 1,680 6 3 — 6,141 5 4 Amounts paid into fund in error .. 10 19 7 Interest on investments— Government subsidy—Statutory Due and outstanding .. 14,132 11 11 grant paid in advance for 1935.. 39,416 13 4 Accrued, but not due .. 11,735 4 0 Less additional subsidy under see- 25,867 15 11 tion 114 of Act not yet paid .. 352 11 6 Interest on arrears of contributions due and outLess additional subsidy under sec- standing (contributors) .. .. .. 500 19 2 tion 114, payable in respect to Due by annuitants (contributions and interest).. 51 3 7 allowances outstanding at 31st Consolidated "Fund, on account of cost-of-living January, 1935 .. .. 296 16 0 bonus .. .. .. .. .. 72 16 4 38,767 5 10 Rent received from securities leased (held for rates and expenses) .. .. .. .. 164 18 10 Reserve— For commission payable to Public Trustee in respect to interest due or accrued .. 940 10 9 For commission to Post and Telegraph Department in respect to vouchers issued but unpaid .. .. .. 36 4 6 For cost of actuarial examination in progress .. .. 350 0 0 1,326 15 3 Reserve for loss on investments— Balance at 31st January, 1934 4,499 5 3 Less written-off principal .. 3 19 8 Less written-off interest .. 1,032 11 3 3,462 14 4 Vouchers issued but unpaid at 31st January, 1935 .. .. 19,726 1 10 Less cash in Post Office Account.. 3,551 17 9 16,174 4 1 £1,056,601 13 0 £1,056,601 13 0 Notes. —Since the closing of the 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, 1935 —not included in the year's accounts—is £7,995. The liability under section 9 (2) of the National Expenditure Adjustment Act, 1932, as amended by section 25 of the Finance 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 lias 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. C. E. Crawford, A.R.A.N.Z., Education Department, Secretary, Teachers' Superannuation Board. Wellington, 15th- April, 1935. 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 departmental notes enfaced thereon, —G. F. C. Campbell, Controller and Auditor-General.

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E.—B.

(2) STATEMENT of CONTRIBUTORS, showing Annual Rates of Salaries and Contributions as at the 31st January, 1935.

(3) PARTICULARS of CONTRIBUTIONS discontinued and Allowances granted and Refunds of Contributions made during the Year ended 31st January, 1935.

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Number. Annual Rate of Annual Rate of M P Total Salary. Contributions. £ £ Contributors at 31st January, 1934 .. 3,805 5,098 8,903 2,099,645 111,843 New contributors entered during the year 45 76 121 22,517 1,344 ended 31st January, 1935 Transfers from other funds during the year 1 1 300 15 Net increase in salaries and contributions .. .. .. 128,505 6,609 during the year Totals .. .. .. 3,851 5,174 9,025 2,250,967 119,811 Contributions discontinued during the 102 421 523 108,657 6,057 year ended 31st January, 1935, by resignations, &c. Previously entered as contributors but now 1 1 2 426 34 found to be ineligible Totals at 31st January, 1935 .. 3,748 4,752 8,500 2,141,884 113,720

Number of Annual Rate at Date of t, „ Contributors. Withdrawal. " benefits. How discontinued. _ n , :p „ "3 Contribu- Allowances: j 1 M. F. Salary. Annual Rate . ments (nonH recurring). By death before allowance entered upon— £ s. d. £ s. d. (a) Contributions paid to 2 3 5 880 50 .. 441 10 8 personal representatives (b) Leaving widow or child 11 .. 11 5,047 290 285 0 0 3,720 2 3 By voluntary retirement .. 36 334 370 65,333 3,439 .. 25,972 2 1 By lapsed membership .. 18 34 52 6,439 336 .. 1,760 0 0 By transfer to other funds .. 1 .. 1 284 14 .. 63 14 2 By allowances granted on retirement — (a) Ordinary .. .. 20 34 54 20,656 1,340 10,265 18 0 (b) Medically unfit .. 12 12 24 8,060 466 3,490 17 0 (c) Extended provisions .. 2 4 6 1,958 122 713 12 0 By cancellation of entries on 1 1 2 426 34 .. 272 13 9 account of ineligible contributors By death of annuitants .. .. 822 0 0 1,451 14 11 Totals.. .. 103 422 525 109,083 6,091 15,577 7 0 33,681 17 10

E,— B,

(4) STATEMENT of RETIRING-ALLOWANCES (including Allowances to Widows and Children) for the Year ended 31st January, 1935.

By Authority: G. H. Loney, Government Printer, Wellington.— 1935.

Approximate Cost of Paper.—Preparation, not given; printing (860 copies), £9.

Price 6d .]

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i - ■ (3) (1) : (2) Details of Column (2). . : . Retiring-allowances. Allowances to I Ordinary (Age or Service). aXi931. Medically Unfit. Widows. Children. Particulars. - I : Number. Number. j Number. Number. | J Number. ; -i Annual Rate,. j— j Annual Rate. — I Annual Rate. , j Annual Rate. g Annual Rate. Annual Rate. M. F. £ M. F. M. F. M. | F. -g M. F. — Hi == 1 j ! £ 8 d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. Allowances as at 31st January, 1934 .. 6011,2801,881299,667 9 0 387 843245,778 14 0 82 5421,269 16 0 91 8522,457 0 0 268 8,315 19 0 41 30: 1,846 0 0 Allowances granted during the year at 35 59 94 14,755 7 0 20 34 10,265 18 0 2 4 713 12 0 12 12 3,490 17 0 j 55 retirement or decease of contributors nA 'ha n n i o Allowances granted during the year 1 26 27 822 0 0.. .. ■ • .... . . .... .. 2! to widows and children of deceased annuitants 365 2 002 315 244 16 0 407 877 256,044 12 0 84 5821,983 8 0 103 9725,947 17 0 297 9,214 19 0 43 36 2,054 0 0 Allowances discontinued during the 43 ' 40 ' 83 10,384 12 0 17 13 5,932 2 0 5 .. 862 10 0 13 3 2,668 0 0 18: 558 0 0 8 6 364 0 0 Alkiwanccs existing at end. of year .. ~594M25 1,919304,860 4 0 j 390 864250,112 10 0 79 5821,120 18 0 90 94123,279 17 0 279; 8,656 IS) 0 35 30 1,690 0 0 Particulars of Allowances discontinued during the Year. H °BV death tmUed " .. 35 33 68 9,989 12 0 17 13 5,932 2 0 5 .. 862 10 0 13 3 2,668 0 0 17 527 0 0 By expiry 8 7 15 395 0 0 .. .. .. .... • • •• •• •• 1 31 0 0 8 6 364 0 0 Totals .. .. .. 43 40 83 10,384 12 0 Īt! 13 5,932 2 0 5 .J 862 10 0 13, 3 1 2,668 0 0 18 558 0 0 i 8 6 364 0 0 Progress of Allowances since Establishment of Fund to the 31st January, 1935. Total granted 1 1511,8012,952 402,499 14 0 6521,023311,531 11 0 1138: 6230,819 15 0 184-13240,872 5 0 41812,256 3 0 177 166 7,020 0 0 Total discontinued" .. 557 476 97,639 10 0 262 159 61,419 1 Oj 59; 4 9,698 17 0 94 38;17,592 8 0 , 1391 3,599 4 0 142 136 5,330 0 0 Total existing .. 5941, .3251,919 304, 860 4 0 390 864 250,112 10 0 79 58 21,120 18 0 90 9423,279 17 0 279| 8,656 19 0 35 30 1,690 0 0 I ! ! I