NATIONAL PROVIDENT FUND. TWENTY-FOURTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1934.

Appendix to the Journals of the House of Representatives, 1935 Session I, H-17

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1935. NEW ZEALAND.

NATIONAL PROVIDENT FUND. TWENTY-FOURTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1934.

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

At the 31st December, 1934, the contributors to the fund totalled 25,172. The total income for the year amounted to £451,558 ss. 10d., including £227,651 17s. 2d. paid by contributors and £165,828 19s. 6d. interest. The fund at the end of the year totalled £4,037,792 14s. 9d., an increase of £280,811 19s. Bd. The benefits paid out by the fund during the year amounted to £193,315 4s. Bd., including maternity benefits of £35,130. The rate of interest earned was £4 6s. lid. per cent., and the expenses of administration in respect of ordinary contributors to the fund were at the rate of 19-55 per cent, of contributions. R. Masters, Chairman of the Board. K. WITHBFORD, Superintendent of the Fund. Wellington, 15th August, 1935.

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NATIONAL PROVIDENT FUND. (1) Revenue Account for the Year ended 31st December, 1934. £ s. d. £ s d Amount of fund at beginning of year .. 3,756,980 13 1 Maternity claims (section 19) .. .. 5,252 0 n Contributions .. .. .. .. 227,651 17 2 Maternity claims (approved friendly societies) 0 0 Interest .. .. .. .. 165,828 19 6 Refund of contributions on lapse, reduction, F" 1 ® 8 •• •• •• 707 17 6 and withdrawal (sections 11, 12, and 13) .. 61,610 010 Government contribution under Act .. 56,732 11 7 Refund of contributions in lieu of pension Refund of maternity claims by the State .. 29,878 0 0 (section 14) .. .. .. .. 5 594 12 4 Contributions overpaid on exit .. .. 52 18 5 Incapacity allowances (sections 17 and 18), Benefits refunded on exit .. .. .. 11,683 13 3 including contributions waived on incapacity Miscellaneous receipts .. .. .. 013 0 £1,189 9s. 2d.) .. .. .. 7 752 10 11 Premium on conversion .. .. .. 636 7 1 Death: Refund of contributions (sections 15 (5) and 16) .. .. .. .. 24,950 15 8 Death : Allowances on account of widows and children (section 15) .. .. .. 11,873 5 2 Retirement: Allowances (sections 13 and 48) 46,403 19 9 Refund of contributions overpaid on exit .. 52 18 5 Expenses— Salaries .. .. .. .. 8,291 17 5 Commission, allowances, and agency expenses 4,001 6 7 Postages .. .. .. .. 293 18 3 Printing and stationery .. .. .. 286 12 0 Rent .. .. .. .. .. 634 17 4 Government Actuary .. .. .. 698 0 4 Post and Telegraph Department : Charges 610 15 0 Public Trustee : Charges .. .. 3,007 6 1 Travelling allowances and expenses .. 515 13 5 General expenses .. .. .. 509 1 4 Legal expenses .. .. .. .. 143 7 0 Amount of fund at end of year .. .. 4,037,792 14 9 £4,250,153 12 7 Balance-sheet as at 31st December, 1934. Liabilities. £ s. d. Assets. £ s d Fund as per Revenue Account .. .. 4,037,792 14 9 In hands of Public Trustee — Post Office .. .. .. .. 5,003 4 4 Invested .. .. .. .. 3,847 484 16 1 Claims due and in course of payment*— Uninvested .. .. .. .. '105316 6 7 Maternity .. .. .. .. 2,509 0 11 Balances in transit .. .. .. 7,727 13 2 Death (section 16) j. .. .. 379 7 3 Contributions outstanding or in course of Death (section 15 (5)) .. .. .. 1,262 11 5 transmission*— Death : Allowances (section 15) .. .. 342 4 5 (a) Contributions due but not overdue .. 10 028 14 2 Allowances (sections 13 and 48) .. .. 1,668 711 (bj Contributions overdue .. .. 2,'664 19 2 Allowances (section 17) .. .. .. 224 17 0 Government subsidy due under Act* .. 56'732 11 7 Expenses due and in course of payment*— Refund due in respect of maternity claims* .. 2',204 0 0 Sundry creditors .. .. .. 4,025 0 3 Pines due* .. .. * .. "167 12 11 Commission, allowances, and agency expenses 612 12 7 Interest due* .. .. .. .. 29 386 19 7 Refunds in suspense .. .. .. 43,704 13 11 Interest accured but not due* .. " 45!7)7 6 1 Suspense Account .. .. .. 144 11 5 Contributions prepaid .. .. .. 9,761 13 2 £4,107,430 19 4 £4,107,430 19 4

* Included in Revenue Account.

R. WITHEFORD, Superintendent. R. M. Porteous, Wellington, Ist July, 1935. 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 J. H. Fowler, Deputy Controller and Auditor-General.

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(2) Numerical Statement for the Year ended 31st December, 1934.

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Numbers. Class 1. Class 2. Class 3. Class 4. Class 5. AfTffrQfT , Pension Rate, 10s. Pension Rate. 20s. Pension Rate, 30s. Pension Rate, 40s. Pension Rate: Other. Aggregate. uontnoution^. M. [ F. [ T. M. | F. j T. M. F, | T. M. F. T. M. F. [ T. M. F. T. - - - j | - i £ s. d. Number of contributors at commence- 15,246 605 15,851 1,720 j 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 ment of year New entrants during the year ..1,433 87 1,520 78 j 20 98 3 4 7 21 5 26 431 757 1,188 1,966 873 2,839 21,727 18 0 Transfers from another class .. 91 10 101 101 6 107 12 2 14 19 1 20 7 7 230 19 249 4,894 4 8 Increases due to adjustment on age- . . .. .. . . .. . . .. . . .. .. .. .. . . .. .. .. .. .. 221 8 4 error, &c. Total .. .. .. 16,770 702 17,472 1,899 351 2,250 221 59 280 475 119 594 4,226 3,215 7,441 23,591 4,446 28,037 252,659 14 0 Discontinuance, &c. (as per detailed 1,546 75 1,621 217 37 j 254 29 8 37 47 5 52 168 733 901 2,007 858 2,865 20,802 1 8 statement below) Total at end of year .. 15,224 627 ' 15,851 1,682 314 1,996 192 51 243' 428~ 114 2,482 6,540 '21,584 '3,588 25,172 231,857 12 4 Details of Discontinuances, c6 c., during the Year. Heaths .. .. .. .. j 43 43 3 1 4 2 2 21 6 27 69 7 76 2,529 18 8 Notice of withdrawal .. .. 847 55 902 94 17 111 7 3 10 11 4 15 93 710 803 1,052 789 1,841 13,062 18 0 Lapse and cancellations .. .. J 550 15 565 24 3 27 3 3 1 1 2 6 8 580 24 604 1,804 3 8 Attainment to pension-age 13 2 15 7 5 12 3 1 4 2 2 51 11 62 76 19 95 2,334 6 4 Transfers to another class . . 93 3 96 89 11 100 16 4 20 31 1 32 1 1 230 19 249 976 13 0 Decreases due to adjustment on age- j . . .. .. •. .. .. .. . . .. .. .. .. .. .. .. .. .. 94 2 0 error, &c. Total .. .. .. j 1,546 75 1,621 217 37 ! 254 29 8 37| 47 5 52 168 733 901 2,007 858 : 2,865 20,802 1 8 Numerical Progress since Establishment. Total entered .. .. .. 53,569 4,198 57,767 8,871 1,144 ] 10,015 955 144 1,099 1,205 232 1,437 7,943 18,968 16,911 72,543 j14,686 87,229 Total transferred from other classes 4,079 205 4,284 2,138 173 j 2,311 389 43 432 553 38 591 62 1 63 7,221 460 7,681 57,648 4,403 62,051 11,009 1,317 12,326 1,344 187 1,531 1,758 270 2,028 8,005 8,969 16,974 79,764 15,146 94,910 Total discontinued .. .. 40.297 3,631 43,928 5,500 788 6,288 575 80 655 661 112 773 3,926 16,487 10,413 50,959 11,098 62,057 ! Total transferred to other classes .. 2,127 145 2,272 3,827 215 4.042 577 56 633 669 44 713 21 I .. 21 7,221 ! 460 7,681 ! ' : '■ I 42,424 3,776 46,200 9,327 1,003 10,330 1,152 136 1,288 1,330 156 1,486 3,947 6,487 j 10,434 58,180 ill,558 69,738 j Total contributors on books at 31st 15,224 627 15,851 1,682 314 1,996 192' 51 243 428 114 542 4,058 2,482 j 6,540 21,584 3,588 25,172 231,857 12 4 December, 1934

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NATIONAL PROVIDENT FUND ACT, 1926. Direct Contributors. (3) Statement of Retiring and other Allowances for the Year ended 31st December, 1934.

Other Contributors. (3a) Statement of Retiring and other Allowances for the Year ended 31st December, 1934.

NATIONAL PROVIDENT FUND. Progress of Retiring and other Allowances since the Establishment of the Fund to 31st December, 1934.

Approximate Cost of Paper.—Preparation, not given ; printing (600 copies), £6.

Authority : G. H. Loney, Government Printer, Wellington.—l93s.

Price 3d.]

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On Death. On Incapacity On Attainment of Total Retiring and other Age 60. Allowances. A A m n o n a a n1. *omb«. | *->*- | — /™™>. ! _. I ____ M. P. £ s. d. M. F. £ s. d. M. 3?. £ s. d. M. f. I £ s. d Allowances existing at be- 165 .. 8,775 0 0 44 .. 1,911 0 0 72 43 3,188 7 0281 43 !l5 874 7 0 ginning of year Granted during the year 21 1 1,365 0 0 21 .. 858 0 0 23 7 1,430 0 0 65 8 3,653 0 0 Total ..186 1 10,140 0 0 65 .. 2,769 0 0 95 50 6,618 7 0 346 51 il9 527 7 0 Discontinued during the 23 .. 1,384 10 0 23 .. 1,131 0 0.. .. .. 46 .. 2,515 10 0 year (as per statement below) Existing at end of year 163 1 8,755 10 0 42 | . . 1,638 0 0 95 50 6,618 7 0300 ! 51 117,011 17 0 Particulars of Retiring and other Allowances discontinued during the Year. Discontinued by death I .. • 7 .-, I 292 10 0 .. .. 7 .. 292 10 0 Ex P ir y ■• .. 23 .. 1,384 10 .. 838 10 0. .. .. '.'. 39 '.'. 2,223 0 0 Tota l ■• 23 .. 1,384 10 0 23 .. jl, 131.0 0 .. .. .. 46 .. 2,518 10 0 ! L_j

On Death. On Medical Unfitness. On Attainment of Total Ketiring and other Retiring Age. Allowances. N /--[ Number. A ™ Number. *™£ Number. «^ M. I I. £ s. d. M. I, £ s. d. M. v. £ s. d. M. F. £ s. d. Allowances existing at be- 132 .. 3,099 0 0 47 9 4,467 6 0 296 58 38,482 8 0 475 67 46,048 14 0 ginning of year Granted during year .. 15 ! .. 416 0 0 10 ' 1 1,289 18 0 34 I 9 5,918 4 0 59 10 , 7,624 2 0 Total .. 147 J .. 3,515 0 0 57 10 5,757 4 0 330 J 67 44,400 12 0 534 I 77 53,672 16 0 Discontinued during year 8 ,. 316 0 0 13 .. 1,482 18 0 20 | .. 2,059 14 0 41 3,858 12 0 (as per statement below) I i I I Existing at end of year 139 .. 13,199 0 0 44 10 4,274 6 0310 I 67 142,340 18~~ŌJ493 I 77 49,814 4 0 Particulars of Retiring and other Allowances discontinued during the Year. Discontinued by death .. 5 .. 90 0. 0 10 | .. 1,087 9 0 20 I .. 12,059 14 0 35 I 3 237 3 0 Expiry .. .. j 3 .. 226 0 0 3 .... 895 9 0 .... .. 6 .. «21 9 0 Total .. ! 8 .. 316 0 0 13 .. 1,482 18 0 20 I .. 2,059 14 0 41 .. 3,858 12 0

On Death. On Incapacity On Attainment of Total Betiring and other Retiring Age. Allowances. »«"*«■ A A nTnt ««-"-• A A m n o n u U nt *»** »umbe, A^ni. M. F. £ s. d. M. F. £ s. d. M. v. £ s. d. M. f. £ s d Total granted ..459 1 22,957 10 0 426 19 26,606 8 0 557 122 63,149 9 01442142 112,713 7 6 Total discontinued ..157 .. 11,003 0 0 340 9 20,694 2 0152 5 14,190 4 0 649 14 45,887 6 0 Total existing at 31st De- 302 1 11,954 10 0 86 ! 10 5,912 6 0 405 |ll7 |48,959 5 0 793 128 66,826 1 0 oember, 1934