EDUCATION: TEACHERS' SUPERANNUATION FUND.

Appendix to the Journals of the House of Representatives, 1937 Session I, E-08

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1937. NEW ZEALAND.

EDUCATION: TEACHERS' SUPERANNUATION FUND.

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

No. I,—THIRTY-FIRST ANNUAL REPORT OF THE TEACHERS' SUPERANNUATION BOARD. For the Year ended 31st January, 1937. The Hon. the Minister of Education. Sie ) — Wellington, 10th June, 1937. The Board has to submit the following report for the year ended the 31st January, 1937 : — 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, 1937, as compared with those for previous year : — 1937. 1936. Contributors on roll at 31st January .. .. .. 8,058 8,148 Decrease from previous year ~ . . .. .. 90 352 Retiring and other allowances — Annual rate granted during year .. .. .. £17,591 £18,547 Total annual rate at 31st January . . . . . . £322,557 £315,438 Number granted during year — On retirement . . . . . • ■ • ■ • 88 93 To widows .. .. .. •. • ■ 26 19 To children .. .. . . ■ • • • 8 19 Number discountinued during year — By death . . .. .. ■ • • • 69 46 By other causes . . .. . . .. ■ . 11 8 Number current at 31st January — Retired members .. .. • • • ■ • • 1,660 1,629 Widows and children . . . . . • 378 367 Income for year — £ £ Contributions .. .. 132,631 119,568 Government subsidy — Section 112 of Act .. .. . • ■. 43,000 43,000 Section 114 of Act .. .. 4,350 4,652 Section 23, Finance Act, 1936 .. .. . • 115,000 112,800 Special on account of interest reductions .. .. 9,450 9,594 Total Government subsidy .. .. .. 171,800 170,046 Interest ... .. .. •• ■■ 44,187 46,056 Profit on realization of investments, &c. . . . . 34 38 Total income .. .. •• • £348,652 £335,708 Expenditure — Retiring and other allowances .. . . . . 323,976 313,372 Contributions refunded or transferred . . 31,481 33,508 Administration expenses, &c. . . . . - , 3,306 3,423 Total expenditure .. . . • • • £358,763 £-350,303 I—E. 8.

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1937. 1936. £ £ Net loss for year .. .. .. .. .. .. 10,111 14,595 Balance at credit of Fund .. .. .. .. 964,605 974,715 Funds invested at 31st January — At 3 per cent. .. .. .. .. .. 5,000 5,000 At 3§ per cent. .. .. .. .. .. 8,175 2,855 At 3| per cent. .. .. .. .. .. 51,681 200 At 3f per cent. .. .. .. .. . . 1,200 1,200 At 4 per cent. .. .. .. .. .. 24,650 80,215 At 4J per cent. .. .. .. .. .. 280,239 174,055 At 4§ per cent. .. .. .. .. .. 1,800 1,800 At 4| per cent. .. .. .. .. .. 136,730 70,082 At 4§ per cent. .. .. .. .. .. 100 2,000 At 4f per cent. . . .. . . . . . . 1,100 At 4f per cent. . . . . . . . . .. 300 At 5 per cent. .. .. .. .. .. 60,715 At 5$ per cent. .. .. .. .. .. 2,250 At 5\ per cent. .. .. .. .. .. 2,400 At 6 per cent. .. .. .. .. .. 1,750 At 6 per cent, f subject to reduction under the National 1 376,392 607,365 At 6J per cent. \ Expenditure Adjustment Act, 1932 J 197 6,250 Mortgage security acquired .. .. .. .. .. 3 ; 109 Total .. .. .. .. .. £954,679 £954,131 f unreduced rate .. 4-972 5-374 Average rate of interest (per cent,) <( after reduction as shown above .. 4-577 4-729 Unclaimed contributions held at 31st January .. .. £855 £1,279 Cost-of-living Bonus.- —The payment of this bonus has been continued in necessitous cases. For the Teachers' Superannuation Board, C. E. Crawford, Secretary.

No. 2.—STATEMENTS IN ADDITION TO THOSE PRESCRIBED BY THE ACT AND REGULATIONS. A. Number of Contributors on the 31st January, 1937, 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, 1937).

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5 per Cent. 6 per Cent. 7 per Cent. 8 per Cent. 9 per Cent. ] (' e jj£ r Totals. M. F. M. F. M. F. M. F. M. F. M. F. M. F. | Total. I ~ " Number at 31st January, 1936 3,177 3,927 250 255 126 171 64 77 39 29 28 5 3,684 4,464 8,148 New contributors entered during 76 188 19 31 6 13 3 13 4 6 .. 4 108 255 363 year ! Transfers from other funds .. 1 1 . 1 3,254 4,115 269 286 132 184 67 90 43 35 28 9 3,793 4,719 8^512 Number left during year .. 59 314 15l 19 8 11 5 10i 3 7 .. 3 90 364 454 Number at 31st January, 1937 3,195 3,80.1 254:j 267 124 173 62 8oj 40 28 28 6 3,703 4,355 8,058

Number. _ Annual Annual Rate M. F. Total, j Salary ' Contribution. £ £ Total entered (including net increases in salary 6,610 13,294 19,904 5,219,849 294,321 and contributions) Total discontinued .. .. .. .. 2,907 8,939 11,846 2,679,104 159,887 Total existing at 31st January, 1937 .. 3,703 4,355 8,058 2,540,745 134,434

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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, 1937. £ s. d. £ s. dBalance, 31st January, 1936 .. .. 974,715 5 7 Retiring and other allowances .. .. 323,975 19 3 Contributions of members .. .. 132,385 3 6 Contributions refunded £ s. d. Contributions transferred from other funds .. 12 13 4 On voluntary retirement .. 24,416 11 3 Additional contribution from Fiji Government in On.death of members .. 4,643 15 9 respect to teachers in Fiji schools .. .. 233 5 4 On lapse of membership .. 178 12 4 Government subsidy— .. £ s. d. " ; 29,238 Under the Act, section 112 . . 43,000 0 0 Rebate of contributions to annuitants on retireUnder Finance Act, 1936, ment under National Expenditure Adjustment section 23 .. .. 115,000 0 0 Act, 1932, section 9 (2) .. .. .. 341 4 4 Under the Act, section 114 .. 4,350 3 0 Contributions transferred to other funds .. 1,901 1 2 On account of reduction of Administration expenses— £ s. d. interest during year ended Commission, G.P.O. .. 616 18 0 31st March, 1936, under Commission, Public Trustee .. 1,408 0 9 National Expenditure Ad- Clerical assistance .. .. 900 0 0 justment Act, 1932 .. 9,450 0 0 Postage and telegrams .. 100 0 0 — 171,800 3 0 Office expenses .. .. 112 5 1 Interest Travelling-expenses of Board On investments .. .. 44,007 7 3 members .. .. 77 15 3 On contributions in arrears 452 14 8 Medical fees Audit fees .. .. 50 0 0 44,460 1 11 3,305 18 1 Less investments written Balance, 31st January, 1937 .. . . 964,604 16 5 clown (proportion of premium on purchase of bonds) .. .. 272 16 10 44,187 5 1 Premium on conversion of debentures .. 34 2 9 £1,323,367 18 7 £1,323,367 18 7 COST-OF-LIVING BONUS ACCOUNT FOR THE YEAR ENDED 31st JANUARY, 1937. £ s. d. £ s. d. Refund from Consolidated Fund .. 1,372 2 8 Balance due from Consolidated Fund, January, 1936 137 19 2 Balance due from Consolidated Fund, 31st January, Payment of bonus .. .. .. .. 1,500 16 7 1937 .. . • • • • • • • 266 13 1 £1,638 15 9 £1,638 15 9 2—E. 8.

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S.C %£ "gfr -St? •SS IS 0 & •§ 2 S3 S . 'S S? . 'S 3 • Ê • -2 d • Hs f!i fit ;!» li 5i ii in >T If IfJf -.it 'S 1 '1 *t Total number of contributors 2,182 6,858 8,377 9,616 9,355 8,148 Total amount of contributions £32,320 £101,594 £146,804 £140,832 £113,549 £119,361 £132,398 £^,680,392 Interest received .. .. £864 £48,725 £73,420 £70,144 £61,117 £46,056 £44,187 £1,111,875 Subsidy from Government .. £5,000 £63,833 £71,428 £71,831 £47,020 £170,046 £171,800 £1,608,469 Subsidy from Fiji Government .. £38 £214 £262 £215 £207 £233 £2,858 Number of allowances payable 84 1,078 1,273 1,530 1,842 ooA Total amount paid on account of £3,147 £112,861 £184,707 £222,423 £283,738 £313,372 £323,976 £3,836,449 retiring and other allowances Total amount of contributions £260 £19,189 £26,590 £30,377 £33,478 £33,508 £31,481 £528,463 refunded and transferred , Accumulated fund .. .. £34,734 £858,662 £1,083,155 £1,198,711 £1,111,642 £974,715 £964,605

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(B) BALANCE-SHEET as at 31st January, 1937. Liabilities. £ s. d. Assets. Fund as per Revenue Account .. .. 964,604 16 5 Amount held by Public Trustee — £ s. d. £ s. d Retiring and other allowances due and unpaid .. 2,765 0 2 Invested .. .. .. 954,678 15 10 Refund of contributions due and unpaid .. 2,459 16 3 Uninvested .. .. 10,752 6 0 Transfers to other funds unpaid .. .. 5 13 1 965,431 1 10 Administration expenses unpaid— Premium paid on purchase of Commission, Post and Tele- £ s. d. Investments .. .. 3,349 19 0 graph Department .. 208 8 6 Less amount written off .. 272 16 10 Clerical assistance .. .. 750 0 0 3,077 22 Postage and telegrams .. 83 6 8 Amounts paid to protect securities . . 238 19 4 Office expenses, printing, and Contributions of members— stationery .. .. 15 13 0 In transit .. .. .. 2,367 4 9 Actuarial fees .. .. 330 0 0 Due and outstanding . . 3,334 22 Audit fee .. .. .. 41 13 4 5,701 6 11 1,429 1 6 Interest on investments — Unclaimed contributions .. .. 854 19 6 Due and outstanding .. 10,821 4 1 Amounts paid into fund in error .. 10 19 7 Accrued, but not due .. 11,327 14 8 Government subsidy —Statutory — 22,148 18 9 grant paid in advance for 1937 39,416 13 4 Interest on arrears of eontribuLess additional subsidy under sec- tions due and outstanding tion 114 of Act not yet paid .. 445 14 2 (contributors) .. .. . . 388 6 2 Less additional subsidy under sec- Due by annuitants — tion 114, payable in respect to Contributions and interest . . . . 44 7 3 allowances outstanding at 31st Due by Consolidated Fund for January, 1937 .. .. 147 18 8 Cost-of-living Bonus . . . . 266 13 1 38,823 0 6 Cash in Post Office Account .. 35,766 7 7 Rent received from securities Less vouchers issued but unleased (held for rates and ex- paid at 31st January, 1937 17,848 15 1 penses) .. .. .. .. 416 8 2 17,917 12 6 Reserve— For commission payable to Public Trustee in respect to interest due or accrued .. ~ 741 0 0 For commission to Post and Telegraph Department in respect to vouchers issued but unpaid .. .. .. .. 34 3 0 For cost of actuarial examination .. .. .. 350 0 0 Less Government Actuary Department claim . . 330 0 0 20 0 0 Reserve for loss on investments — Balance at 31st January, 1936 3,415 0 1 Less written-off interest .. 365 10 3 3,049 9 10 £1,015,214 8 0 £1,015,214 8 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, during the year to 31st March, 1937. The amount for the period to 31st January, 1937, not included in the year's accounts, is £5,456. 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 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. C. E. Crawford, A.R.A.N.Z., Education Department, Secretary, Teachers' Superannuation Board. Wellington, 10th June, 1937. 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 enfaoed thereon.—J. H. Fowler, Controller and Auditor-General.

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(2) STATEMENT of CONTRIBUTORS, showing Annual Rates of Salaries and Contributions as at the 31st January, 1937.

(3) PARTICULARS of CONTRIBUTIONS discontinued and Allowances granted and Refunds of Contributions made during the Year ended 31st January, 1937.

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m^"'r - Annual Rate of Annual Rate of M F Total Salary. Contributions. £ £ Contributors at 31st January, 1936 .. 3,684 4,464 8,148 2,246,056 118,699 New contributors entered during the year 108 255 363 64,992 3,700 ended 31st January, 1937 Transfers from other funds during the year 1 1 215 11 Net increase in salaries and contributions .. .. .. 345,133 : 18,387 during the year Totals .. .. •• 3,793 4,719 8,512 2,656,396 j 140,797 Contributions discontinued during the 90 364 454 115,651 ! 6,363 year ended 31st January, 1937, by resignations, &c. Totals at 31st January, 1937 .. 3,703' 4,355 J 8,058 2,540,745 134,434 I

Number of Annual Rate at Date of fi . Contributors. Withdrawal. How discontinued. . Other Pay- _ "TS ci i (Jontnbu- Allowances: , , M. F. | Salary. j Annual Rate. meats (nom- £ recurring). Bv death, before allowance entered upon — £ s. d. £ s. d. (a) Contributions paid to 4 11 15 4,795 264 .. 4,010 7 10 personal representatives (h) Leaving widow or child 6 .. 6 2,927 165 363 0 0 447 17 1 By voluntary retirement .. 33 290 323 67,017 3,470 .. 24,416 11 3 By lapsed membership .. 8 6 14 2,342 132 .. 436 19 10 By transfer to other funds .. 5 4 9 3,432 203 .. 1,901 1 2 By allowances granted on retirement — (a) Ordinary .. .. 19 38 57 24,235 1,509 11,975 10 0 (bj Medically unfit .. 12 15 27 9,323 531 3,508 9 0 !> 341 4 4 (c) Extended provisions .. 3 1 4 2,205 121 1,093 1 0 J By death of annuitants • • • 620 0 0 439 10 5 90 365 455 116,276 6,395 17,560 0 0 31,993 16 11 Deduct — (a) previously in lapsed now .. I 1 290 15 .. 258 7 6 included in Medically unfit (b) Adjustment on account 335 17 31 0 0 253 19 7 death, 19 3 5 - 36, widow now taking pension instead of refund Totals.. .. 90 364 j 454 115,651 6,363 17,591 0 0 31,481 9 10

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(4) STATEMENT of RETIRING-ALLOWANCES (including Allowances to Widows and Children) for the Year ended 31st January, 1937.

Approximate Cost of Paper.-—Preparation, not given; printing (840 copies), £11 10s.

By Authority: E. V. Paul, Government Printer, Wellington.— 1937.

Price fid.]

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(1) /2) Details of Column (2). Retiring-allowances. Allowances to Total Allowances. ~ ~ 1 ! Particulars. Ordinary (Age or Service). Medically Unfit. Widows. Children. Number. Number. Number. Number. 33 Number. J Annual Rate. -| Annual Rate. Annual Rate. I Annual Rate. "g Annual Rate. Annual Rate. M. F. h M. I R M. F. M. F. jg j M. F. I . . . £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. Allowances as at 31st January, 1936 .. 6121,3841,996315,438 6 0 394: 894 256,970 18 0 81 9 0 97 10225,575 0 0 288 8,935 19 0 40 39 2,054 0 0 Allowances granted during the year at 37 65 102 16,971 0 0 19| 38 11,975 10 0 3 1 1,093 1 0 12 15 3,508 9 0 6 186 0 0 3 5 208 0 0 retirement or decease of contributors Allowances granted during the year .. 20 20 620 0 0.... .. .... .. .... .. 20 620 0 0.. to widows and children of deceased annuitants .. . . .. Totals .. .. .. 6491,4692,118333,029 6 0 413 932268,946 8 0 84 6222,995 10 0 109 11729,083 9 0 314 9,741 19 0 43 44 2,262 0 0 Allowances discontinued during the year 38 42 80 10,471 19 0 20 19 7,433 6 0 8 .. 1,112 6 0 6 4 1,253 7 0 15 465 0 0 4 4 208 0 0 Allowances existing at end of year .. 6111,4272,038322,557 7 0 393 913 261,513 2 0 76 6221,883 4 0 103 11327,830 2 0 299 9,276 19 0 39 40 2,054 0 0 Particulars of Allowances discontinued during the Year. How discontinued — By death .. .. 34 35 69 10,181 16 0 20 19 7,433 6 0 8 .J 1,112 6 0 6 2 1,202 4 0 14 434 0 0 .. By expiry .. .. .. 4 7 11 290 3 0 .. .. .. .... .. .. 2 51 3 0 1 31 0 0 4 4 208 0 0 Totals .. 38 42 80 10,471 19 0 I 20 i'.i 7.433 6 0 8 .. 1 1,112 6 0 6 4 1,253 7 0 15 465 0 0 4 4 208 0 "Ō Progress of Allowances since Establishment of Fund to the 31st January, 1937. Total granted .. .. .. 1,2361,9693,205438,637 9 0 6921,104336,682 2 0 145 ! 6633,191 6 0 209 15647,390 18 0 46313,651 3 0 190 180 7 722 0 0 Total discontinued .. .. 625 5421,167116,080 2 0 299 191 75,169 0 0 69 411,308 2 0 106 4319,560 16 0:164 4,374 4 0 151 140 0 0 Total existing .. .. 6111,4272,038322,557 7 0 393 913261,513 2 0 76 : 6221,883 4 0 103 11327,830 2 0 j 299 9,276 19 0 39 40 2,054 0 0