NATIONAL PROVIDENT FUND. TWENTY-SIXTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1936

Appendix to the Journals of the House of Representatives, 1937 Session I, H-17

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1937. NEW ZEALAND.

NATIONAL PROVIDENT FUND. TWENTY-SIXTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1936

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

1. The buoyant tone so noticeable in the community over the past year is reflected in the figures of the Fund for the twelve months ended 31st December, 1936, when compared with those to 31st December, 1935 : — 1936. 1935. New contributors .. •• •• •• 3,265 2,977 Local bodies .. .. • • ■ • ■ ■ 122 120 Total contributors .. •• •• 26,574 25,782 Pensioners . . . • ■ ■ ■ • • ■ 674 588 £ £ Contributions .. .. .. .. .. 246,559 233,178 Interest "4,044 168,039 Total income 526,457 502,899 Pension payments .. .. •• 58,917 51,758 Other benefits .. .. . . •• 154,192 141,840 Total outgo .. .. •• •• •• 218,434 199,632 Funds at end of year .. .. .. 4,649,082 4,341,060 Rate of interest per cent. .. .. .. £3 19s. Od. £4 Is. lOd. 2. The imminence of the projected universal and compulsory scheme at first raised doubts in the minds of contributors and others lest their contracts should be abrogated, but these doubts have been dispelled by definite Government pronouncements that existing contracts will be fully honoured to maturity. 3. Secure in this knowledge, contributors have joined the Fund in greatly increasing numbers, while many existing contributors have elected to pay for larger pensions. 4. The desire of industry to make provision for the declining years of employees is apparent in the large number of commercial " groups "in operation, there being 329 groups covering 2,382 employees. 5. Mr. R. Witheford, Superintendent of the Fund, met a tragic death in January of last year, and he was succeeded by Mr. G. Gostelow, F.I.A. At the end of September, however, Mr. Gostelow's services were lost to the Fund as he took up the appointment of Actuary to the New South Wales Government. Since Mr. Gostelow's departure, Mr. S. Beckingsale, F.1.A., Actuary to the Government Insurance Department, has acted as Actuary to the Fund. W. Lee Martin, Chairman of the Board. R. Sinel, Wellington, 9th August, 1937. Superintendent of the Fund.

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NATIONAL PROVIDENT FUND. (1) Revenue Account foe the Year ended 31st December, 1936. £ s. d. £ s. d. Amount of fund at beginning of year .. ..4,341,059 10 3 Maternity claims (section 19) .. .. 4,796 0 0 Contributions .. .. .. .. 246,558 11 7 Maternity claims (approved friendly societies) .. 30,996 0 0 Interest .. .. .. .. 174,043 11 4 Refund of contributions on lapse, reduction, Knes .. .. .. .. .. 661 17 2 and withdrawal (sections 11, 12, and 13) .. 64,740 1 2 Government contribution under Act .. .. 61,624 610 Refund of contributions in lieu of pension Refund of maternity claims by the State .. 30,996 0 0 (section 14) .. .. .. .. 6,322 2 6 Contributions overpaid on exit .. .. 44 3 4 Incapacity allowances (sections 17 and 18), Benefits refunded on exit .. .. .. 12,527 3 3 including contributions waived on incapacity Miscellaneous receipts .. .. .. 14 6 (£1,445 lis. 9d.) .. .. .. 9,180 12 11 Death: Refund of contributions (sections 15 (5) and 16) .. .. .. .. 25,769 10 11 Death : Allowances on account of widows and children (section 15) .. .. .. 12,343 10 11 Retirement : Allowances (sections 13 and 48) .. 58,917 6 3 Refund of contributions overpaid on exit .. 44 3 4 Public Trustee : Charges .. .. .. 2,839 0 9 Legal expenses .. .. .. .. 133 15 0 Investment Fluctuation Account .. .. 2,352 3 3 Amount of fund at end of year .. .. 4,649,082 1 3 £4,867,516 8 3 £4,867,516 8 3 Balance-sheet as at 31st December, 1936. Liabilities. £ s. d. £ s. d. Fund as per Revenue Account .. .. 4,649,082 1 3 In hands of Public Trustee — Claims due and in course of payment*—■ Invested .. .. .. .. 4,534,470 11 8 Maternity .. .. .. .. 2,833 12 11 Uninvested .. .. .. .. 29,034 13 7 Death (section 16) .. .. .. 1,635 1 1 Post Office .. .. .. .. 2,933 9 10 Death (section 15 (5) ) .. .. .. 3,031 2 0 Balances in transit .. .. .. .. 9,221 310 Death: Allowances (section 15) .. .. 529 18 3 Contributions outstanding or in course of Allowances (section 13 and 48) .. .. 2,411 2 4 transmission*— Allowances (section 17) .. .. .. 284 9 5 (a) Contributions due but not overdue .. 9,194 15 5 Refunds (section 14) .. .. .. 1,920 14 2 (6) Contributions overdue .. .. 1,814 5 2 Public Trustee: Charges* .. .. .. 1,501 810 Government subsidy due under Act* .. 61,624 610 Refunds in suspense .. .. .. 46,442 12 2 Refund due in respect of maternity claims* .. 1,972 0 0 Suspense Account .. .. .. .. 168 13 2 Fines due* .. .. .. .. 113 18 1 Contributions prepaid .. .. .. 9,145 13 8 Interest due* .. .. .. .. 18,717 7 4 Interest accrued but not due* .. .. 49,889 17 6 £4,718,986 9 3 £4,718,986 9 3 * Included in Revenue Account. R. Sinel, Superintendent. R. M. Porteous, A.R.A.N.Z., Accountant. Wellington, Ist July, 1937. 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, Controller and Auditor-General.

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(2) Numerical Statement for the Year ended 31st December, 1936.

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Numbers. — Class 1. Class 2. Class 3. Class 4. Class 5. AzBr P »at P Contributions Pension Rate, 10s. Pension Rate. 20s. Pension Rate, 30s. Pension Rate, 40s. Pension Rate: Other. gg ° o M. j F. [ T. M. F. T. M. F. | T. M. F T. M. F. j T. M. F. T. Number of contributors at commence- 15,460 664 16,124 1,680 311 1,991 186 55 241 440 107 547 4,248 2,631 6,879 22,014 3,768 25,782 239,374 14 0 ment of year New entrants during the year .. 1,541 102 1,643 117 19 136 12 3 15 21 6 27 502 942 1,444 2,193 1,072 3,265 24,981 1 4 Transfer from another class .. 80 9 89 120 18 138 20 3 23 41 6 47 11 11 272 36 308 10,792 6 4 Increase due to adjustment on age- .. .. .. .... .. .. .. .. .. .. .. .. .. .. .. .. .. 30 10 8 error, &c. Total .. .. .. 17,081 775 17,856 1,917 ! 348 2,265 218 61 279 502 119 621 4,761 3,573 8,334 24,479 4,876 29,355 275,178 12 4 Discontinuances, &c. (as per detailed 1,250 94 1,344 196 27 223 31 16 47 52 32 84 260 823 1,083 1,789 992 2,781 23,240 11 4 statement below) Total at end of year .. 15,831 681 1 16,512 1,721 1 321 2,042 1 187 45 232 450 87 1 537 4,501 2,750 7,251 22,690 3,884 26,574 251,938 1 0 Details of Discontinuances. &c., during the Year. Death .. .. .. 29 4 33 8 8 2 1 .. 2 2 2 27 8 35 68 12 80 j 2,469 0 0 Notice of withdrawal .. .. 726 60 786 86 12 ! 98 4 5 9 26 28 54 156 785 941 998 890 1,888 ! 15,581 7 4 Lapse and cancellation .. .. 337 12 349 8 1 9 .. 4 4 1 11 12 350 24 374 1,117 2 8 Attainment of pension age 24 5 29 9 4 13 1 1 2 2 1 3 65 19 84 101 30 131 3,009 6 4 Transfer to another class . . .. 134 13 147 85 10 95 24 10 34 18 3 21 11 11 272 36 308 1,060 10 4 Decrease due to adjustment on age- .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 348 error, &c. Total .. .. .. 1,250 94 1,344 196 j 27 223 31 16 47 52 | 32 84 260 823 1,083 1,789 992 2,781 [ 23,240 11 4 Numerical Progress since Establishment. Tôtai entered .. .. .. 56,593 4,406(60,999 9,071 1,182 10,253 976 152 1,128 1,240 242 1,482 8,824 10,785 19,609 76,704 16,767 93,471 Total transferred from other classes 4,236 225 4,461 2,365 197 2,562 425 55 480 623 49 672 82 2 84 7,731 528 8,259 60,829 4,631 65,460 11,436 1,379 12,815 1,401 207 1,608 1,863 291 2,154 8,906 10,787 19,693 84,435 17,295 101,730 Total discontinued .. .. 42,625 3,781 46,406 5,719 825 6,544 597 90 687 704 150 854 4,369 8,037 12,406 54,014 12,883 66,897 Total transferred to other classes .. 2,373 169 2,542 3,996 233 4,229 617 72 689 709 54 763 36 36 7,731 528 8,259 44,998 3,950 48,948 9,715 1,058 10,773 1,214 162 1,376 1,413 204 1,617 4,405 8,037 12,442 61,745 13,411 75,156 Total contributors on books at 31st 15,831 681 16,512 1,721 321 2,042 187 45 232 450 87 537 4,501 2,750 7,251 22,690 3,884 26,574 251,938 1 0 December, 1936

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NATIONAL PROVIDENT FUND ACT, 1926. Direct Contributors. (3) Statement of Retiring and other Allowances for the Year ended 31st December, 1936.

Other Contributors. (3a) Statement of Retiring and other Allowances for the Year ended 31st December, 1936.

NATIONAL PROVIDENT FUND. Progress of Retiring and other Allowances since the Establishment of the Fund to 31st December, 1936.

Approximate Cost of Paper.—Preparation, not given ; printing (634 copies), £6 10s.

By Authority: E. V. Paitl, Acting-Government Printer, Wellington. —1937.

Price 3d.]

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On Death. On Incapacity!. I On Attainment of Total Retiring and other Age 60. Allowances. NumbCT - A™, A™. NumbCT '| A A dl Number. Arriou nt. : I ' ! i | I M. F. £ S. d. M. F. £ :S. d. M. F. £ S. d. M. , F. £ 8. d. Allowances existing at be- 166 1 8,755 10 0 41 .. 1,696 10 0124 1 61 8,386 7 0331 ; 62 18,838 7 0 ginning of year Granted during the year 18 .. 1,248 0 0 19 .. 799 10 0 34 11 1,768 0 0 71 11 3,815 10 0 Total ..184 1 10,003 10 0 60 .. 2,496 0 0158 72 10,154 7 0 402 j 73 22,653 17 0 Discontinued during the 21 .. 1,482 0 0 14 .. 643 10 0 2 2 156 0 0 37 2 2,281 10 0 year (as per statement below) | I i J Existing at end of year 163 1 1 8,521 10 0 1 46 ! .. 1,852 10 0156; 70 ! 9,998 7 0 365 71 20,372 7 0 Particulars of Retiring and other Allowances discontinued during the Year. Discontinued by death .. .. [ .. 39 0 0 .... .. 2 1 2 156 0 0 2 2 195 0 0 Expiry .. .. 21 .. 1,443 0 0 14 .. 643 10 0 .. . . .. 35 .. 2,086 10 0 Total .. 21 , 1,482 0 0 14 .. 613 10 0 2 2 156 0 0 37 2 2,281 10 0 j •- \ 1 j I •: • :

On Death. On Medical Unfitness. On Attainment of Total Retiring and other Retiring Age. Allowances. Number. Number - Amount. Number ' AmoZl. dumber. m. i r, £ s. d. m. ! I. £ -fi. d. m. i f. £ s. d. m. f, £ s. d. Allowances existing at be- 151 .. 3,529 0 0 52 1 11 5,148 ,1 0321 82 45,592 7 0524 93 54,269 8 0 ginning of year Granted during year .. 20 .. 517 0 0 14 1 1,880 18 0 47 I 17 8,418 2 0 81 18 10,816 0 0 Total .. 171 4,046 0 0 66 ! 12 7,028 19 0 368j 99 54,010 9 0 605 111 65,085 8 0 Discontinued during year 7 .. 256 0 0 11 1 1,014 16 0 16. 3 1,802 13 0 34 4 3,073 9 0 (as per statement below) Existing at end of year 164 ' .. 3,790 0 0 55 11 6,014 3 0 352 ' 96 52,207 16 0571 107 '62,011 19 0 Particulars of Retiring and other Allowances discontinued during the Year. Discontinued by death .. 5 1.. 90 0 0 5 .. 307 19 0 '16: 3 1,802 13 0 26 3 2,200 12 0 Expiry .. .. 2 ! .. 166 0 0 6 1 706 17 0 .. .. .. 8 | 1 872 17 0 Total .. I 7- .. 256 0 0 11 1 1,014 16 0 lii 3 1,802 13 0 34 4 3,073 9 0

On Death. On Incapacity ; On Attainment of Total Retiring and other Retiring Age, Allowances. Arnount. j Amount ™, j Namber. j ~ ' J j M. F. £ s. d. M. F. £ a. d. M. F. £ s. d. M. F. £ s. d. Total granted ..532 1 26,348 0 0491 23 31,675 6 0 703 177 80,560 10 01726 201 138,583 16 0 Total discontinued .. 205 .. 14,036 10 0 390 12 23,808 13 0195 11 18,354 7 0/790 23 56,199 10 0 Total existing at 31st De- 327 1 12,311 10 0101 11 7,866 13 0 508 166 62,206 3 0j936 178 82,384 6 0 cember, 1936 ' I !