PUBLIC SERVICE SUPERANNUATION BOARD. (THIRTY-FIRST ANNUAL REPORT OF THE), WITH ACCOUNTS, FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1939.

Appendix to the Journals of the House of Representatives, 1939 Session I, H-26

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1939. NEW ZEALAND.

PUBLIC SERVICE SUPERANNUATION BOARD. (THIRTY-FIRST ANNUAL REPORT OF THE), WITH ACCOUNTS, FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1939.

Presented to Parliament pursuant to the Provisions of the Public Service Superannuation Act, 1927.

REPORT.

The Board has the honour to submit the following report upon the transactions in connection with the Public Service Superannuation Fund : — The Revenue Account, Balance-sheet, and statements regarding membership and retiring and other allowances will be found appended. The Board. —G. C. Rodda, Esq., M.8.8., Financial Adviser to the Government and a Statutory Member of the Board, retired on the 31st January, 1939 ; his successor is B. C. Ashwin, Esq. G. McNamara, Esq., C.8.E., Director-General, Post and Telegraph Department, and a Statutory Member of the Board, retired on the 30th June, 1939, and is succeeded by J. G. Young, Esq. Contributors. —The number of new contributors who joined the scheme during the year, and other particulars, are contained in the following table : —

Number. Rate per Cent, of Annual Salary. ; Annual Contributions. Contribution. Male. Female. Total. | £ s. d. £ s. d. 5 2,260 948 3,208 412,240 15 0 20,612 0 9 6 130 27 157 44,077 10 0 2,644 13 0 7 88 7 95 32,580 16 8 2,280 13 2 8 44 3 47 15,583 6 8 1,246 13 4 9 22 1 23 7,767 10 0 699 1 6 10 8 8 3,240 0 0 324 0 0 Transfers from other 25 1 26 7,315 0 0 398 19 0 funds Totals .. 2,577 987 3,564 j 522,804 18 4 28,206 0 9 I

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The following table shows particulars of the public servants who were contributing to the fund on the 31st March, 1939 (after allowing for deaths, retirements, and withdrawals), grouped according to their respective rates of contribution : —

Retiring and other Allowances granted.—Pensions for £43,734 3s. per annum were granted during the year as follows : For age or length of service, £34,509 6s. to 129 members (113 male and 16 female members); for medical unfitness for duty, £4,067 2s. to 37 members ; for police contributors injured on duty, £607 15s. to 3 members; to widows and children of deceased members, £3,224 per annum to 104 widows; and £1,326 per annum to 51 children. Under section 114 of the Public Service Superannuation Act, 1927, the statutory allowances to widows and children were increased from £18 to £31 per annum and from ss. per week to 10s. per week respectively. The additional expenditure on this account is recovered from the Consolidated Fund. Civil Service Act, 1866: Compensation Rights.—The total amount of such compensation for which the fund became liable since the initiation of the scheme is £561,134-. To this amount must be added accretions to the date of retirement, approximately £143,000, for which the Consolidated Fund would otherwise have been liable, and the whole may be fairly set against the total subsidies paid to the fund during the past thirty-one years, amounting to £2,792,170. There are now no contributors to the fund with compensation rights. Allowances discontinued. —One hundred and seventy-seven retiring or other allowances were discontinued by death, and 65 for other causes —viz., 8 widows remarried and 57 children reached the age of fourteen years. Annual Amount of Allowances. —The annual amount payable at the close of the year was £537,095 Is. 4d., as shown in the statement attached. Income. —The total income for the year was made up as follows : — £ Members' ordinary contributions, &c. .. .. .. .. 370,627 Subsidy, Cook Islands and Samoan Administrations, &c. .. .. 1,141 Contributions from Government . . . . . . . . 242,950 Fines, &c. .. .. .. .. .. .. 1,369 Interest .. .. .. .. .. .. 130,688 Total income for year .. . . .. £746,775 Outgo. —The pensions paid during the year to contributors who have retired and to dependants of deceased contributors amounted to £527,725 lis. Bd.—viz., £482,114 lis. to members and £45,611 os. Bd. to widows and children. Refunds of contributions to contributors who have left the Service amounted to £40,199 7s. Bd., while the refunds under section 42 to personal representatives of deceased contributors and annuitants amounted to £19,888 15s. 6d. Eleven contributors who were retired elected to accept a refund of their contributions under section 34, amounting to £4,131 lis. Bd., in lieu of retiring-allowances. Two contributors were transferred to other funds in accordance with the provisions of section 120, and their contributions, amounting to £44 19s. 9d., were accordingly transferred to such funds. Seventy-eight contributors employed in nursing and health-inspection duties, Department of Health, whose total contributions amounted to £17,789 7s. 5d., were transferred to the National Provident Fund, vide section 30, Finance Act, 1938. The salaries of the staff and other office expenses were £3,172 12s. and £2,486 os. Id. respectively. Court orders issued under the authority of the Mortgagors and Lessees Rehabilitation Act, 1936, reduced investments by £1,462 35., and the Board under the authority of the same Act wrote off £526 19s. 2d. Premium paid on purchase of inscribed stock in 1935 amounted to £5,072 13s. 9d., and is to be written off during the currency of the stock ; £370 16s. 4d . has been written off this year. The total outgo for the year was £619,950 14s. 3d. Accumulated Funds; —These amounted at the end of the year to £3,199,010 Bs. Id.

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■d . „ . Number. Rate per Cent. , , of Annual Salary. „ , Co.Mb.ttoo, j | ToW Co rt ,b.,™. £ s. d. £ a. d. 5 19,131 3,696 22,827 5,854,922 3 4 292,746 2 2 6 1,580 140 1,720 584,285 12 6 35,057 2 9 7 949 79 1,028 356,570 0 0 24,959 18 0 8 470 32 502 176,488 6 8 14,119 1 4 9 159 9 168 61,924 3 4 5,573 3 6 10 37 1 38 16,811 0 0 1,681 2 0 Totals .. 22,326 3,957 26,283 7,051,001 5 10 374,136 9 9

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Balance-sheet. —On the 31st March the total assets of the fund, which include provision for the outstanding accounts, amounted to £3,209,585 os. Bd. The balance-sheet appended gives full particulars as to the liabilities and assets. Investment of the Fund. —The total investments of the fund at each rate of interest were as follows :— New Zealand Government inscribed stock — £ s. d. £ s. d. 3J per cent .. .. .. .. 327,214 0 6 4 per cent. .. .. .. .. 702,715 10 0 1,029,929 10 6 Mortgage Corporation of New Zealand inscribed stock — 3f per cent. .. .. .. .. .. 50,000 0 0 Debenture securities— 3| per cent. .. .. .. .. 251,194 2 9 per cent. .. .. .. .. 429,275 3 6 5 per cent.* .. .. .. 1,980 0 0 6 per cent.* .. .. .. .. 22,500 0 0 704,949 6 3 Mortgage securities— 3 per cent. .. .. .. .. 20,000 0 0 3| per cent. .. .. .. .. 4,000 0 0 4| per cent. .. .. .. .. 32,891 2 8 4J per cent. .. .. .. .. 469,036 9 3 4J per cent. .. .. .. .. 487,610 10 5 4J per cent. .. .. .. .. 3,561 15 0 5 per cent. .. .. .. .. 15,290 10 0 6 per cent.| .. .. .. .. 218,535 7 1 6J per cent.f .. .. .. 1,843 9 8 1,252,769 4 1 £3,037,648 0 10

* Interest on and from Ist April, 1933, 20 per cent, lower than the rate prescribed by the securities or to the rate of 4-J per cent, per annum, whichever rate is the higher—Section 5, Local Authorities Interest Reduction and Loans Conversion Act, 1932-33. f Subject to a reduction of 20 per cent., but not to be reduced below the rate of 5 per cent, per annum—Part 111, National Expenditure Adjustment Act, 1932.

A special payment into the fund was made by Treasury (amounting to £16,268 16s. lid.), being the amount of the reduction in the interest-rate of the two classes of securities. The above total includes £23,973 10s. 6d. invested on Stipendiary Magistrates' account. The average rate of interest earned xor the financial year on the mean funds was £4 ss. 2d. per cent., a reduction of 9s. lid. per cent, as compared with the previous year. In this connection it must be understood that the amount of interest due and outstanding and interest accrued but not due at the balance date is taken into account in arriving at the before-mentioned rate. Reference to the balance-sheet discloses that the sum of £12,913 2s. 7d. is overdue on mortgage securities. The Courts, acting under the powers contained in the Mortgagors and Lessees Rehabilitation Act, 1936, have written off during the year arrears of interest totalling £9,438 16s. 5d., whilst the Board, acting under the provisions of section 77 of the same Act, has written off £566 ss. 9d. Operations of the Fund.—The following comparative statement shows the operations of the fund (to the nearest pound) as disclosed in the Revenue Accounts and Balance-sheets for the twelve-year period ended 31st March, 1939 :—

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Income. Expenditure. Contributions. Interest on Arrears of Miscel- Rpfnrulq Ppmirvna frwtint? Miscel- AccumuEmployees. CoX£ laneoM - Exposes. Iane ™ 8 - lated Funds. ££££££££££ 1927-28 .. 249,301 100,955 146,351 439 504 50,193 338,138 7,932 2,124 2,528,454 1928-29 .. 253,593 101,130 147,040 332 269 44,234 351,396 8,070 1,176 2,625,943 1929-30 .. 263,424 201,707 154,612 146 405 50,107 367,496 8,158 2,472 2,818,004 1930-31 .. 271,423 102,289 162,888 264 422 40,754 381,243 8,418 8,775 2,917,154 1931-32 .. 190,347 102,757 168,453 238 486 48,552 431,922 8,650 2,277 2,888,034 1932-33 .. 226,420 141.038 166,814 447 302 45,345 472,288 7,620 387 2,897,415 1933-34 .. 228,650 144,129 157,200 651 4,464 37,551 486,925 7,180 1,287 2,899,564 1934-35 .. 238,844 149,766 153,333 185 19,086 40,065 488,836 7,429 6,997 2,917,452 1935-36 .. 256,249 148,512 151,599 176 8,770 44,804 494,988 7,250 1,477 2,934,240 1936-37 .. 306,292 164,668 142,831 689 2,551 45,644 498,677 7,150 1,901 2,997,898 1937-38 .. 344,583 175,544 137,751 327 323 53,454 515,044 7,543 8,201 3,072,185 1938-39 .. 370,400 244,114 130,688 227 1,347 64,220 527,726 7,691 20,314 3,199,010

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Consolidated Revenue Account For the Period Ist January, 1908, to 31st March, 1939. Dr. Cr. Members' contributions — £ 8. d. Retiring-allowances— £ s. d. Under section 19 (ordinary) .. .. 6,312,642 11 8 To members .. .. .. .. 7,130,713 5 7 Transferred from other superannuation funds* 51,125 8 5 To widows and children .. .. .. 651,463 6 10 Interest on arrears of contributions .. 8,856 0 9 Contributions returned .. .. .. 1,166,858 11 0 Government subsidy— Contributions transferred to other superannuaStatutory .. .. •• 2,792,170 5 5 tion fundsj .. .. .. .. 38,356 16 6 Section 114, Public Service Superannuation Compensation: Section 22 (/) .. .. .14,357 18 9 Act, 1927 (widow« and children) .. 226,868 5 8 Loss on realization of securities .. .. 22,961 10 3 Interest on in .. .. .. 2,940,824 6 7 Interest: Section 38, Public Service SuperannuaPremium on conversion, New Zealand Govern- tion Act, 1927 .. .. .. . . 2,441 9 8 ment inscribed stock and local-body deben- Unclaimed moneys recovered .. .. 118 II 9 tures .. .. .. •• 33,634 17 6 Investments written down by £ s. d. Fines, fees, and sundries .. .. .. 13,644 011 Courts: Mortgagors and Subsidy, Cook Islands and Samoa .. .. 14,592 8 4 Lessees Rehabilitation Act, Subsidy, Imperial War Graves Commission .. 83 9 1 1936 .. .. .. 8,959 0 1 Investments written down by Board : Section 77, Mortgagors and Lessees Rehabilitation Act, 1936 .. .. .. 1,249 16 0 10,208 16 1 Rates and fees written off by Courts : Mortgagors and Lessees Rehabilitation Act, 1936 .. 120 2 9 Premium on purchase inscribed stock : Proportion written off .. .. .. 1,112 11 II Administration expenses .. .. .. 156,716 5 2 Balance .. .. .. .. .. 3,199,010 8 1 £12,394,441 14 4 £12,394,441 14 4 * Includes £32,785 15s. 4d. transferred from Police Provident Fund and £2,877 16s. 7d. from Westport Harbour Board Fund. t Includes payment by Treasury of £163,947 os. 9d. to reimburse fund on account of statutory reduction of interest on mortgage and other securities. X Includes contributions of Magistrates transferred to Stipendiary Magistrates' Fund and certain of nursin? staff Health Department to National Provident Fund. H. G. R. Mason, Chairman.

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| Liabilities. Assets. Sundry Creditors. Sundry Debtors. Year Other, Investments "Surith Aecutnu- including (including Cash at Miscellated Fund. Pen- lie- Km- Govern- Accrued Em- Govern- Bank. laneous. sions. funds, ployees. ment Interest). ployees. ment, <fec. , ; Depart- partmontb. men's. £ £ £ £ £ £ £ £ £ ££ 1927-28 .. 2,528,454 3,526 1,983 1,903 19,072 2,577,894 21,305 215 12,253 5,195 2,576 1928-29 .. 2,625,943 3,825 943 2,232 14,739 2,678,470 18,118 255 10,881 4,062 398 1929-30 .. 2,818,004 4,323 1,340 676 17,012 2,862,747 17,267 126 25,067 1,457 246 1930-31 .. 2,917,154 4,097 1,735 517 14,178 2,974,146 14,391 277 12,074 1,004 ' 288 1931-32 .. 2,888,034 3,566 1,617 4,725 54,472 2,979,354 16,101 243 20,406 326 483 1932-33 .. 2,897,415 3,056 1,444 398 14,853 2,892,282 24,541 212 61,510 652 2,469 1933-34 .. 2,899,564 2,684 1,692 212 3,386 2,882,531 29,191 231 56,922 1,018 2,147 1934-35 .. 2,917,452 3,302 904 288 10,803 2,777,030 13,957 198 73,625 130,378 2,062 1935-36 .. 2,934,240 3,703 1,980 407 22,123 2,861,347 24,919 276 70,801 67,906 1,707 1936-37 .. 2,997,898 3,722 1,517 596 48,386 2,923,232 40,543 1,923 70,555 74,088 6,278 1937-38 .. 3,072,185 3,895 2,621 980 40,047 2,971,340 42,451 2,109 20,413 142,555 5,675 1938-39 .. 3,199,010 2,896 2,557 1,152 3,686 3,056,597 33,587 453 28,071 85,993 4,884

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PUBLIC SERVICE SUPERANNUATION FUND. Revenue Account for the Year ended 31st March, .1939. £ s. d. Amount of fund at beginning of year . . .. 3,072,185 6 0 Retiring-allowances— £ s. d. £ s. d. Members'contributions— To members .. .. 482,114 11 0 Under section 19 (ordinary) .. .. 368,546 910 To widows and children .. 45,611 0 8 Transferred from other superannuation funds 1,853 15 8 527,725 11 8 Interest on arrears of contributions.. .. 226 13 5 Contributions returned— Government subsidy— Under section 37 (left service) 40,199 7 8 Under section 50, Public Ser- Under section 42 (death) .. 19,888 15 6 vice Superannuation Act, £ s. d. Under section 34 (retirement) 4,131 11 8 1927*.. .. .. 150,500 0 0 64,219 14 10 Under section 19, Finance Contributions transferred— Act (No. 3), 1934 .. 41,718 1 1 To other superannuation funds .. .. 44 19 9 Under section 9, Finance Act, To National Provident Fund (section 30, (No. 2), 1938 .. .. 30,000 0 0 Finance Act, 1938) .. .. .. 17,789 7 5 Under section 114, Public Premium on stock: Proportion written off . . 370 16 4 Service Superannuation Investments written down by Act, 1927 (widows and Courts: Mortgagors and children) .. .. 1'9,801 7 6 Lessees Rehabilitation Act, £ s. d. Under section 27, Statutes 1936 .. .. .. 1,462 3 0 Amendment Act, 1936 Investments written down by (actuarial pensions) .. 931 0 0 Board: Section 77, Mort242,950 8 7 gagors and Lessees RehabiliInterest on investments .. 124,424 14 0 tation Act, 1936 . . .. 526 19 2 Less amounts written off by 1,989 22 Court orders—Mortgagors Rates, fees, <fcc., written off by Courts : Mortand Lessees Rehabilitation gagors and Lessees Rehabilitation Act, 1936 120 2 9 Act, 1936, £9,438 16s. sd. ; Expenses— £ s. d. also less amounts written Audit fees .. .. 75 0 0 off by the Board, section Contingencies .. .. 5 9 7 77, Mortgagors and Lessees Furniture and fittings .. 2 4 5 Rehabilitation Act, 1936, Heating, lighting, and clean£s66 ss. 9d. .. .. 10,005 22 ing . . .. .. 97 111 Legal charges .. .. 309 14 2 114,419 1110 Medical fees .. .. 120 12 7 Reimbursement by Treasury on Messenger service .. 44 10 0 account reduction in interestf 16,268 16 11 Overtime and meal allowance 75 9 0 — 1 130,688 8 9 Postages and services . . 238 18 3 Subsidy, Cook Islands and Samoa .. .. 1,140 1111 Post and Telegraph DepartSubsidy, Imperial War Graves Commission .. 22 10 0 ment charges .. .. 1,128 10 6 Premium on conversion, local-body debentures.. 635 0 9 Printing and stationery .. 220 7 2 Interest written off recovered .. .. 279 22 Public Trustee's charges .. 2,032 7 3 Fines, fees, and sundries .. . . . . 391 16 11 Rent . . .. . . 144 0 0 Stipendiary Magistrates Account : Administration Salaries .. .. 3,172 12 0 expenses recovered .. .. .. 40 18 4 Travelling-expenses Board members .. .. 18 18 11 Typewriters and other machines (upkeep) .. 5 3 7 7,690 19 4 Balance as at 31st March, 1939 .. .. 3,199,010 8 1 £3,818,961 2 4 £3,818,961 2 4 • This amount, includes £64,500 previously shown as paid in advance, now shown as a receipt for current year. t Payment by Treasury of amount of statutory reduction of interest, on mortgage securities (National Expenditure Adjustment Act, 10:32, Part. Ill), £3,819 (is. Id.: Interest-tax, rural advances bonds (section 0, Finance Act, 1932-33), £2,499; Statutory reduction of interest, New Zealand Government inscribed stock (New Zealand Debt-conversion Act, 1932-33), £4,749 4s. 7d.; Statutory reduction of interest, local-body debentures (section 5, Local Authorities Interest Reduction and Loans Conversion Act, 1932-33), £5,201 (is. : total, £10,208 10s. lid.

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PUBLIC SERVICE SUPERANNUATION FUND—continued. Balance-sheet as at 31st March, 1939. Liabilities. Assets. Superannuation Fund Account— £ s. d. £ s. d. £ s. d. Balance due from Revenue Amount invested by the Board .. .. 3,013,674 10 4 Account .. .. 3,199,010 8 1 Contributions of members — £ s. d. Add value of office furniture, In course of transmission .. 27,534 9 10 fittings, and machinery .. 282 15 2 Due and outstanding .. 6,052 12 11 33,587 2 9 3,199,293 3 3 Interest on investments— Less amounts due to con- Accrued but not due .. 28,881 12 2 tributors under the pro- Cue but not overdue .. 1,127 18 3 visions of section 9 (2), Due and outstanding .. 12,913 2 7 National Expenditure 42,922 13 0 Adjustment Act, 1932 66,999 14 9 Subsidy— 3,132,293 8 6 Cook Islands and Samoa .. 147 10 6 Retiring and other allowances Imperial War Graves Commisdue in course of payment— sion .. .. .. 5 12 6 To members .. .. 2,481 6 2 Section 114, Public Service To widows and children .. 415 2 7 Superannuation Act, 1927 .. 299 15 1 2,896 8 9 452 18 1 Refunds of contributions due in Retiring-allowances recoverable course of transmission — (Pensions Department) .. .. 3 7 6 Under section 37 (left service) 841 17 0 Cost-of-living bonus (recoverable) .. 0 18 7 Under section 42 (death) .. 1,715 11 11 Rates, fees, and premiums paid on 2,557 8 11 account mortgagors (recoverContributions transferable to able) .. .. .. .. 644 16 5 National Provident Fund Premium paid on purchase of (section 30, Finance Act, Government stock .. 4,325 7 3 1938) .. .. .. .. 2,243 17 .10 Less amount written off .. 373 13 3 Expenses due in course of 3,951 14 0 He P and clean- Cash in hand, Public Trustee {*j°g \ 5 ing .. .. .. 1 1 6 — 23,125 11 8 Postages and services .. 18 2 3 Post Office Account .. .. .. 4,945 13 6 Post and Telegraph Depart- Bank Account .. .. .. 85,992 19 8 merit charges .. .. 262 11 6 Office furniture, fittings, and Printing and stationery .. 6 3 7 machinery .. .. .. .. 282 15 2 Typewriters and other machines (upkeep) .. 13 7 289 2 5 Contributions paid in advance or in error .. 704 8 3 Public Trustee's charges on accrued interest .. 1,153 0 8 Unclaimed Account (contributions, &c.) .. 447 10 7 Amount due to contributors under the provisions of section 9 (2), National Expenditure Adjustment Act, 1932 .. .. .. .. 66,999 14 9 £3,209,585 0 8 £3,209,585 0 8 * On deposit at call. Stipendiary Magistrates' Account. Revenue Account for the Year ended 31st March, 1939. Dr. £ s. d. Gr. £ s. d. Amount of fund, Ist April, 1938 .. .. 22,262 11 2 Retiring-allowances .. .. .. .. 5,905 5 0 Members' contributions : Section 63, Public Service Investments written down by order of £ s. d. Superannuation Act, 1927 .. .. .. 1,704 18 4 the Courts: Mortgagors and Lessees Interest on investments .. .. .. 964 4 7 Rehabilitation Act, 1936 .. .. 11 4 4 Subsidy under section 9, Finance Act (No. 2), 1938 5,000 0 0 Investments written down by Board : Interest written off recovered .. .. .. 22 10 Section 77, Mortgagors and Lessees Premium on conversion local-body debentures .. 417 5 Rehabilitation Act, 1936 .. .. 4 010 15 5 2 Rates, fees, &c., written off by Courts : Mortgagors and Lessees Rehabilitation Act, 1936 .. .. 0 18 5 Premium on stock : Proportion written off .. 2 16 11 Administration expenses .. .. .. 40 18 4 Balance as at 31st March, 1939 .. .. 23,973 10 6 £29,938 14 4 £29,938 14 4 Balance-sheet as at 31st March, 1939. Liabilities. Assets. Stipendiary Magistrates' Account— £ s. d. £ s. d. £ s. d. Balance due from Revenue Amount invested by the Board .. .. 23,973 10 6 Account .. •• 23,973 10 6 Less amounts due to contributors under the provisions of section 10 (3), National Expenditure Adjustment Aet, 1932 .. .. 471 5 11 23,502 4 7 Amount due to contributors under the provisions of section 10 (3), National Expenditure Adjustment Act, 1932 .. .. •• •• 471 511 £23,973 10 6 £23,973 10 6

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PUBLIC SERVICE SUPERANNUATION EUND—continued. Subsidiary Account. Cost-of-living Bonus paid to Annuitants of the Public Service Superannuation Fund on behalf of the Treasury. Dr. £ s. d. Cr. £ s. d. Balance due from Treasury .. .. .. 214 12 8 Amount received from Treasury .. .. 2,637 11 2 Amount disbursed .. .. .. .. 2,423 17 1 Balance due from Treasury .. .. 018 7 £2,638 9 9 £2,638 9 9 R. S. Wogan, Secretary. M. P. Finnigan, Accountant, Public Service Superannuation Board. Wellington, 30th June, 1939. I hereby certify that the Revenue Account and Balance-sheet have been duly 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.

Statement of Contributors for the Year ended 31st March, 1939.

Particulars of Contributions discontinued during the Year.

Progress of Contributors since Date of Establishment of the Fund to 31st March, 1939.

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Number. I I j 7 ( Annual Salary. I C0n f^ 0 m. M. ' F. J Total. £ s. d. £ s. d. Contributors at beginning of the year .. 20,567 3,668 24,235 6,542,128 3 4 347,735 9 5 New contributors entered during the year .. 2,552 986 3,538 515,489 18 4 27,807 1 9 Contributors transferred from other funds .. 25 1 26 7,31500 398 19 0 Increase by promotion during the year .. .. .. .. 308,956 4 2 15,942 6 10 Total .. .. .. 23,144 4,655 27,799 7,373,889 5 10 391,883 17 0 Contributions discontinued during the year .. 818 698 1,516 322,888 0 0 17,747 7 3 Total contributors at end of year 22,326 3,957 ■ 26,283 7,051,001 5 10 374,136 9 9

Number. Annual Amount RetiringHow discontinued. Annual Salary. Contrlbutlona . p P^<L° n . allowance jyj | jji Total -Retirement. granted. By death before retiring-allowance en- £ s. d. £ s. d. £ s. d. £ s. d. tered upon (sees. 42 and 43.) ..72 7 79 26,522 18 4 1,512 19 0 17,302 10 2 1,727 0 0 By retirement before retiring age (sec. 37) .. .. .. .. 570 607 1,177 195,686 6 8 10,246 8 8 40,193 5 2 By retirement (sec. 34) .. .. 9 2 11 3,394 3 4 246 0 8 4,131 11 8 By retirement medically unfit (sec. 32) 29 8 37 11,716 11 8 677 11 8 .. 4,067 2 0 By retirement (sec. 61) .. .. 3 .. 3 1,047 16 8 55 16 11 .. 607 15 0 By retirement at retiring age or for length of service (sec. 26).. .. 113 16 129 58,453 15 0 3,304 7 11 .. 34,509 6 0 By transfer (sec. 30, Finance Act, 1938) 21 57 78 24,555 0 0 1,621 11 0 17,789 7 5 By transfer to other funds (sec. 120) .. 1 1 2 330 0 0 16 10 0 44 19 9 By reduction .. .. .. .. .. .. 1,181 8 4 66 1 5 Total .. .. .. 818 698 1,516 322,888 0 0 .17,747 7 3 79,461 14 240,911 3 0

Number. T T ; Annual Salary. ContKJms. M. F. Total. . __ £ s. d. £ s. d. Total entered .. .. .. .. 43,059 12,966 56,025 13,524,473 13 4 767,627 10 3 Total discontinued .. . . .. 20,733 9,009 29,742 6,473,472 7 6 393,491 0 6 Total existing at 31st March, 1939 .. 22,326 3,957 26,283 | 7,051,001 5 10 374,136 9 9

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Wellington, 30th June, 1939. R. S. Wogan, Secretary, M. P. Finnigan, Accountant, Approximate Cott of Paper.—Preparation, not given ; printing (1,980 copies), sis ios. Public Service Superannuation Board.

PUBLIC SERVICE SUPERANNUATION FUND— continued. Statement of Retiring and other Allowances for the Year ended 31st March, 1939.

Price 6d .] By Authority: E. V. Paul, Government Printer, Wellington.— 1939.

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A++«4T^^l°^ 2 Ri+4T-5r,rT a 00 Section 32 : Section 61: Police a mSS S Section 14, Finance Act, Section 42 : Sections 42 (c) and 43 (a): Total Retiring and other 0 % A rt"h°ofS Age Medically unfit. injured on Duty. 192l ' Widows. Children. Allowances. Number. Number. N '™" 'J™ 1 " i Number. Number. Number. Annual Annual • Amiim! 1 Annual Annual j Annna.1 Annual Annual Annual Amount. *3 Amount. Amount. Amount. Amount. Amount. Amount Amount Amount. M. F. Total. M. F. % M. M. M. M. F. -§ F. M. F. Total. M. F. Total. | ; j h i[ ! i 1 _ n ! ! ! t i ! ' "" ! ' Retiring and other allowances — £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ j £ £ s. d. Existing at beginning of year .. 1,586 298 1,884 424,373 4 9 271 65 336 35,403 8 7 11 1,789 9 0 50 7,524 7 0 32 1 5,348 14 0! 20 4 24 3,449 8 0 1,196] 37,076 15(5 142: 298 7,748 2,126 1,705 3,831 522,712 11 4 Granted during year at retire- 113 16 129! 34,509 6 0 29 8 37 4,067 2 0 3 607 15 0 . . .. .. .. .. 23! 713 20 19 39 1,014 165 66 231 40,911 3 0 ment Granted during year after retire- .. .. .. .. .. .. .. .. .. .. j .. .... .. j .. . 81; 2,511 6 6 12 312 6i 87 93 2,823 0 0 ment I ! 1_ j jj | 1 ' I I : | Total .. .. 1,699 314 2,013 458,882 10 9! 300 73 373 39,470 10 7 14 2,397 4 oil 50 7,524 7 0 32 5,348 14 o' 20 4 24 3,449 8 o] 1,800 40,300| 182 167 349 9,074 2,297 1,858 : 4,155 566,446 14 4 Discontinued during year .. 108 7 115! 24,479 18 0 14 2 16 1.643 18 0 .. .. .. .. .. .. 1 .. 1 107 17 0, 1,612 28 30 58 1,508 151 91 242 29,351 13 0 i I | I ! Existing at end of year .. l,59l! 307 1,898' 434.402 12 9 286 71 357 37,826 12 7 14 2.397 4 0 50 7,524 7 0 32 5,348 14 0 19 4 23 : 3.341 11 Oi 1,248! 38,688! 154 137 291 7.566 2,146 1,767 3,913 537,095 1 4 l_M i 1 : 1_ 1 I- I I ; Particulabs of Retiring and other Allowances discontinued during the Year. i jj "j j j ; i | j j j I i ij How discontinued — By death .. .. .. 108 7 115 24,479 18 0 14 2 16 1,643 18 0 .. .. .. .. .. 1 . . 1 107 17 0 44 1,364 1 .. 1 26 124 53 177 27,621 13 0 Bv expiry .. .. .. .. .. .. .. .. .. .. .... .. S 8 248 27 30 57 1,482 27 38 65 1.730 0 0 : 1 ; ; j 1 j Total .. .. 108 7 115 24,479 18 0 14 2 16 1,643 18 0 .. .. .. .. .. 1 .. 1 107 17 0 52 1,612 28| 30| 58 1,508 151 91 242 29,351 13 0 I I 1 1 ; I I I 1 I I i Progress of Retiring and other Allowances since Establishment of the Fund to 31st March, 1939. Total granted .. .. 3,052 S7#| 3,431! 693,293 9 0 633; 92; 725; 70,258 18 5 20 ! 3,069 9 o' 59 8,747 14 0 49 7,688 8 o| 23 4 27 3,841 8 o| 1,822 54,272 838 792, 1,630 36,413 4,674 3,089| 7,763:877,584 6 5 Total discontinued .. .. 1.461 72 1,533 258.890 16 3 347 21 368 32,432 5 10 6 672 5 0 9 1,223 7 0 17 2.339 14 0 4 .. 4 499 17 0 574 15,584 684 655 1,339 28,847 2,528 1,322 3,850 340,489 5 1 I J ' i I ! * ! : ■ Total existing at 31st March, 1939 1,591 307 1,898 434,402 12 9 286 71 357: 37,826 12 7 14 2,397 4 0 50 7,524 7 0 32 5,348 14 0 19 4 23 3,341 11 0 1,248 38,688 154. 187' 291 7,566 2,146 1,767 3,913 537,095 1 4 I i I