NATIONAL PROVIDENT FUND. TWENTY-NINTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1939.

Appendix to the Journals of the House of Representatives, 1940 Session I, H-17

11.-17

1940. NEW ZEALAND.

NATIONAL PROVIDENT FUND. TWENTY-NINTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1939.

Presented to both Houses of the General Assembly -pursuant to the National Provident Fund Act, 1926, Sections 72 and 74.

PART I.—THE PUND (Section 72). Owing to the exigencies of the times the report this year is confined to the following figures and tables :— 1939. 1938. New contributors .. .. .. .. .. 2,997 4,064 Local bodies .. .. .. .. .. 129 124 Total contributors .. .. .. .. 28,729 29,439 Annuitants .. .. .. .. .. 935 847 £ £ Contributions .. .. .. .. .. 299,308 313,900 Interest .. .. .. .. .. .. 212,627 198,617 Total income .. .. .. .. .. 632,128 653,392 Annuity payments .. .. .. .. 82,353 73,691 Other benefits .. .. .. .. .. 188,521 204,254 Total outgo .. .. .. .. .. 273,971 355,721 Funds at end of year .. .. .. .. 5,648,415 5,290,258 Rate of interest, per cent. .. .. .. .. £3 18s. 3d. £3 18s. 2d.

PART lI.—STATE SUBSIDY (SECTION 74). The amount of subsidy paid by the State for the year was £76,662 Is. 7d.

W. Lee Martin, Chairman of the Board.

R. SINEL, Superintendent of the Fund.

Wellington, Ist August, 1940.

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NATIONAL PBOVIDENT FUND. Revenue Account for the Year ended 31st December, 1939. Amount of Fund at beginning of year (Ist £ s. d National Provident Fund Act, 1926 — £ s. d. January, 1939) .. .. •• •• 5,290,257 14 3 Maternity claims (section 19) .. .. 2,172 0 0 National Provident Fund Act, 1926— Maternity claims (section 43) .. .. 23,634 0 0 Contributions .. . • •. • • 299,308 2 9 Befund ot contributions on lapse, reduction, Interest .. .. .. 212,626 19 0 and withdrawal (sections 11, 12, and 13) .. 96,298 15 5 Fines (section 11 (4) ) .. .. .. 427 8 9 Befund of contributions in lieu of annuity Government contribution under Act (sec- (section 14) .. .. .. 11,678 18 11 tions 52 and 74 (2)) .. .. .. 76,662 1 7 Incapacity allowances (sections 17 and 18), Befund of maternity claims by the State including contributions waived on incapacity (sections 42 (2) and 70) .. .. 25,770 0 0 (£1,538 95.) 9,826 7 6 Contributions overpaid on exit .. .. 76 6 7 Death: Befund of contributions (sections Benefits refunded on exit (sections 11 to 16 15 (5) and 16) .. .. .. 32,138 8 6 and 28) .. .. .. .. 16,443 7 2 Death: Allowances on account of widows Miscellaneous receipts .. .. 4 2 5 and children (section 15) .. .. 12,772 8 4 Befunds unclaimed .. .. .. 809 13 1 Annuities (sections 13 and 48) .. .. 82,352 19 10 Befund of contributions overpaid on exit .. 76 6 7 Public Trustee: Charges .. .. .. 2,861 11 0 Legal expenses .. .. .. .. 159 711 Amount of Fund at end of year (31st December, 1939) .. .. .. .. .. 5,648,414 11 7 £5,922,385 15 7 £5,922,385 15 7

Balance-sheet as at 31st December, 1939. Liabilities. £ s. d. Assets. Fund as per Bevenue Account .. .. 5,648,414 11 7ln hands of Public Trustee — £ s. d. National Provident Fund Act, 1926 — Invested .. .. .. .. 5,618,373 10 10 Claims due and in course of payment*— Uninvested .. .. .. .. 4,480 18 9 Maternity (sections 19 and 43) .. .. 1,649 13 11 Post Office .. .. .. • ■ 4,554 2 0 Death: Refunds (section 16) .. .. 1,730 11 3 Balances in transit .. .. .. 8,706 6 7 Death : Befunds (section 15 (5)) .. 4,169 11 3 National Provident Fund Act, 1926— Death: Allowances (section 15) .. 300 011 Contributions outstanding or in course of Annuities (sections 13 and 48) .. .. 2,759 0 2 transmission*— Allowances (section 17) .. •• 272 12 11 (a) Contributions due but not overdue .. 12,108 17 7 Public Trustee : Charges* .. .. .. 1,156 15 10 (b) Contributions overdue .. .. 2,154 15 6 Befunds in Suspense .. .. •• 62,639 15 10 Government subsidy due under Act* (sections 52 Suspense Account .. •• 676 14 10 and 74 (2)) .. .. .. 76,662 1 7 Contributions prepaid .. .. .. 13,268 0 1 Befund due in respect of maternity claims* Investment Fluctuation Beserve .. .. 72,300 10 4 (sections 42 (2) and 70) .. .. .. 3,552 0 0 Fines due* (section 11 (4) ) .. .. 135 6 8 Interest due* .. . ■ 9,017 8 4 Interest accrued but not due* .. .. 67,592 11 1 £5,807,337 18 11 £5,807,337 18 11 ♦ Included in Revenue Account. R. Sinel, Superintendent. Wellington, Ist July, 1940. R- M. Porteous, A.R.A.N.Z., Accountant.

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, except that the Department has, without authority, given retrospective effect to section 26 of the Finance Act (No. 2), 1939, involving thereby over-refunds of contributions to the amount of £1,354.' —Cyril G. Collins, Controller and Auditor-General.

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(2) Numerical Statement for the Year ended 31st December, 1939.

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Numbers. Class 1. Class 2. Class 3. Class 4. Class 5. A«wn-P<m*« rnntribntinnB Annuity Rate, 10s. Annuity Rate. 20s. Annuity Rate, 30s. Annuity Rate, 40s, Annuity Rate: Other. ss s • M. j F. | T. M. F. T. M. j F. I T. M. F. | T. M. F. ( T. M. F. T. L j ' £ s. d. Number of contributors at commence- 16,619 827 17,446 2,244 331 2,575 243 41 284 521 82 603 5,217 3,314 8,531 24,844 4,595 29,439 295,137 12 8 ment of year New entrants during the year .. 796 178 974 125 19 144 11 1 12 23 .. 23 470 1,374 1,844 1,425 1,5/2 2,997 30,0ol 17 4 Transfer from another class .. 99 11 110 92 7 99 13 13 19 19 3 1 4 226 19 245 9,466 5 0 Increase due to adjustment on age- .. .. • • • • • • • • • • • • • • • • • • • • .... .. .. .. .. 96 7 0 error, &c. j Total .. .. .. 17,514 1,016 18,530 2,461 357 2,818 267 42 309 563 1 82 i 645 5,690 4,689 10,379 26,495 j 6,186 32,681 334,752 2 0 Discontinuances, &c. (as per detailed 1,919 155 2,074 342 36 378 48 7 55 61 7 68 361 1,016 1,377 2,731 1,221 3,952 34,111 19 4 statement below) I j | Total at end of year .. 15,595 861 16,456 2,119 321 2,440 ! 219 1 35 254 502 1 75 1 577 5,329 3,673 9,002 23,764 4,965 28,729 300,640 2 8 Details of Discontinuances, &c., during the Year. Death 33 3 36 5 1 6 3| .. 3 2 2 22 j 4 | 26 65 8 73 2,465 15 4 Notice of withdrawal .. .. 1,361 128 1,489 190 23 213 22 j 2 24 25 3 28 275 989 ; 1,264 1,873 1,145 3,018 25,072 2 4 Lapse and cancellation .. .. 397 13 410 44 1 45 2 2 4 5 5 .. .. .. 448 16 464 1,505 12 4 Attainment of annuity age .. 43 6 49 11 2 13 1 1 2 5 1 6 59 23 82 119 33 152 3,452 15 8 Transfer to another class .. .. 85 5 90 92 9 101 20 2 22 24 3 j 27 5 5 226 19 245 1,5/6 13 4 Decrease due to adjustment on age- .. .. •. . . .. .. . • • • • • • • • • • • • • • • • • • • • • • • ; 39 0 4 error, &c. Total .. .. .. 1,919 155 2,074 342 36 378 48 7 55 61 7 68 361 1,016 1 1,377 2,731 1,221 3,952 34,111 19 4 Numerical Progress since Establishment. Total entered .. .. .. 61,325 4,941 06,266 9,789 1,255 11,044 1,042 1 160] 1,202 j 1,340 252 1,592 10,664 14,666 25,330 84,160 j21,2741105, 434 I Total transferred from other classes 4,510 246 4,756 2,903 234 3,137 524 6* : o91 j 760 56 816 108 4 112 8,805 60/ 9,412 65,835 5,187 71,022 12,692 1,489 14,181 1,566 227 1,793 2,100 308 2,408 10,772 14,670 j 25,442 92,965 21,881114,846 Total discontinued .. .. 47,259 4,127 51,386 6,272 906 7,178 666 111! 777 808 168 976 5,391 10,997 16,388 60,396 16,309 76,705 Total transferred to other classes .. 2,981 199 3,180 4,301 262 4,563 681 81 762 '90 65 855 52 52 8,805 607 9,412 50,240 4,326 54,566 10,573 1,168 11,741 1,347 192 1,539 1,598 233 1,831 5,443 10,997 16,440 69,201 16,916 86,117 Total contributors on books at 31st 15,595 861 16,456 2,119 321 2,440 219 35 254 502 75 577 5,329 3,673 9,002 123,764 4,965 28,729 j300, 640 2 8 December, 1939 ; I

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NATIONAL PROVIDENT FUND ACT, 1926. Direct Contributors. (3) Statement of Annuities and Allowances for the Year ended 31st December, 1939.

Superannuation Contributors. (3a) Statement of Retiring and other Allowances for the Year ended 31st December, 1939.

NATIONAL PROVIDENT FUND. Progress of Annuities and Allowances since the Establishment of the Fund to 31st December, 1939.

Approximate Cost of Paper.—Preparation, not given ; printing (580 copies), £7 10s.

By Authority: E. V. Paul, Government Printer, Wellington.—l94o.

Price 3d.~\

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t\ ,, rv r ji On Attainrae nt of Total Annuities and On Death. On Incapacity. Age 60. Allowances. Number. Am?rat. Number. /C™t. Number - Amoint. Number - I Amoral I M. F. £ s. d. M. F. £ 8. d. M. F. £ 8. d. M. F. £ s. d. Existing at beginning 182 1 9,243 0 0 44 .. 1,657 10 0 227 102 14,087 4 0 453 103 24,987 14 0 of year Granted during the year 14 .. 702 0 0 22 .. 819 0 0 56 9 2,721 10 0 92 9 4,242 10 0 Total ..196 1 9,945 0 0 66 .. 2,476 10 0 283 111 16,808 14 0 545 112 29,230 4 0 Discontinued during 30 .. 1,638 0 0 24 .. 1,072 10 0 5 3 494 0 0 59 3 3,204 10 0 the year (as per statement below) Existing at end of year 166 1 8,307 0 0 42 .. 1,404 0 0 I 278 108 16,314 14 0 486 109 26,025 14 0 Particulars of Annuities and Allowances discontinued during the Year. Discontinued by death .... .. 3 78 0 0 5 3 494 0 0 813 572 0 0 Expiry .. .. 30 .. 1,638 0 0 21 .. 994 10 0 .. .. .. 51 I .. 2,632 10 0 Total .. 30 .. 1,638 0 0 24 .. 1,072 10 0 5 3 494 0 0 59 3 3,204 10 0

TvrorHooi On Retirement Total Retiring and other On Death. On Medical Unfitness. (Age or Service). Allowances. Number Annual Number Annual Number Annual Number Annual JN umber. Amount. JNumDer. Amount. turner. Amount. JNumDer. Amount. M. F. £ a. d. M. I 1'. f s. d. M. F. £ s. d. M. J. £ s. d.. Existing at beginning 186 .. 4,265 0 0 61 16 6,609 16 0 398 120 64,844 6 0 645 136 75,719 2 0 of year Granted during year 15 .. 294 0 0 13 4 1,775 18 0 37 19 7,244 12 0 65 23 9,314 10 0 Total .. 201 .. 4,559 0 0 74 20 8,385 14 0 435 139 72,088 18 0 710 159 85,033 12 0 Discontinued during 12 .. 386 0 0 18 2 2,146 18 0 25 .. 2,862 9 0 55 2 5,395 7 0 year (as per statement below) Existing at end of year 189 .. 4,173 0 0 56 18 6,238 16 0 410 139 69,226 9 0 655~ 157 79,638 5 0 Particulars of Retiring and other Allowances discontinued during the Year. Discontinued by death 5 .. 90 0 0 5 .. 560 16 0 25 .. 2,862 9 0 35 .. 3,514 7 0 Expiry . . .. 7 .. 296 0 0 13 2 1,586 2 0.... .. 20 2 1,881 0 0 Total .. 12 .. 386 0 0 18 2 2,146 18 0 25 .. 2,862 9 0 55 2 5,395 7 0

On Death On Inoarwitv On Maturity Total Annuities and unueatn. un incapacity. (Age or Service). Allowances. , | w.imhor Annual w„ m hpr I Annual Wnmhnr ! Annual N„mhi>r Annual JNumDer. Amount. JNumDer. Amount. JNumDer. j Amount. JNumDer. Amount. I I M. 3?. £ S. d. M. F. £ S. d. M. F. £ S. d. M. F. £ s. d. Totalgranted ..652 1 31,491 10 0 608 37 40,946 4 0 964 271 113,038 16 0 2,224 309 185,476 10 0 Total discontinued .. 297 .. 19,011 10 0 510 19 33,303 8 0 276 24 27,497 13 0 1,083 43 79,812 11 0 Total existing at 31st 355 1 12,480 0 0 98 18 7,642 16 0 688 247 85,541 3 0 1,141 266 105,663 19 0December, 1939