EDUCATION: TEACHERS' SUPERANNUATION FUND.

Appendix to the Journals of the House of Representatives, 1941 Session I, E-08

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1941. NEW ZEALAND.

EDUCATION: TEACHERS' SUPERANNUATION FUND.

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

No. I.—THIRTY-FIFTH ANNUAL REPORT OF THE TEACHERS' SUPERANNUATION BOARD. Fob the Year ended 31st January, 1941. The Hon. the Minister of Education. g IE _ Wellington, 18th June, 1941. The Board has to submit the following report for the year ended the 31st January, 1941 : — 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, 1941, as compared with those for previous year 1941. 1940. Contributors on roll at 31st January .. .. .. 9,463 9,005' Increase from previous year .. .. .. . . 458 352 Retiring and other allowances — Annual rate granted during year .. .. .. £19,058 £12,374 Total annual rate at 31st January .. .. .. £336,569 £326,261 Number granted during year — On retirement .. .. . . .. .. 88 65 To widows .. .. .. .. .. 20 31 To children .. .. .. .. .. 8 8 Number discontinued during year —- By death .. .. .. .. .. 60 75' By other causes.. ... .. .. .. 7 15 Number current at 31st January — Retired members .. .. .. .. 1,727 1,688 Widows and children .. . . .. .. 400 390 Income for year — £ £ Contributions .. .. .. .. .. 170,297 158,907 Government subsidy — Section 112 of Public Service Superannuation Act, 1927 43,000 43,000 Section 114 of Public Service Superannuation Act, 1927 5,112 4,952 Section 10, Finance Act, 1940 .. .. .. 113,000 102,000* Special on account of interest reductions .. .. 5, 805 6, 027 Total Government subsidy .. ~ .. 166,917 155,979 Interest .. .. .. .. •• •• 42,021 42,699 Total income .. .. .. .. £379,235 £357,585 Expenditure — Retiring and other allowances .. .. .. 333, 459 330,462 Contributions refunded or transferred .. .. 34,725 32,670 Administration expenses, &c. .. .. .. 3,242 3,112 Total expenditure .. .. .. .. £371,426 £366,244

♦Section 4, Finance Act (No. 2), 1939.

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1941. 1940. £ £ Net surplus for year .. .. .. .. .. 7,809 8,659* Balance at credit of Fund .. .. .. .. 974,885 967,076 Funds in hands of Public Trustee at 31st January — At 3§ per cent. .. .. .. .. . 5,000 5,000 At 3J per cent. .. .. .. .. .. 67,821 69,314At 3f per cent. .. .. .. .. .. 1,200 1,200 At 4 per cent. .. .. .. .. .. 84,191 84,191 At 4J per cent. .. .. .. .. •• 326,755 414,136 At 4f per cent. .. .. .. .. .. 1,800 1,800 At 4-|- per cent. .. .. .. .. .. 360,289 242,203 At 4f per cent. .. .. .. .. .. 300 300 At 4f per cent. .. .. .. .. .. 100 100 At 5 per cent. .. .. .. .. .. 200 200 At 51 per cent. .. .. .. .. .. 2,400 At 6 per cent. .. .. .. .. .. 671 „ , C (reduced to 5% by the National Expendi-~\ IAO OOQ , ... _ 10 At 6 per cent. ture Adjustment Act, 1932) ) 103,233 145,518 Uninvested.. .. .. .. .. .. 8,810 1,581 Mortgage security acquired .. .. .. .. 1,865 Total .. .. .. .. .. £964,635 £965,543 f unreduced rate .. 4 • 449 4 • 497 Average rate of interest (per cent.) < after reduction as [_ shown above .. 4 • 341 4 • 346 Unclaimed contributions held at 31st January .. .. £2,020 £1,763 * Deficiency. Cost-of-living Bonus. —The payment of this bonus has been continued in necessitous cases. For the Teachers' Superannuation Board, A. E. McKinnon, Secretary.

No. 2.—STATEMENTS IN ADDITION TO THOSE PRESCRIBED BY THE ACT AND REGULATIONS. A. Number of Contributors on the 31st January, 1941, 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, 1941).

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j 5 per Cent. 0 per Cent. 7 per Cent.|8 per Cent.jS per Cent.1 Totals. M. F. M. j F. j M. F. M. F. M. F. M. I F. M. F. ' Total. Number at 31st January, 1940 3,766 4,098 259 294 120 203 64 86 36 43 18 18 4,263 4,742 9,005 New contributors entered during 291 567 25 31 8 29 1 14.. 6 1 3 326 650 976 year Transfers from other funds .. 6.. 1 7.. 7 4,063 4,665 285 325 128 232 65 100 36 49 19 21 4,596 5,392 9,988 Number left during year .. 78 374 14 17 4 17 3 3 4 4 1 6 104 421 525 Number at 31st January, 1941 3,985 4,291 271 308 124 215 62 97 32 45 18 15 4,492 4,971 9,463

Number. ; Annual Annual Rate M. F. Total. t,alal ' y ' Contribution. £ £ Total entered (including net increases in salary 7,827 15,477 23,304 6,171,158 352,371 and contributions) Total discontinued .. .. .. 3,335 10,506 13,841 3,069,083 188,567 Total existing at 31st January, 1941 .. 4,492 4,971 9,463 3,102,075 163,804

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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 foe the Year ended 31st January, 1941. £ s. d. £ g. d. Balance 31st January, 1940 .. .. 967,075 17 11 Retiring and other allowances .. .. 333,459 7 2 Contributions of members — £ s. d. Contributions refunded— £ s. d. Ordinary .. .. 163,830 14 9 On voluntary retirement .. 25,658 4 8 Serving with H.M. Forces 4,582 12 11 On death of members .. 5,985 1 7 168,413 7 8 On lapse of membership .. 1,185 311 Contributions transferred from other funds .. 1,474 13 6 32,828 10 2 Additional contribution from the Governments in— Rebate of contributions under National Expendi- £ s. d. ture Adjustment Act, 1932, section 9 (2), to Fiji .. .. .. 387 15 3 annuitants .. .. . . .. 216 5 4 Tonga .. .. .. 21 2 7 Contributions transferred to other funds .. 1,680 0 2 408 17 10 Administration expenses— £ s. d. Government Subsidy— Commission, G.P.O. .. 657 8 6 Under section 10, Finance Commission, Public Trustee 1,262 9 3 Act, 1940 .. .. 113,000 0 0 Clerical assistance .. 900 0 0 Under the Act, section 112 43,000 0 0 Postage and telegrams .. 100 0 0 Underthe Act, section 114 5,111 18 3 Office expenses .. .. 153 1 3 On account of reduction of Travelling-expenses of Board interest during year ended members .. .. 94 11 1 31st March, 1940, under Medical fees .. .. 24 3 0 National Expenditure Ad- Audit fees .. .. 50 0 0 justment Act, 1932 .. 5,805 0 0 3,241 13 1 ■ 166,916 18 3 Balance at 31st January, 1941 .. .. 974,884 12 6 Interest — On investments .. .. 41,629 2 0 On contributions in arrears 695 17 10 42,324 19 10 Less investments written down (proportion of premium on purchase of investments) .. 304 6 7 — 42,020 13 3 £1,346,310 8 5 £1,346,310 8 5 COST-OF-LIVING BONUS ACCOUNT FOR THE YEAR ENDED 31st JANUARY, 1941. £ s. d. £ s. d. Refund from Consolidated Fund .. .. .. 383 3 7 Balance due from Consolidated Fund, 31st January, Balance due from Consolidated Fund, 31st January, 1940 .. .. .. .. 44 22 1941 .. .. .. .. .. 33 12 0 Payment of bonus .. .. .. .. 372 13 5 £416 15 7 £416 15 7

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"■s ■S& "8 6? -dg , 3 . S S . 3 . S . -dS . -S3. S|s s |5S §|s S|g S|fe S|s s§5! « sis S5S ds |5s S5S s|s |*S ,® rH .® M .® CO .© to .© to © W © CO CO 1 *s *s a Total number of contributors 2,182 6,858 8,680 9,964* 8,058t 9,005 9,463 Total amount of contributions £32,320 £101,594 £131,872 £115,961 £132,398 £158,505 £169,888 £3,294,301 Interest received .. .. £864 £48,725 £68,053 £72,682 £44,187 £42,699 £42,021 £1,280,669 Subsidy from Government .. £5,000 £63,833 £71,228 £46,917 £171,800 £155,979 £166,917 £2,315,864 Subsidy from Fiji Government .. £38 £224 £238 £233 £382 £388 £4,178 Subsidy from Tonga Government .. .. .. .. .. £20 £21 £41 Number of allowances payable 84 1,078 1,364 1,677 2,038 2,078 2,127 Total amount paid on account of £3,147 £112,861 £188,552 £254,927 £323,976 £330,462 £333,459 £5,157,473 retiring and other allowances Total amount of contributions £260 £19,189 £26,076 £30,628 £31,481 £32,670 £34,725 £673,965 rofu.ilclod transferred Accumulated fund .. .. £34,734 £858,662 £1,134,015 £1,218,166 £964,605 £967,076 £974,885 * Highest number of contributors since commencement of Fund. t Lowest number of contributors since 31st January, 1926.

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(B) BALANCE-SHEET as at 31st January, 1941. Liabilities. £ s. d. Assets. Fund as per Revenue Account .. .. 974,884 12 6 Amount held by Public Trustee — £ s. d. £ s. d. Retiring and other allowances due and unpaid .. 989 10 6 Invested .. .. .. 955,824 II 5 Refund of contributions due and unpaid .. 2,880 7 1 Uninvested .. .. 8,810 210 Administration expenses unpaid—■ — 964,634 14 3 Commission Post and Tele- £ s. d. Premium paid on purchase of graph Department .. .. 218 9 0 investments .. .. 2,525 3 4 Clerical assistance .. .. 750 0 0 Less amount written off .. 304 6 7 Postage and telegrams .. 83 6 8 2,220 16 9 Office expenses, printing, and Amounts paid to protect securities .. .. 202 5 8 stationery .. .. 43 3 0 Contributions of members— Audit fee .. .. .. 41 13 4 In transit .. .. .. 6,055 5 1 1,136 12 0 Due and outstandingUnclaimed contributions .. .. .. 2,019 15 3 Ordinary contributors .. 3,963 16 11 Amounts paid into fund in error .. .. 16 4 0 By Government on account Rent received from securities leased .. .. 414 16 6 of contributors on leave Reserve — with the forces.. .. 2,503 4 3 For commission payable to Public 12,522 6 3 Trustee in respect to interest Interest on investments — due or accrued .. .. 416 16 3 Due and outstanding .. 2,528 17 7 For commission to Post and Tele- Accrued, but not due .. 10,973 12 7 graph Department in respect to 13,502 10 2 vouchers issued but unpaid 4-2 12 6 Interest on arrears of contribuFor cost of actuarial examination 32 0 0 tions duo and outstanding — 491 8 9 (contributors) .. .. .. .. 447 1 9 Reserve for loss on investments .. .. 1,289 17 9 Due by Consolidated Fund for Vouchers issued but unpaid at Ist cost-of-living bonus.. .. .. .. 33 12 0 February, 1941 .. .. 22,284 5 8 Government subsidy— Less cash in Post Office Account .. 12,305 10 10 Additional subsidy under sec9,978 14 10 tion 114, Public Service Superannuation Act, 1927, allowances unpaid at 31st January, 1941 .. .. .. .. 538 12 4 £994,101 19 2 £994,101 19 2 Notes. —Since the closing of the accounts 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, 1941. The amount for the period to 31st January, 1941, not included in the year's accounts, is £1,917. 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 contingent liability in this respect is estimated at £3,600. A. E. MCKinnon, A.R.A.X.Z.. Secretary, Teachers' Superannuation Board. Education Department, Wellington, 18th June, 1941. 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 enfaced thereon. —Cyril G. Collins, Controller and Auditor-General.

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(2) STATEMENT of CONTRIBUTORS, showing Annual Rates of Salaries and Contributions as at the 31st January, 1941.

(3) PARTICULARS of CONTRIBUTIONS discontinued and Allowances granted and Refunds of Contributions made during the Year ended 31st January, 1941.

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Number. | Annual Kate of Annual Rate of j. Total Salary. Contributions. £ | £ Contributors at 31st January, 1940 .. 4,263 4,742 9,005 2,946,862 155,614 New contributors entered during the year 326 650 976 172,702 9,311 ended 31st January, 1941 Transfers from other funds during the year 7 7 2,980 i 152 Net increase in salaries and contributions .. .. .. 124,763 j 6,549 during the year Totals .. .. .. 4,596 5,392 9,988 3,247,307 171,626 Contributions discontinued during the 104 421 525 145,232 7,822 year ended 31st January, 1941, by resignations, &c. Totals at 31st January, 1941 .. 4,492 4,971 9,463 3,102,075 163,804

Number of Annual Rate at Date of t, Contributors. Withdrawal. ene s " How discontinued. . OfW V.v _ "3 o i Contribu- Allowances: 1.1 I Sa,ar y- tions. Annual Rate. ™nts _(nontn recurring). By death before allowance entered upon — £ £ £ s. d. £ s. d. (a) Contributions paid to 6 9 15 5,055 270 .. 4,346 6 8 personal representatives (b) Leaving widow or child 5 .. 5 2,175 118 332 0 0 393 19 2 By voluntary retirement .. 35 328 363 87,263 4,565 .. 25,658 4 8 By lapsed membership .. 10 30 40 7,804 392 .. 1,185 3 11 By transfer to other funds .. 10 4 14 4,650 247 .. 1,680 0 2 By allowances granted on retirement — (a) Ordinary .. .. 26 39 65 29,064 1,722 9,309 11 0 (b) Medically unfit .. 10 9 19 7,596 407 3,375 6 0 V 216 5 4 (c) Extended provisions .. 2 2 4 1,625 101 545 8 0 J By death of annuitants •• 496 0 0 1,244 15 9 Totals.. .. 104 421 525 145,232 7,822 14,058 5 0 34,724 15 8

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(4) STATEMENT of RETIRING-ALLOWANCES (including Allowances to Widows and Children) for the Year ended 31st January, 1941.

By Authority: E. V. Paul, Government Printer, Wellington.— 1941.

Approximate Cost of Paper.—Preparation, not given; printing 745 (copies), £12.

Price 6d .]

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Details of Column (2). Retiring-allowances. Allowances to Total Allowances. j ~ ~ r Ordinary (Age or Service). S ec U Knan°cTAct' 1931. Medically Unfit. Widows. Children. Particulars. ■ ' ' - Number. Number. Number. Number. 35 Number. j 3 Annual Bate. Annual Rate, i 1 Annual Rate. Annual Rate. g Annual Rate. , 1 Annual Rate. M. F. H M - F - M - F - M. F. g M. I F. . . £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d Allowances as at 31st January, 1940 .. 5981,4802,078326,260 18 0 395 924262,912 1 0 66 67 20,793 14 0 105 13130,800 3 0 32310,013 0 0 32 35 1,742 0 0 Allowances granted during the year at 43 57 100 18,562 5 0 25 40 14,309 11 0 2 2 545 8 0 10 9 3,375 6 0 4 124 0 0 6 2 208 0 0 retirement or decease of contributors Allowances granted during the year .. 161 16 496 0 0.. .. .. .... .. .... .. 16 496 0 0.. to widows and children of deceased annuitants — Totals .. .. .. 641 1,553 2,194345,319 3 0 420 964277,221 12 0 68 69 21,339 2 0 115 14034,175 9 0 34310,633 0 0 38 37 1,950 0 0 Allowances discontinued during the year 27 40 67 8,750 1 0 13 24 6,722 16 0 3 .. 278 14 0 7 2 1,225 11 0 11 341 0 0 4 3 182 0 0 Allowances existing at end of year .. 6141,5132,127 336,569 2 0 407 940270,498 16 0 65 69 21,060 8 0 108 13832,949 18 0 33210,292 0 0 34 34 1,768 0 0 Particulars of Allowances discontinued during the Year. How discontinued — £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d By death .. .. .. 23 37 60 8,568 1 0 13 24 6,722 16 0 3 .. 278 14 0 7 2 1,225 11 0 11 341 0 0 .. .. By expiry .. .. .. 4 3 7 182 0 0 .. .. .. .... .. .... .. .. .. 4 3 182 0 0 Totals .. „ 27 40 67 8,750 1 0 13 24 6,722 16 0 3 .. 278 14 0 7 2 1,225 11 0 11 341 0 0 4 3 182 0 0 Progress of Allowances since Establishment of Fund to the 31st January, 1941. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d Total granted .. .. .. 1,3732,2513,624496,882 10 0 7731,236 378,957 9 0 152 76 36,218 1 0 242 19056,696 17 0 55616,534 3 0 206 193 8,476 0 0 Total discontinued .. .. .. 759 7381,497160,313 8 0 366 296108,458 13 0 87 7 15,157 13 0 134 5223,746 19 0 224 6,242 3 0 172 159 6,708 0 0 Total existing .. .. 6141,5132,127 336,569 2 0 407 940270.498 16 0 65 69 21,060 8 0 108 13832,949 18 0 33210,292 0 0 34 34 1,768 0 0 ! I