NATIONAL PROVIDENT FUND. THIRTIETH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1940.

Appendix to the Journals of the House of Representatives, 1941 Session I, H-17

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1941. NEW ZEALAND.

NATIONAL PROVIDENT FUND. THIRTIETH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1940.

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

PART I.—THE FUND (Section 72). Owing to the exigencies of the times the report this year is confined to the following figures and tables : — 1940. 1939. New contributors .. .. .. .. .. 2,950 2,997 Local bodies .... 133 129 Total contributors .. .. .. .. 28,302 28,729 Annuitants .. .. .. .. .. 1,025 935 £ £ Contributions .. .. .. .. .. 309,499 299,308 Interest .. .. .. 225,546 212,627 Total income .. .. .. .. .. 627,086 632,128 Annuity payments .. .. .. .. 89,737 82,353 Other benefits .. .. .. .. .. 158,895 188,521 Total outgo .. .. .. .. .. 251,567 273,971 Funds at end of year .. .. .. .. 6,023,934 5,648,415 Rate of interest, per cent. .. .. .. ..£3 17s. lOd. £3 18s. 3d. PART lI.—STATE SUBSIDY (Section 74). The amount of subsidy paid by the State for the year was £76,444. A. H. Nordmeyer, Chairman of the Board. R. M. Porteous, Deputy Superintendent of the Fund. Wellington, 21st August, 1941.

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NATIONAL PROVIDENT FUND. Revenue Account fob the Yeae ended 31st December, 1940. Amount of Fund at beginning of year (Ist January, £ National Provident Fund Act, 1926 — £ 1940) .. .. .. .. .. 5,648,415 Maternity claims (section 19) .. .. .. 70 National Provident Fund Act, 1926 — Maternity claims (section 43) .. .. .. 2,807 Contributions .. .. .. .. 309,499 Refund of contributions on lapse, reduction, and Interest .. .. .. .. .. 225,546 withdrawal (sections 11, 12, and 13) .. .. 93,379 Fines (section II (4) ) .. .. .. .. 570 Refund of contributions in lieu of annuity (section 14) 11,544 Government contribution under Act (sections 52 Incapacity allowances (sections 17 and 18), including and 74 (2) ) .. .. .. .. 76,444 contributions waived on incapacity (£1,369) .. 9,208 Refund of maternity claims by the State (sec- Death: Refund of contributions (sections 15 (5) tions 42 (2) and 70) .. .. .. 2,876 and 16) .. .. .. .. .. 29,575 Contributions overpaid on exit .. .. 165 Death : Allowances on account of widows and childBenefits refunded on exit (sections 11 to 16 and 28).. 11,638 rcn (section 15) .. .. .. 12,312 Miscellaneous receipts .. .. .. .. 2 Annuities sections 13 and 48) .. .. .. 89,737 Refunds unclaimed .. .. .. .. 346 Refund of contributions overpaid on exit .. .. 165 Public Trustee: Charges .. .. .. 2,770 Amount of Fund at end of year (31st December, 1940) 6,023,934 £6,275,501 £6,275,501 Balance-sheet as at 31st December, 1940. Liabilities. £ Assets. £ Fund as per Revenue Account .. .. .. 6,023,934 In hands of Public Trustee — National Provident Fund Act, 1926—■ Invested .. .. .. .. .. 5,986,730 Claims due and in course of payment*— Uninvested .. .. .. .. .. 10,615 Maternity (sections 19 and 43) .. .. 501 Post Office .. .. .. .. .. 2,836 Death: Refunds (section 16) .. .. 3,039 Balances in transit .. .. .. .. 10,856 Death : Refunds (section 15 (5) ) .. .. 2,804 National Provident Fund Act, 1926 — Death : Allowances (section 15) .. .. 339 Contributions outstanding or in course of transAnnuities (sections 13 and 48) .. .. 2,130 mission*— Allowances (section 17) .. .. .. 238 (a) Contributions due but not overdue .. .. 12,287 Refunds of contributions in lieu of annuity (ft) Contributions overdue .. .. .. 1,881 (section 14) .. .. .. .. 1,070 Government subsidy due under Act* (sections 52 and Public Trustee: Charges* .. .. .. 1,059 74 (2)) .. .. .. .. .. 76,444 Refunds in Suspense .. .. .. .. 60,649 Refund due n respect of maternity claims* (secSuspense Account . .. .. .. 542 tions 42 (2) and 70) .. .. .. .. 572 Contributions prepaid .. .. .. .. 12,422 Fines due* (section 11 (4) ) .. .. .. 119 Investment Fluctuation Reservo .. .. .. 71,277 Interest due* .. .. .. . . .. 6,579 Interest accrued but not due * .. .. .. 71,085 £6,180,004 £6,180,004 * Included In Revenue Account. R. M. Porteous, Deputy Superintendent. Wellington, Ist August, 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. — C!yril G. Collins, Controller and Auditor-General.

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(2) Numerical Statement for the Year ended 31st December, 1940.

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Numbers. Ciassl - Class 2. Class 3. Class 4. Class 5. rnnfritatLia Annuity Rate, 10s. v Annuity E-ate. 20s. Annuity Rate, 30s. Annuity Rate, 40s. Annuity Rate: Other. Aggregate. uon o . j M. | F. | T. M. F. ; T. M. | F. T. M. | F. | T. M. j F. T. 31. F. | T. r - - Number of contributors at commence- 15,595 861 16,456 2,119 321 2,440 219 35 254 502 75 577 5,329 3,673 9,002 23,764 4,965 28,729 300,640 ment of year New entrants during the year .. 833 159 992 131 23 154 13 4 17 21 2 23 277 1,487 1,764 1,275 1,675 2,950 27,312 Transfer from another class .. 57 5. 62 89 14 103 16 16 13 2 15 11 11 186 21 207 17,288 Increase due to adjustment on age- .. .. .. .. .. .. .. .. .. . . .. .. .. .. .. .. .. .. 63 error, &c. Total .. .. .. 16,485 1,025 17,510 2,339 358 2,697 248 j 39 287 536 79 615 5,617 5,160 10,777 25,225 6,661 31,886 345,303 Discontinuances, &c. (as per detailed 1,603 144 1,747 236 29 265 40 5 45 54 7 61 336 1,130 1,466 2,269 1,315 3,584 33,789 statement below) Total at end of year .. 14,882 881 , 15,763 2,103 329 ! 2,432 208: 34 i 242 482 72 554 5,281 4,030 9,311 122,956 5,346 28,302 311,514 Details of Discontinuances, &c., during the Year. Death . . .. .. .. 30 30 6 1 ] 7 1 j .. 1 4 111 5 21 5 26 62 | 7 69 2,477 Notice of withdrawal .. .. 963 98 1,061 116 15 131 19 I 3 22 17 3 20 254 1,108 1,362 1,369 1,227 2,596 25,154 Lapse and cancellation .. .. 479 27 506 45 3 48 3 ! 3 6 , 1 7 .. . . . . 533 31 564 1,812 Attainment of annuity age .. 45 5 50 8 5 13 3 ! 1 4 5 1 6 58 17 75 119 29 148 3,403 Transfer to another class .. .. 86 14 100 61 5 66 14 1 15 22 1 23 3 3 186 21 207 j 914 Decrease due to adjustment on age- .. .. .. .. .. .. .... .. .. .... .. .. .. .. .. * * error, &c. Total .. .. .. 1,603 | 144 1,747 236 29 265 40; 5 45| 54 7 61 336 1,130 1,466 2,269 1,315 3,584 33,789 Numerical Progress since Establishment, Total entered .. .. .. 62,158 5,100 ! 67,268 9,920 II,278 11,198 1,055 164 1,219 I 1,361 254 1,615 10,941116,153 27,094 85,435 22,949108,384 Total transferred from other classes 4,567 251 4,818 2,992' 248 3,240 540 67; 607 j 773 58 831 119 4 123 8,991 628 9,619 66,725 5,351 72,076 12,912 1,526 14,438 1,595 231 1,826 2,134 312 2,446 11,060 16,157 27,217 94,426 23,577118,003 j Total discontinued .. .. 48,776 4,257 53,033 6,447 930 7,377 692 115 807 840 174 1,014 5,724 12,127 17,851 62,479 17,603 80,082 ! Total transferred to other classes .. 3,067 213 3,280 4,362 267 4,629 695 82 777 812 66 878 55 55 8,991 628 9,619 51,843 4,470 56,313 10,809 1,197 12,006 1,387 197 1,584 1,652 240 1,892 5,779 12,127 17,906 71,470 18,231 89,701 Total contributors on books at 31st 14,882 j 881 15,763 2,103 329 2,432 208 34 242 482 72 554 5,281. 4,030 9,311 22,956 5,346 28,302 311,514 December, 1940 !

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NATIONAL PROVIDENT FUND ACT, 1926. Direct Contributors. (3) Statement of Annuities and Allowances for the Year ended 31st December, 1940.

Superannuation Contributors. (3a) Statement of Retiring and other Allowances for the Year ended 31st December, 1940.

NATIONAL PROVIDENT FUND. Progress of Annuities and Allowances since the Establishment of the Fund to 31st December, 1940.

Approximate Cost of Paper.—Preparation, not given ; printing (595 copies), £7 10s.

By Authority: E. V. Paul, Government Printer, Wellington.—l94l

Price 3d.~\

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On Death On Incanacitv On Attainment of Total Annuities and un Deatli. on incapacity. Ag0 0Q Allowances. TCnrnhpr Annual "Ynmher Annual "Numbe-* I Annual Wnmhpr i Annual JNumser. Amount. Amount. Amount. JNumDer. Amount. I l_ M. F. £ M. F. £ M. F. £ M. F. £ Existing at beginning of year .. 166 X 8,307 42 .. 1,404 278 108 16,315 486 109 26,026 Granted during the year .. .. 16 956 16 .. 604 59 12 2,902 91 12 4,462 Total .. .. ..182 1 9,263 58 .. 2,008 337 120 19,217 577 121 30,488 Discontinued during the year (as per 25 .. 1,404 24 .. 975 5 5 416 54 5 2,795 statement below) Existing at end of year .. ..157 1 7,859 34 .. 1,033 332 115 18,801 | 523 116 27,693 Particulars of Annuities and Allowances discontinued during the Year. Discontinued by death .. .. 7 273 5 5 416 12 5 689 Expiry .. .. .. .. 25 .. 1,404 17 .. 702 42 .. 2,106 Total .. .. .. 25 .. 1,404 24 .. 975 5 5 416 54 5 2,795

On Death. On Medica. Unfitness. Number. —j, Number. | —. Number. ] Number. | Annual^ M. F. £ M. F. £ M. F. £ M. F. £ Existing at beginning of year .. 189 .. 4,173 56 18 6,239 410 139 69,226 655 157 79,638 Granted during year .. .. 18 364 9 1 1,070 35 15 7,590 62 16 9,024 Total .. .. .. 207 .. 4,537 65 19 7,309 445 154 76,816 717 173 88,662 Discontinued during the year (as per 9 .. 238 12 5 1,593 20 1 2,708 41 6 4,539 statement below) Existing at end of year .. .. 198 .. 4,299 53 14 5,716 I 425 153 74,108 676 167 84,12 3 Particulars of Retiring and other Allowances discontinued during the Year. Discontinued by death .. .. 5 90 5 1 466 20 1 2,707 30 2 3,263 Expiry .. .. .. .. 4 .. 148 7 4 1,127 .... .. 1] 4 1,275 Total .. .. .. 9 238 12 5 1,593 20 1 2,707 41. 6 4,538

I On Incapacity. I ™&). I Number. — _ Number. [ ™. | Number. | | Number. ™. M. F. £ M. F. £ M. F. £ M. F. £ Total granted .. .. ..686 1 32,811 633 38 42,620 1,058 298 123,530 2,377 337 198,961 Total discontinued .. .. 331 .. 20,653 546 24 35,871 301 | 30 30,621 1,178 54 87,145 Total existing at 31st December, 1940 355 1 12,158 87 14 6,749 757 268 92;909 1,190 283 111,816-