EDUCATION: TEACHERS' SUPERANNUATION FUND.

Appendix to the Journals of the House of Representatives, 1942 Session I, E-08

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1942. NEW ZEALAND.

EDUCATION: TEACHERS' SUPERANNUATION FUND.

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

THIRTY-SIXTH ANNUAL REPORT OF THE TEACHERS' SUPERANNUATION BOARD. For the Year ended 31st January, 1942. The Hon. the Minister op Education. g IE Wellington, Bth September, 1942. The Board has to submit the following report for the year ended the 31st January, 1942 : —■ The Board. —The usual quarterly meetings of the Board were held in February, May, August, and November. Payment of cost-of-living bonus amounting to £396 6s. sd. was made by the Government in certain necessitous cases. The following statements show the transactions, &c., of the fund for the year ended 31st January, 1942. For the Teachers' Superannuation Board, A. E. McKinnon, Secretary.

(A) REVENUE ACCOUNT for the Year ended 31st January, 1942. £ £ Balance 31st January, 1941 .. .. .. 974,885 Retiring and other allowances .. .. .. 350,188 Contributions of members (including transfers) .. 173,126 Contributions refunded— £ Additional contribution from Fijian and Tongan Go- On voluntary retirement .. .. 21,733 venmients .. .. •• 382 On death of members .. .. .. 8,979 •Government subsidies ■■ •• •• •• 155,627 On lapse of membership .. .. 1,358 Interest — £ 32,070 On investments and contributions in arrears 42,187 Rebate of contributions under National ExpendiLess investments written down (pro- ture Adjustment Act, 1932, section 9 (2), to portion of premium on purchase of annuitants .. .. .. .. .. 391 investments) .. .. 317 Contributions transferred to other funds .. .. 4,964 Administration expenses .. .. .. .. 3,599 41,870 Loss on mortgage security acquired .. .. 530 Plus investments written up (proportion Balance at 31st January, 1942 .. .. .. 954,640 of discount on purchase of investments) 492 42,302 £1,346,382 £1,346,382

(B) BALANCE-SHEET as at 31st January, 1942. Liabilities. £ ssets. Fund as per Revenue Account .. .. .. 954,640 Amount held by Public Trustee in cash and invest- £ Retiring and other allowances due and unpaid .. 2,283 ments .. .. .. .. .. 966 450 Refund of contributions due and unpaid .. .. 4,176 £ Administration expenses unpaid .. .. .. 1,148 Premium paid on purchase of investments .. 2,622 Unclaimed contributions .. .. .. .. 1,576 Less amount written off .. .. 317 Amounts paid into fund in error .. .. .. 16 % 305 Rent received from securities leased .. .. 223 Amounts paid to protect s( jcurities .. .. 217 Reserves for commission, &c. .. .. .. 498 War damage premiums recoverable .. .. 402 . £ Outstanding contributions .. .. .. 17,843 Discount on investments .. .. 3,776 Interest on investments: Accrued and overdue .. 13,828 Less amount written off .. .. 491 I nterest due on arrears of contributions .. .. 398 — 3,285 Due by Consolidated Fund for cost-of-living bonus .. 02 Vouchers issued but unpaid at Ist February, Government subsidies — •; • • • • • • 24,276 Additional subsidy under section 114, Public Service Add overdraft in Post Office Account .. 52,940 Superannuation Act, 1927, allowances unpaid at 77,216 31st January, 1942 .. .. .. .. 556 Section 112 Public Service Superannuation Act, 1927 43,000 £1,045,061 £1,045,061 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, 1942. The amount for the period to 31st January, 1942, not included in the year's accounts, is £1,583. The subsidy under, section 112' Public Service Superannuation Act, 1927, shown above as outstanding, has also been received. 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 resnect is estimated at £3,200. r A,. E. Mc-Kinnon, A.R.A.N.Z., Education Department, Secretary, Teachers' Superannuation Board. Wellington, Bth September, 1942. I hereby certify that the Revenue Account and Balanoe-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 and the following comment : There is no statutory authority for the Board to borrow moneys by way of overdraft from the Post Office Account.—Cyril G. Collins, Controller and Auditor-General.

Table showing Progress of Fund since its Inception (1st January, 1906).

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if. if. if. ?£. if if I b 4 s 3| s g| Safe Sg= §|g gig -gci , II s I B B 1 , I s If I s 1 I s if !____ m » " S Total number of contributors 2,182 8,080 9,964* 8,058f 9,005 9,463 9 827 Total amount of contributions £32,320 £131,872 £115,961 £132,398 £158,505 £173' 126 £3 467 427 Interest received .. .. £864 £68,053 £72,682 £44,187 £42,699 £42,021 £42'362 £1 *323'031 Subsidy from Government .. £5,000 £71,228 £46,917 £171,800 £155,979 £166 917 £155 628 £2*471 '499 Subsidy from Fiji Government .. £224 £238 £233 £382 £388 £361 ' £4'539 Subsidy from Tonga Government .. .. .. .. £20 £21 £21 *£62 Number of allowances payable 84 1,364 1,677 2,038 2,078 2 127 2 211 Total amount paid on account of £3,147 £188,552 £254,927 £323,976 £35o'l88 £5 507'661 retiring and other allowances Total amount of contributions £260 £26,076 £30,628 £31,481 £32,670 £34,725 £37 425 £711 390 refunded and transferred Accumulated fund .. .. £34,734 £1,134,015 £1,218,166 £964,605 £967,076 £974,885 £954,640 * Highest number of contributors since commencement of Fund. t Lowest number of contributors since 31st January, 1026.

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STATEMENT of CONTRIBUTORS, showing Annual Rates of Salaries and Contributions as at the 31st January, 1942.

PARTICULARS of CONTRIBUTIONS discontinued and Allowances granted and Refunds of Contributions made during the Year ended 31st January, 1942.

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Number. Annual Kate of Annual Rate of M. F. Total. Salary. Contributions. - - - - — Contributors at 31st January, 1941 .. 4,492 4,971 9,463 3 102 075 im sr>4 New contributors entered during the year 354 547 901 ' 159' 155 s'Sl ended 31st January, 1942 io»,ioo 8,524 Transfers from otter funds during the year 3 1 4 I 91r Net increase in salaries and contributions .. iq9 9qr 0J7 . during the year . " 192,286 9,874 ,0taIs •• •• •• 4,849 j 5,519 j 10,368 3,454,732 182,263 Contributions discontinued during the 118 j 423 541 Tfio iqq year ended 31st January, 1942, by ! 60,198 8,962 resignations, &c. Totals at 31st January, 1942 .. 4,731 j 5,096 j 9,827 | I7^m

Number of Annual Rate at Date of Contributors. Withdrawal. Benefits. How discontinued. j M. F. 3 Salary I Contribu- Allowances: Other Payo tions. Annual Kate. m ents (non- , recurring). By death before allowance entered upon— £ £ £ (a) Contributions paid to 18 6 24 6,971 387 o personal representa- " ' tives (b) Leaving widow or child 17 1 18 8,330 478 711 , , ln By voluntary retirement .. 25 283 308 71,630* 3 758 By lapsed membership .. 3 22 25 5,293 '286 " 1'o« By transfer to other funds .. 13 11 24 7,324 370 " 7q«a By allowances granted on re- " tirement— (a) Ordinary .. 30 84 114 49,920 3 091 23 057 bMedically unfit _ .. 11 12 23 8,'900 483 1$3 1 391 (c Extended provisions .. 2 3 5 1,830 109 642 I By death of annuitants i ■,/»« '' '* • • i,100 Totals ■■ -.119 422 541 160,198 8,962 28,485 3M2ET — J i #

<35 r—H I O -M bJD £ 0 £ & 4-J • S £ 1 I CD > o & p < PH > £ £ o rCj PQ

Price 3d .]

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STATEMENT of RETIRING-ALLOWANCES (including Allowances to Widows and Children) for the Yeah ended 31st January, 1942.

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(3) (1) (2) Details of Column (2). Retiring-allowances. - Allowances to , Total A. w . Extended Provisions and Mpdicallv TTnfit Widows Children. Ordinary (Age or Service). Sec 14> finance Act, 1931. Medically Unht. vviaows. Particulars. : ■ j . - . - - ■" ■ \. ' "V" j j —-• > : —; i Number. Number. | Number. Number. J Number. a Annual Kate. Annual Rate, j :— M Annual Rate. j j Annual Rate. g Annual Rate. j | Annual Rate. M. F. | M. P. M. j F. M. P. jg M. j F. ;—: —— i j * — 7 : i Allowances as at 31st January, 1941 .. 6141, .513 2,127 336,569 407 940 270,498 65 69 21,061 108 138 32,950 332 10,292 34 34 1,768 Allowances granted during the year at 43 125 168 28,113 30 84 2-3,058 3 641 , retirement or decease of contributors Allowances granted during tlie year .. 1212 372 .... .. .... -- .... to widows and children of deceased ~657 1~650 2,307 365,054 4371,024 293,556 67 72 21,702 119 150 36,653 351 10,881 41 46 2,262 Allowances discontinued during the year 33 63 96 14,204 21 40 11,375 6 1 1:397 3 2 744 18 o58 3 2 Allowances existing at end of year .. 6241,587 2,211 350,850 416 984 282,181 61 71 20,305 116 148 35,909 333 38__44 2,132 Particulars of Allowances discontinued during the Year. How discontinued — £ £ £ „ n ,, 1Q £ cco By death 30. 61 91 14,074 21 40 11,375 6 1 1,397 3 2 744 18 5o8 .. .. By expiry . . .. • • 3 2 5 130 .. .. ■ • .... .. .... — Totals .. 33 63 96j 14,204 1~~21 40 11,375 6 1 1,397 3 2 744 18 558 3 2 130__ Progress of Allowances since Establishment of Fund to the 31st January, 1942. £ £ £ £ £ _ £ Total granted .. .. .. 1,416 2,3883,804 525,368 8031,320 402,016 154 79 36,859 253 202 60,400 575 17,123 213 205 8,970 Total discontinued .. .. 792 801 1,593 174,518 387 336 119,835 93 8 16,554 137 54 24,491 242 6,800 1» 161 6,838 Total existing .. .. 6241,5872,211 350,850 416 '984 282,181 61 71 20,305 116 148 35,909 333 10,323 38 44 2,132 Approximate Cost of Paper— Preparation, not given; printing 608 (copies), £8.