NATIONAL PROVIDENT FUND. THIRTY-FIRST ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1941.

Appendix to the Journals of the House of Representatives, 1942 Session I, H-17

H. 17

1942. NEW ZEALAND.

NATIONAL PROVIDENT FUND. THIRTY-FIRST ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1941.

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). The report this year is confincd to the following figures and tables: — 1941. 1940. New contributors .. .. .. •• •• 3,230 2,950 Local bodies .. .. .. .. . • 137 133 Total contributors .. .. .. .. 28,347 28,302 Annuitants .. .. .. •• •• 1,144 1,025 £ £ Contributions .. .. .. .. . • 328,884 309,499 Interest 238,225 225,546 Total income 667,564 627,086 Annuity payments .. .. .. .. 97,781 89,737 Other benefits .. .. .. .. .. 157,937 158,895 Total outgo .. .. .. .. • • 258,638 251, 567 Funds at end of year .. .. .. 6,432,859 6,023, 934 Rate of interest, per cent. .. .. .. ..£3 17s. Id. £3 17s. lOd. PART lI.—STATE SUBSIDY (Section 74). The amount of subsidy paid by the State for the year was £80,324. A. H. Nordmeyer, Chairman of the Board. R. M. Porteous, Deputy Superintendent of the Fund. Wellington, Ist October, 1942.

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NATIONAL PROVIDENT FUND. Revenue Account for the Year ended 31st December, 1941. Amount of Fund at beginning of year (Ist January, £ National Provident Fund Act, 1926— £ 1941) •• •• •• 6,023,933 Maternity claims (section 19) .. .. .. 49 National Provident Fund Act, 1926— Maternity claims (section 43) .. .. .. 259 Contributions .. • • • • • • 328,884 Refund of contributions on lapse, reduction, and Interest " •• •• •• 238,225 withdrawal (sections 11, 12, and 13) .. .. 94,548 Fines (section ff (4) ) •• •• 321 Refund of contributions in lieu of annuity (section 14) 10,856 Government contribution under Act (sections 52 Incapacity allowances (sections 17 and 18), including and 74 (2) ) .. •• •• •• 80,324 contributions waived on incapacity (£1,369) .. 8,267 Refund of maternity claims by the State (sec- Death : Refund of contributions (sections 15 (5) tions 42 (2) and 70) 308 and 16) .. .. .. •• .. 31,762 Contributions overpaid on exit 57 Death : Allowances on account of widows and childBenefits refunded on exit (sections 11 to 16 and 28) 13,321 ren (section 15) " " i 2 'i®? Miscellaneous receipts 8 Annuities (sections 13 and 48) .. .. 97,781 Refunds unclaimed 365 Refund of contributions overpaid on exit .. . . 57 Premium on conversion .. .. •• •• 5,751 Public Trustee: Charges . . .. Amount of Fund at end of year (31st December, 1941). . 6,432,859 £6,691,497 £6,691,497

Balance-sheet as at 31st December, 1941. Liabilities. £ Assets, it Fund as per Revenue Account .. ..6,432,859 In hands of Public Trustee— National Provident Fund Act, 1926— Invested 6,358,976 Claims due and in course of payment*- Uninvested 2,620 Maternity (sections 19 and 43) 212 Disbursement Account 895 Death : Refunds (section 1.6) 2,394 Post Office 12,020 Death: Refunds (section 15 (5) ) .. .. 1,567 Balances m transit •• 20 • 421 Death : Allowances (section 15) .. . • 160 National Provident Fund Act, 1926— Annuities (sections 13 and 48) .. .. ■ ■ 845 Contributions outstanding or in course of transAllowances (section 17) .. . ■ ( > 9 > m A SS 'i n -tr~l- i i t f i ij_ nr-4 Refunds of contributions in lieu of annuity (a) Contributions due but not overdue . . .. If >063 (section 14) • •• •• 233 (b) Contributions overdue .. .. .. 1,796 Public Trustee : Charges* " 1.041 Government subsidy due under Act* (sections 52 and Refunds in Suspense .. •• •• u \ ■ " *■ t + 't i • '* i f Suspense Account 730 Refund due m respect of matermty claims* (sections Contributions prepaid .. .. •• •• 1?'??? 42 (2) and (70)) •• ■■ Investment Fluctuation Reserve .. .. •• 71,-o5 lines due (section 11 (4) ) .. .. .. 114 Interest due* .. .. .. .. .. 5,969 Interest accrued but not due* .. .. .. 78,636 £6,5817079 £6,581,079 * Included in Revenue Account. R. M. Porteous, Deputy Superintendent. Wellington, -31st August, 1942. 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.— Cyril G. Collins, Controller and Auditor-General.

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(2) Numerical Statement for the Year Ended 31st December, 1941.

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Numbers. S las »f 1 * j Class 2. Class 3. Class 4. Class 5 Annual Annuity Kate, 10s. J Annuity Rate. 20s. Annuity Bate, 30s. Annuity Kate, 40s Annuity Rate: Othei. Aggregate. Contributions. I M. j F. j T - I M. ; F. I. M. | F. | T. M. F. I T. M. | P. ] t7 M. P. ] T~ Number of contributors at commence- 14,882 881 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 31K514 menu ox vcsir New entrants during the year .. 484 170 654 112 42 154 15 7 22 14 2 16 556 I 898 9 381 i 181 9 mo q ow oqq Transfer from another class .. 68 1 69 69 13 82 11 4 IE 23 2 25 8 ' ' 8 79 ' 20 'l99 1>U0 Increase due to adjustment on age- .. a error, &c. * *' * * "" *' "' * * " * *' * * * * * * Totdl .. .. .. io,434 1,052 16,486 2,284 384 2,668 234 45 9."*Q 519 76 5Q5 5 845 5 858 11 9d. i qi 7qi Qp\Q (aS Pei ' detailCd 1,256 U2 l ' 398 211 39 250 23 6 29 37 3 40 ' 4M '' 24H 1:667 1:951 J ' 433 S 36534 Total at end of year .. 14,178 910 15,088 2,073 345 2,418 211 39 250 482 73 555 5,421 4,615 10,036 22,365 5,982 28,347 322,819 Details of Discontinuances, &c., during the Year. Death. .. .. • • . . 60 3 66 12 2 I 14 . . 1 1 1 i 9 9 i 11 A Q 11Q 9 rq a SSraaSBU :: :: g II S S » J 1 I ? 1 » »'• S I 2 I f S £3KSSXT. :: S i 'A ,2 1 g »» "f „• £ "y ,{ « « »' » Decrease due to adjustment on age- ...... ...... .. ' * error, &c. .... ...... ...... ...... Total " •' •• X ' 256 ; 142 1:398 211 39 250 23 6 29 37 3 40 424 1,243, 1,667 1,95-1 I 1,433 3,384 J 36,534 Numerical Progress since Establishment. Total entered .. .. .. 62,642 5,2/0 ; 67,912 10,032 1,320 11,352 I 1,070 171 1,241 j 1,375 256 1 631 11 497 17 981 29 478 86 616 °4 998111 614 Total transferred from other classes 4,635 252 4,887 3,061 261 3,322 | 551 71 622 J 796 60 '856 'l27 ' 4 ~ 'l31 '648 9*818 67,277 o,522 72,799 13,093 jl,581 14,674 j 1,621 242 1,863 2,171 316 2,487 11,624 17,985 29,609 95,786 25,646121,432 I Total discontinued .. .. 49,959 4.385 54,344 6,583 065 j 7,548 704 119 823 861 I 177 1 038 6 144 13 370 19 514 64 °51 19 016 83 967 Total transferred to other classes .. 3,140 '227 3,367 4,437 271 j 4,708 703 84 790 828 66 894 59 '59 9170 648 9*818 o3,099 4,612 57,711 11,020 1,236 12,256 1,410 203 j 1,613 1,689 243 1,932 6,203 13,370 19,573 73,421 19,664 93,085 | ° n b ° 0kS at 3lSt I4 ' 178 910 15 '° 88 2 ' 073 2 ' 418 211 :i!l 26o" 482 73~j 555" "5,421 4,615 10,036 322,819

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NATIONAL PROVIDENT FUND ACT, 1926. Direct Contributors. (3) Statement of Annuities and Allowances for the Year ended 31st December, 1941.

Superannuation Contributors. (3a) Statement of Retiring and other Allowances for the Year ended 31st December, 1941.

NATIONAL PROVIDENT FUND. Progress of Annuities and Allowances since the Establishment of the Fund to 31st December, 1941.

By Authority: E. V. Paul, Government Printer, Wellington.—l 942.

Price 3d.]

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_ _ ~ T On Attainment of Total Annuities and On Death. On Incapacity. Age 0O Allowances. Number. Number. Number. /Zmi Number - | Amount. ! _ M. F. £ M. F. £ M. F. £ M. F. £ Existing at beginning of year .. 157 1 7,859 34 .. 1,033 332 115 18,801 523 116 27,693 Granted during the year .. .. 26 1,404 27 .. 917 75 20 3,790 128 20 6,111 Total .. .. ..183 1 9,263 61 .. 1,950 407 135 22,591 651 136 33,804 Discontinued during the year (as per 22 .. 1,209 18 .. 468 7 4 546 47 4 2,223 statement below) Existing at end of year .. .. 161 1 8,054 43 .. 1.482 400 131 22,045 604 132 31,581 Particulars of Annuities and Allowances discontinued during the Year. Discontinued by death .. .. 4.. 78 7 4 546 11 4 624 Expiry .. .. .. .. 22 .. 1,209 14 .. 390 36 1,599 Total .. .. .. 22 .. 1,209 18 .. 468 7 4 546 47 4 2,223

_ _ ,, j, rt , TT„fli„ noo ' On Retirement Total Retiring and other On Death. On Medical Unfitness. | (Age or Service). Allowances. , Annual -vr ! Annual [ w „ mVlQ . Annual vr nm i... Annual Number. Amount. Number, j Amount. ;• -Number. Amount. Number. Amount. M. F. £ M. F. £ M. F. £ M. F. £ Existing at beginning of year .. 198 .. 4,299 53 14 5,716 425 153 74,108 676 167 84,123 Granted during year .. .. 18 382 11 3 1,299 42 20 9,311 71 23 10,992 Total .. .. .. 216 .. 4,681 64 17 7,015 467 173 83,419 j 747 190 95,115 Discontinued during the year (as per 11 .. 321 8 4 1,579 24 3 3,774 43 7 5,674 statement below) Existing at end of year .. .. 205 .. 4,360 56 13 5,436 I 443 170 79,645] 704 183 89,441 Particulars of Retiring and other Allowances discontinued during the Year. Discontinued by death .. .. 5 103 4 .. 528 24 3 3,774 33 3 4,405 Expiry .. .. .. .. 6 218 4 4 1,051 10 4 1,269 Total .. .. .. 11 .. 321 8 4 1,579 24 3 3,774 43 7 5,674

On Death. On Incapacity. (&*»>. | Number. Number. ! Number. | | Number. M. F. £ M. F. £ M. F. £ M. F. £ Total granted .. .. .. 730 1 34,597 671 41 44,836 1,175 338 136,632 2,576 380 21*5,065 Total discontinued .. .. 364 .. 22,183 572 28 37,918 332 37 34,942 1,268 65 95,043 Total existing at 31st December, 1941 366 1 12,414 99 13 6,918 843 301 101,690 1,308 315 121,022 i , Approximate Cost of Paper.—Preparation, not given ; printing (558 copies), £9.