NATIONAL PROVIDENT FUND THIRTY-SECOND ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1942

Appendix to the Journals of the House of Representatives, 1943 Session I, H-17

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1943 NEW ZEALAND

NATIONAL PROVIDENT FUND THIRTY-SECOND ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1942

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 confined to the following figures and tables :— 1942. 1941. New contributors .. .. .. .. 2,687 3,230 Local bodies .. .. ~ .. .. 139 137 Total contributors ..' .. .. .. 28,508 28,347 Annuitants .. .. .. .. .. 1,229 1,144 £ £ Contributions .. .. .. .. .. 342,234 328,884 Interest.. .. .. .. .. .. 248,416 238,225 Total income .. .. .. .. .. 695,648 667,564 Annuity payments .. .. .. .. 104,379 97,781 Other benefits .. .. .. .. .. 158,043 157,937 Total outgo .. .. .. .. .. 266,149 258,638 Funds at end of year .. .. .. .. 6,862,358 6,432,859 Rate of interest, per cent... .. .. .. £3 15s. 9d. £3 17s. Id. PART lI.—STATE SUBSIDY (Section 74) The amount of subsidy paid by the State for the year was £82,719. A. H. Nordmeyer, Chairman of the Board. R. M. Porteous, Deputy Superintendent of the Fund. Wellington, 15th August, 1943.

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NATIONAL PROVIDENT FUND Revenue Account for the Year ended 31st December, 1942 Amount of Fund at beginning of year (Ist January, £ National Provident Fund Act, 1926 — £ 1942) .. .. .. .. .. 6,432,859 Maternity claims (section 19) .. .. .. 6 National Provident Fund Act, 1926— Maternity claims (section 43) .. .. .. 68 Contributions .. .. .. .. 342,234 Refund of contributions on lapse, reduction, and Interest .. .. .. .. .. 248,416 withdrawal (sections 11, 12, and 13) .. .. 74,406 Fines (section 11 (4) ) .. .. .. .. 266 Refund of contributions in lieu of annuity (section 14) 16,302 Government contribution under Act (sections Incapacity allowances (sections 17 and 18), including 52 and 74 (2)) .. .. .. .. 82,719 contributions waived on incapacity (£1,378) .. 9,253 Refund of maternity claims by the State (sec- Death: Refund of contributions (sections 15 (5) tions 42 (2) and 70) .. .. .. . . 75 and 16) .. .. . . .. .. 45,439 Contributions overpaid on exit .. .. .. 281 Death : Allowances on account of widows and childBenefits refunded on exit (sections II to 16 and 28).. 21,181 ren (section 15) .. .. .. .. 12,569 Miscellaneous receipts .. .. .. .. 7 Annuities (sections 13 and 48) .. .. .. 104,379 Refunds unclaimed .. .. .. .. 469 Refund of contributions overpaid on exit .. .. 281 Public Trustee: Charges .. .. .. 2,814 War-risk insurance premiums .. .. .. 632 Amount of Fund at ond of year (31st December, 1942) 6,862,358 £7,128,507 £7,128,507

Balance-sheet as at 31st December, 1942 Liabilities £ Assets £ Fund as per Revenue Account .. .. .. 6,862,358 In hands of Public Trustee— Disbursement Account .. .. .. .. 1,041 Invested .. .. .. .. .. 6,763,668 National Provident Fund Act, 1926— Uninvested .. .. .. .. .. 15,143 Claims due and in course of payment*— Post Office .. .. .. .. .. 10,252 Death: Refunds (section 16) .. .. .. 2,281 Balances in transit .. .. .. .. 19,777 Death : Refunds (section 15 (5) ) .. .. 233 National Provident Fund Act, 1926— Death : Allowances (section 15) .. .. 42 Contributions outstanding or in course of transAnnuities (sections 13 and 48) .. .. 533 mission* — Allowances (section 17) .. .. .. 32 (a) Contributions due but not overdue .. .. 17,879 Refunds of contributions in lieu of annuity (b) Contributions overdue .. .. .. 2,744 (section 14) .. .. .. .. 243 Government subsidy due under Act* (sections 52 and Public Trustee : Charges* .. .. .. 994 74 (2)) .. .. .. .. .. 82,719 Refunds in Suspense .. .. .. .. 45,189 Fines due* (section 11 (4) ) .. .. ~ 173 Suspense Account .. .. .. .. 1,268 Interest due* .. .. .. .. .. • 4,556 Contributions prepaid .. .. .. .. 14,666 Interest accrued but not due* .. .. .. 83,224 Investment Fluctuation Reserve .. .. .. 71,255 £7,000,135 £7,000,135 * Included in Revenue Account.

Wellington, 31st July, 1943.

E. M. Porteous, Deputy Superintendent.

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.— Cykil G. Collins, Controller and Auditor-General.

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(2) Numerical Statement for the Year ended 31st December, 1942

Details of Discontinuances, &c., during the Year

Numerical Progress since Establishment

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Numbers. Class 1. Class 2. Class 3. Class i. Class 5. rwr»!!i?iLAnnuity Rate, 10s. Annuity Rate, 20s. Annuity Rate, 30s. Annuity Rate, 40s. Superannuation. A 0 gregate. M. { E. | T. M. | P. | T. M. | F. ] T. M. F. | T. M, j F. T. M. | F. T. - . — — . - _ Number of contributors at commence- 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 ment of year New entrants during the year .. 342 157 499 89 34 123 7 3 10 16 15 31 255 1,769 2,024 709 1,978 2,687 37,597 Transfer from another class 22 4 26 73 11 84 14 14 19 7 26 3 1 4 131 23 154 15,418 Increase due to adjustment on ageerror, &c. Total .. .. .. 14,542 1,071 15,613 2,235 390 2,625 232 42 274 517 95 612 5,679 6,385 12,064 23,205 7,983 31,188 375,834 Discontinuances, &e. (as per detailed 921 107 1,028 156 42 198 17 4 21 28 5 33 355 1,045 1,400 1,477 1,203 2,680 32,081 statement below) Total at end of year .. 13,621 964 14,585 2,079 348 2,427 215 38 253 489 90 579 5,324 5,340 10,664 |21,728 6,780 28,508 343,753

Death .. .. .. .. 92 2 94 22 22 .. | .. .. 4 1 1 5 37 2 39 155 5 160 3,499 Notice of withdrawal .. .. 461 71 ! 532 61 25 86 6 j .. 6 4 ! 2 6 246 1,024 1,270 778 1,122 1,900 23,243 Lapse and cancellation .. .. 229 14 ; 243 29 1 30 .. .. .. .. .. .. .. .. .. 258 15 273 797 Attainment of annuity age 63 8 71 13 9 22 1 1 2 7 1 8 71 19 90 155 38 193 3,185 Transfer to another class .. .. 76 12 88 31 7 38 10 : 3 13 13 1 14 1 1 131 23 154 1,353 Decrease due to adjustment on age- .. .. .. .. .. .. .. .. .. .. .. . . .. .. .. .. .. .. 4 error, &c. Total .. .. .. 921 107 1,028 J 156 42 198 17 f 4 21 28 5 33 j 355 [1,045 1,400 1,477 1,203 2,680 32,081

Total entered .. .. .. 62,984 5,427 68,411 10,121 1,354 11,475 1,077 174 1,251 1,391 271 1,662 11,752 19,750 31,502 87,325 26,9761114,301 Total transferred from other classes 4,657 256 4,913 3,134 272 3,406 565 71 636 815 67 882 130 5 135 9,301 671 9,972 67,641 5,683 73,324 13,255 1,626 14,881 1,642 245 1,887 2,206 338 2,544 11,882 19,755 31,637 96,626 27,647 124,273 j ~ " Total discontinued .. .. 50,804 4,480 55,284 6,708 1,000 7,708 711 120 831 876 181 1,057 6,498 14,415 20,913 65,597 20,196:85,793 Total transferred to other classes .. 3,216 239 3,455 4,468 278 4,746 716 87 803 841 67 908 60 60 9,301 j 671 9,972 54,020 4,719 I 58,739 11,176 1,278 12,454 1,427 207 1,634 1,717 j 248 1,965 6,558 14,415 20,973 74,898 120,867 95,765 ! Total contributors on books at 31st 13,621 964 14,585 2,079 348 2,427 215 ; 38 253 489 90 : 579 5,324 5,340 10,664 21,728 6,780 ( 28,508 343,753 December, 1942 | j i j

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NATIONAL PROVIDENT FUND ACT, 1926 Contributors (General) (3) Statement of Annuities and Allowances for the Year ended 31st December, 1942

Contributors (Superannuation—Sections 22, 38, and 54 of the Act) (3a) Statement of Retiring Allowances for the Year ended 31st December, 1942

Particulars of Retiring and other Allowances discontinued during the Year

NATIONAL PROVIDENT FUND. Progress of Annuities and Allowances since the Establishment of the Fund to 31st December, 1942

Approximate Cost of Paper.—Preparation, not given ; printing (578 copies), £9 10s.

By Authority: E. V. Paul, Government Printer, Wellington.—l 943.

Price 3d.]

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t On Attainment of Total Annuities and On Death. On Incapacity. Age 60 Allowances., l Annual at*™*,,,, Annual Anmial v . . Annual Number. Amount . dumber. Amount . Number. Amount . Number. i Amount . M. v. £ m. r. £ M. r. £ M. F. £ ExiBting at beginning of year ..161 1 8,054 43 .. 1,482 400 131 22,045 604 132 31,581 Granted during the year .. .. 26 1,384 11 .. 624 73 19 3,779 110 19 5,787 Total .. .. ..187 1 9,438 54 .. 2,106 473 150 25,824 714 151 37,368 Discontinued during the year (as per 35 .. 1,755 22 .. 800 10 1 468 67 1 3,023 statement below) Existing at end of year .. ..1152 1 7,683 I 32 .. 1,306 463 149 1 25,356 647 150 34,345 Particulars of Annuities and Allowances discontinued during the Year Discontinued by death .. .. 1 39 5 176 10 1 468 16 1 683 Expiry .. .. .. .. 34 .. 1,716 17 .. 624 51 .. 2,340 Total .. .. 35 .. 1,755 22 .. 800 10 1 468 67 1 3,023

; — — i / On Death. On Medical Unfitness. (Age ot Serplce)i Allowances. xr , Annual Annual Tv„ m > 1Q - Annual . . Annual Number. Amount. Number. Amount. Number. Amount. Number. Amount. M. F. £ M. F. £ M. F. £ M. F. £ Existing at beginning of year .. 205 .. 4,360 56 13 5,436 443 170 79,645 704 183 89,441 Granted during year .. 23 .. 457 19 5 2,909 27 16 6,475 69 21 9,841 Total .. .. .. 228 .. 4,817 75 18 8,345 470 186 86,120 773 204 99,282 Discontinued during the year (as per 13 .. 362 14 5 1,691 34 5 4,868 61 10 6,921 statement below) Existing at end of year .. .. 215 .. 4,455 61 13 6,654 436 181 I 81,252 j 712 194 92,361

Discontinued by death .. .. 9 162 7 2 839 34 5 4,868 50 7 5,869 Expiry .. .. .. .. 4 .. 200 7 3 852 11 3 1,052 Total .. .. 13 .. 362 14 5 1,691 34 5 4,868 61 10 6,921

0n Maturity Total Annuities and On Death. On Incapacity. (Age Qr Servi £ e)- Allowances. Numhpr Annual Number Annual Number Annual Number Annual .Number. Amount. -Number. Amount. number. Amount. -Number. Amount. i M. F. £ M. F. £ M. F. £ M. F. £ Total granted .. .. ..779 1 36,438 701 46 48,370 1275 373 146,886 2,755 420 231,694 Total discontinued .. .. 412 .. 24,300 608 33 40,410 376 43 40,278 1,396 76 104,988 Total existing at 31st December, 1942 367 1 12,138 93 13 7,960 899 330 106,608 1,359 344 126,706