PUBLIC SERVICE SUPERANNUATION BOARD. (THIRTY-FOURTH ANNUAL REPORT OF THE), WITH ACCOUNTS, FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1942.

Appendix to the Journals of the House of Representatives, 1943 Session I, H-26

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1943. NEW ZEALAND.

PUBLIC SERVICE SUPERANNUATION BOARD. (THIRTY-FOURTH ANNUAL REPORT OF THE), WITH ACCOUNTS, FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1942.

Presented to both Houses of the General Assembly pursuant to the Provisions of the Public Service Superannuation Act, 1927.

REPORT.

The Board has the honour to submit its report upon the transactions in connection with the Public Service Superannuation Fund. The report this year is confined to the following accounts, statements, and tables. Contributors.—The number of new contributors who joined the scheme during the year and other particulars, are contained in the following table :—

Number. Rate per Cent, of A , Contribution. M , _ 7 Annual Salary. c JXtL. Male. Female. Total. £ £ 5 1.596 706 2,302 207,886 10,394 6 33 14 47 13,136 788 7 44 6 50 15,932 1,115 I 3 •• 13 5,065 405 » 3 1 4 1,735 156 10 3 .. 3 1,850 185 Transfers from other funds 37 14 51 16' 612 840 I' 729 2,470 262,216 13,883

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The following table shows particulars of the public servants who were contributing to the fund on the 31st March, 1942 (after allowing for deaths, retirements, and withdrawals), grouped according to their respective rates of contribution : —•

Investment of the Fund. —Including £31,058 invested on Stipendiary Magistrates' account, the total investments of the fund amount to £3,138,670. The average rate of interest earned for the financial year was £4 6s. 3d. per cent., an increase of Is. 6d. per cent, as compared with the previous year. Operations of the Fund. —The following comparative statement shows the operations of the fund (to the nearest pound) as disclosed in the Revenue Accounts and Balance-sheets for the twelve-year period ended 31st March, 1942 :—

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t, , „ Number. Rate per Cent. Animai _ „ ° f Annual Salary. ContributionSContribution. Male _ Femalo _ TotaL £ £ 5 22,410 4,193 26,603 6,876,151 343,808 6 1,587 127 1,714 583,738 35,024 7 954 72 1,026 361,675 25,317 8 412 18 430 157,200 12,576 9 140 8 148 56,483 5,083 10 33 2 35 16,185 1,619 Totals .. 25,536 4,420 29,956 8,051,432 423,427 I -

Income. Expenditure. Contributions. Interest on Year. - ATiuppI- AdmlDifl* TW1 rpr! •• AppnvnnEmployees. OonteibS- laneoua - Befun<l8 - Penslon8 - l8De0UB - lated Funds. £ £ £ ££££ ££ £ 1930-31 .. 271,423 102,289 162,888 264 422 40,754 381,243 8,418 8,775 2,917,154 1931-32 .. 190,347 102,757 168,453 238 486 48,552 431,922 8,650 2,277 2,888,034 1932-33 .. 226,420 141,038 166,814 447 302 45,345 472,288 7,620 387 2,897,415 1933-34 .. 228,650 144,129 157,200 651 4,464 37,551 486,925 7,180 1,287 2,899,564 1934-35 .. 238,844 149,766 153,333 185 19,086 40,065 488,836 7,429 6,997 2,917,452 1935-36 .. 256,249 148,512 151,599 176 8,770 44,804 494,988 7,250 1,477 2,934,240 1936-37 .. 306,292 164,668 142,831 689 2,551 45,644 498,677 7,150 1,901 2,997,898 1937-38 .. 344,583 175,544 137,751 327 323 53,454 515,044 7,543 8,201 3,072,185 1938-39 .. 370,400 244,114 130,688 227 1,347 64,220 527,726 7,691 20,314 3,199,010 1939-40 .. 393,380 170,766 128,577 410 635 76,760 550,143 8,263 1,954 3,255,658 1940-41 .. 411,534 160,164 135,978 280 691 88,750 569,001 8,006 2,008 3,296,540 1941-42 .. 429,717 154,421 138,550 1,053 1,312 99,723 587,924 7,898 1,899 3,324,148

Liabilities. Assets. Sundry Creditors. Sundry Debtors. Other, Investments mffwith Year - Accumu- including (including Govern- Cash at Miscellated Fund. Pen- He- Em- Govern- Accrued Em- Govern- t "" D Bank. laneous. sions. funds, ployees. ment Interest). ployees. ment, Ac. Dartmellt , Depart- 1 ments. £ £ £ £ £ £ £ £ £ £ £ 1930-31 .. 2,917,154 4,097 1,735 517 14,178 2,974,146 14,391 277 12,074 1,004 288 1931-32 .. 2,888,034 3,566 1,617 4,725 54,472 2,979,354 16,101 243 20,400 326 483 1932-33 2 897 415 3,056 1,444 398 14,853 2,892,282 24,541 212 61,510 652 2,469 1933-34 . 2,899,564 2,684 1,692 212 3,386 2,882,531 29,191 231 56,922 1,018 2,147 1934-35 2 917,452 3,302 904 288 10,803 2,777,030 13,957 198 73,625 130,378 2,062 1935-36 .. 2,934,240 3,703 1,980 407 22,123 2,861,347 24,919 276 70,801 67,906 1,707 .1936-37 .. 2,997,898 3,722 1,517 596 48,386 2,923,232 40,54-3 1,923 70,555 74,088 6,278 1937-38 3072 185 3,895 2,621 980 40,047 2,971,340 42,451 2,109 20,413 142,555 5,675 1938-39 3 199,010 2,896 2,557 1,152 3,686 3,056,597 33,587 453 28,071 85,993 4,884 1939-40 3,255,658 3,713 7,097 1,728 1,473 3,063,458 39,598 2,045 55,756 104,781 4,595 1940-41 3,296,540 4,211 3,536 2,999 1,381 3,148,951 57,993 2,113 35,469 60,377 4,643 1941-42 3,324,148 4,768 10,508 4,937 2,304 3,148,486 107,855 2,445 24,680 50,142 5,056

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Period

Consolidated Revenue Account for the Period Ist January, 1908, to 31st March, 1942. Dr. Cr. Members' contributions — £ Retiring-allowances— £ Under section 19 (ordinary) .. .. .. 7,536,272 To members .. .. .. .. .. 8,694,568 Transferred from other superannuation funds* .. 62,127 To widows and children .. .. .. 794,680 Interest on arrears of contributions .. .. 10,599 Contributions returned .. .. .. .. 1,432,090 Government subsidy— Contributions transferred to other superannuation Statutory .. .. .. .. .. 3,212,205 fundsj .. .. .. .. .. 42,448 Section 114, Public Service Superannuation Act, 1927 Compensation: Section 22 (17) .. .. .. 14,358 (widows and children) .. .. .. 289,073 Loss on realization of securities .. .. .. 23,620 Interest on investments - ! - .. .. .. 3,343,929 Interest: Section 38, Public Service Superannuation Premium on conversion New Zealand Government Act, 1927 .. .. .. .. .. 2,441 inscribed stock and local-body debentures .. 33,635 Unclaimed moneys recovered .. .. .. 119 Fines, fees, and sundries .. .. .. .. 16,240 Investments written down by order of the Subsidy— Courts: Mortgagors and Lessees' Rehabili- £ Cook Islands and Samoa .. .. .. 17,067 tation Act, 1936 .. .. .. 8,959 Imperial War Graves Commission .. .. 151 Investments written down by Board : Section Palestine Government .. .. .. .. 95 77, Mortgagors and Lessees' Rehabilitation Government Service organizations .. .. 475 Act, 1936 .. .. .. .. 1,250 10,209 Rates and fees written off by Courts : Mortgagors and Lessees' Rehabilitation Act, 1936 . . .. 120 Premium on purchase of inscribed stock : Proportion written off .. .. .. . . 2,224 Administration expenses .. .. .. 180,84-3 Balance as at 31st March, 1942 .. .. .. 3,324,148 £14,521,868 £14,521,868 * Includes £32,785 transferred from Police Provident Fund and £2,877 from Westport Harbour Board Fund. t Includes payment by Treasury of £199,094 to reimburse fund on account of statutory reduction of interest on mortgage and other securities. J Includes contributions of Magistrates transferred to Stipendiary Magistrates' Fund and certain of nursing staff of Health Department to National Provident Fund. Yf Chairman.

PUBLIC SERVICE SUPERANNUATION FUND. Revenue Account foe the Year ended 31st March, 1942. Dr. £ Or. Amount of Fund at beginning of year .. .. 3,29(i, 540 Retiring allowances — £ £ Members'contributions — To members .. .. .. .. 538,885 Under section 19 (ordinary) .. .. .. 422,260 To widows and children .. .. 49,039 Transferred from other superannuation funds .. 7,451 587,924 Interest on arrears of contributions .. .. 1,053 Contributions returned— Government subsidy— Under section 37 (left service) .. .. 66,048 Under section 50, Public Service Super- £ Under section 42 (death) .. .. 27,417 annuation Act, 1927 .. .. 86,000 Under section 34 (retirement) .. .. 6,258 Under section 19, Finance Act (No. 3), 1934 39,952 99,723 Under section 7.,.Finance Act, 1941 .. 5,000 Contributions transferred— Under section 114, Public Service Super- To other superannuation funds .. .. .. 427 annuation Act, 1927 (widows and To National Provident Fund (section 30, Finance children) .. .. •• 21,287 Act, 1938) .. .. .. .. 1,102 Under section 27, Statutes Amendment Premium on purchase of Government stock: ProporAct, 1936 (actuarial pensions).. . . 837 tion written off .. .. .. .. 370 153,076 Expenses — £ Interest on investments .. •• 128,247 Audit fees .. .. .. .. 75 Less amount written off by Board .. 1,176 Contingencies ~ , .. I ———— Furniture and fittings .. .. .. 33 127,071 Heating, lighting, and cleaning .. .. 27 Reimbursement by Treasury on account Medical fees .. .. .. .. 102 reduction in interest.. .. .. 11,479 Overtime and meal allowance .. .. 182 138,550 Postages and services .. .. .. 418 Subsidy — Post and Telegraph Department charges . . 1,252 Cook Islands and Samoa .. .. 820 Printing and stationery . . . . 126 Imperial War Graves Commission .. 22 Public Trustee's charges .. .. 2,496 Palestine Government .. .. .. 28 Salaries .. .. .. .. 2,876 Government Service organizations .. 475 Typewriters and other machines (upkeep) 6 — 1,345 War-damage-insurance premiums .. 304 Fines, fees, and sundries .. .. .. 1,270 7,898 Stipendiary Magistrates' Account: Administration Balance as at 31st March, 1942 .. .. .. 3,324,148 expenses recovered .. .. .. . ■ 41 £4,021,592 £4,021,592

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PUBLIC SERVICE SUPERANNUATION FUND —continued. Balance-sheet as at 31st March, 1942. Liabilities. Assets. £ Superannuation Fund Account — £ £ Amount invested by the Board .. .. 3,107,612 Balance due from Revenue Account .. 3,324,148 Contributions of members — £ Add value of office furniture, fittings, In course of transmission .. .. 88,287 and machinerv .. .. . • 822 Due and outstanding .. .. .. 19,568 J 107,855 3,324,970 Interest on investments — Less amounts due to contributors Accrued but not due .. .. 29,335 under the provisions of section 9 (2), Due but not overdue .. .. .. 2,665 National Expenditure Adjustment Due and outstanding .. .. .. 8,874 Act, 1932 62,158 40,874 3,262,812 Subsidy— Retiring and other allowances due in Cook Islands and Samoa .. .. 285 course of payment — Imperial War Graves Commission .. 17 To members .. .. .. 4,034 Palestine Government .. .. .. 21 To widows and children .. .. 734 Service organizations .. .. .. 7 4,768 Section 114, Public Service Superannuation Refunds of contributions due in course of Act, 1927 (widows and children) .. 2,115 transmission — ; - > 445 Under section 37 (left service) .. 2,676 Contributions transferable from other superannuation Under section 42 (death) .. .. 7,832 funds .. .. ■. • ■ • • 1 > 565 10,508 Cost-of-living bonus (recoverable). . .. .. 37 Contributions transferable to other superannuation Rates, fees, and premiums paid on account of mortfunds .. .. .. .. .. 2 gagors (recoverable) .. .. .. . ■ 216 Expenses due in course of payment— £ War-damage-insurance premiums (recoverable) .. 408 Heating and lighting .. .. 24 Premiums paid on purchase of Government £ Postages and services .. .. 32 stock . . . . .. 3,204 Post and Telegraph charges .. .. 276 Less amount written off .. .. 373 816 332 2,831 Unclaimed Account (contributions, &c.) .. .. 443 Cafjh jn hand p u)jUc Trustee ~ / 1|,429 Contributions paid m advance or m error .. .. 4,41)4 I iz,^oi Public Trustee's charges on accrued interest .. 1,017 24,680 Amounts due to contributors under the provisions of Bank account .. .. .. .. • • 58,142 section 9 (2), National Expenditure Adjustment Office furniture, fittings, and machinery .. .. 822 Act, 1932 .. .. .. .. .. 62,158 Post Office Account .. .. .. .. 953 £3,347,487 £3,347,487 * On deposit at call. Stipendiary Magistrates' Account. Revenue Account for the Year ended 31st March, 1942. Dr. £ Or. £ Amount of Fund, Ist April, 1941 .. .. .. 28,471 Retiring-allowances .. .. .. .. 5,042 Members contributions: Section 63, Public Service Premium on purchase of stock : Proportion written off.. 3 Superannuation Act, 1927 .. .. .. 1,427 Administrative expenses .. .. .. .. 41 £ Balance, 31st March, 1942 .. .. .. .. 31,058 Interest on investments .. .. .. 1,256 Less proportion of amount written off by Board 10 1,246 Government subsidy, Special: Section 7, Finance Act, 1941 5,000 £36,144 £36,144 Balance-sheet as at 31st March, 1942. Liabilities. Assets. £ Stipendiary Magistrates'Account— £ £ Amount invested by the Board ■■ •• .. 31,058 Balance due from Revenue Account .. 31,058 Less amounts due to contributors under the provisions of section 10 (3), National Expenditure Adjustment Act, 1932 .. 298 30,760 Amount due to contributors under the provisions of section 10 (3), National Expenditure Adjustment Act, 1932 .. .. .. .. .. •• 298 £31,058 £31,058 Subsidiary Account. Cost-of-living Bonus paid to Annuitants of the Public Service Superannuation Fund on behalf of the Treasury. Dr. £ Or. £ Balance due from Treasury .. .. .. 39 Amount received from Treasury .. .. .. 401 Amount disbursed .. .. .. • • .. 398 Balanoe due from Treasury .. .. .. 36 £437 £437 M. P. Finnigan, Acting-Secretary, Wellington, 29th March, 1943. Public Service Superannuation Board. I hereby certify that the Revenue Account and Balance-sheet have been duly 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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PUBLIC SERVICE SUPERANNUATION FUND—continued. Statement of Contributors for the Year ended 31st March, 1942.

Particulars of Contributions discontinued during the Year.

Progress of Contributors since Date of Establishment of the Fund to 31st March, 1942.

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Number. Annual Salary. Co 4Xtion S . M. F. Total. £ £ Contributors at beginning of the year .. .. 24,827 4,468 29,295 7,943,866 418,597 New contributors entered during the year .. .. 1,692 727 2,419 245,604 13,044 Contributors transferred from other funds .. .. 37 14 51 16,612 840 Increase by promotion during the year .. .. .. .. .. 200,000 10,000 Total .. .. .. .. 26,556 5,209 31,765 8,406,082 442,481 Contributions discontinued during the year .. .. 1,020 789 1,809 354,649 19,054 Total contributors at end of year .. 25,536 4,420 29,956 8,051,433 423,4-27

Number. . , _ xl „ . Annnni Amount RetiringHow discontinued. : Annual Salary. Con trfbutlona paid 011 allowance ]?_ Total Retirement. granted. £ £ £ £ By death before retiring-allowance en- 134 3 137 40,366 2,139 22,517 2,516 tered upon (sees. 42 and 43) By retirement before retiring age (sec. 37) 686 759 1,445 230,285 12,075 66,048 By retirement (sec. 34) .. .. 14 .. 14 4,497 326 6,258 By retirement medically unfit (sec. 32) 30 1 31 9,973 532 .. 4,391 By retirement (sec. 61) . . . . 1 . . 1 345 17 .. 207 By retirement at retiring age or for 142 22 164 66,158 3,814 .. 37,639 length of service (sec. 26) By retirement (sec. 30, Finance Act, 3 1 4 1,385 69 1,102 1938) By transfer to other funds (sec. 120) .. 10 3 13 1,640 82 427 Total .. .. .. 1,020 789 1,809 354,649 19,054 96,352 44,753

Number. Annual Sal "y- Contributions. M. F. Total. £ £ Total entered .. .. .. .. .. 49,231 15,763 64,994 15,613,493 875,695 Total discontinued .. .. .. .. 23,695 11,343 35,038 7,562,060 452,268 Total existing at 31st March, 1942.. .. 25,536 4,420 29,956 8,051,433 423,427 I

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"Wellington, 29th March, 1943. M. P. Finnigan, Acting-Secretary. Approximate Cost of Paper— Preparation, not given; printing (568 copies), £14.

PUBLIC SERVICE SUPERANNUATION FUND— continued. Statement of Retiring and other Allowances for the Year ended 31st March, 1942.

By Authority: E. V. Paul, Government Printer, Wellington.— 1943. Price 6d.]

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Oil Attainment of 'Retiring MeSy Sit linage Act Ftaance let, Section 14 Finance Act, Section 42 : Sections 42(c) and 43 (a): Total Retiring and other Age or for Length of Service. Medically mint. on j) uty ( 2 ), 1930. 1921. 1981. Widows. Children. Allowances. Number. Number. Number. Number. Number. Annual Annual Annual 1 Annual 1_ Annual Annual Num- Annual Annual Annual Amount. Amount. Amount. Amount. Amount. *2 Amount. ber. Amount. Amount Amount. M. F. Total. M. F. Total. M. M. M. M. F. -g M. F. Total. M. F. Total. I H [I I Hetiring and other allowances — £ £ £ £ £ ££ £ £ E^l t o 1 2E,5 t^be^inning ° f " "* 1 ' 698 334 2,032 477.427 305 74 379 41,057 17 2,924 49 7,433 25 4,553 18 3 21 3,026 1,307 40,517 174 150 324 8,424 2,286 1,868 4,154 585,361 Granted during year atretirernent .. 142 22 164 37,671 30 1 31 4,391 1 207 .. . . .. .. !. 30 930 27 34 61 1 586 200 87 287 44,785 Granted during year after retirement .. .. .. .. .. .. .. 58 1,798 4 4 8 208 4 62 66 2,006 ! " •' 1,8 J° 35 2 2,196 515,098 335 75 410 45,448 18 3,131 49 7,433 25 4,553 18 3 21 3,026 1,395 43,245 205 188 393 10,218 2,490 2,017 4,507 632,152 Discontinued during year .. .. 7 87 20,659 19 2 21 2,834 .. .. 1 97 3 478 !. 52 1,612 33 28 61 1,586 136 89 225 2T.266 Existing at end of year .. .. 1,760 349 2,109 494,439 316 73 389 42,614 18 3,131 48 7,336 22 4,075 18 3 21 3,026 1,343 41,633 172 160 332 8,632 2354 1,928 4,282 604,886 : " I Particulars of Retiring and other Allowances discontinued during the Year. How discontinued — " " " "" 80 7 87 20,659 18 2 20 2,710 .. ..1 97 3 478 .. 41 1,271 .. 102 50 152 ! 25.215 cy expiry .. .. .. .. ■■ 1 .. 1 124 .. .. .. .. .. .. 11 341 33 28 61 1,586 34 39 73 2,051 Total '• ■■ •• 80 7 87 20,659 19 2 21 2,834 .. .. 1 97 3 478 .. 52 1,612 33 28 61 1,586 136 89 225 27,266 Progress of Retiring and other Allowances since Establishment of the Fund to 31st March, 1942. Tntfl f'fSJ SP' 73 £ 723 102 825 83,224 24 3,803 59 8,748 49 7,688 23 4 27 3,841 2,085 62,425 932 889 1,821 41,379 5.292 3,529 8,821 1,026,844 iotal discontinued .. .. .. 1,722 100 1,822 321,297 407 29 436 40,610 6 672 11 1,412 27 3,613 5 1 6 815 742 20,792 760 729 1,489 32,747 1,601 4,539 421,958 Total existing at 31st March, 1942 .. 1,760 349 2,109 494,439 316 73 389 42,614 18 3,131 48 7,-336 22 4,075 18 3 21 3,026 1,343 41,633 172 160 332 8,632 2,354 1,928 4,282 604,886