EDUCATION: TEACHERS' SUPERANNUATION FUND

Appendix to the Journals of the House of Representatives, 1944 Session I, E-08

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1943 NEW ZEALAND

EDUCATION: TEACHERS' SUPERANNUATION FUND

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

THIRTY-SEVENTH ANNUAL REPORT OE 1 THE TEACHERS' SUPERANNUATION BOARD For the Yeak ended 31st January, 1943 The Hon. the Minister of Education. Wellington, 17th August, 1943. Sir, — The Board has to submit the following report for the year ended the 31st January, 1943 :— 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 £358 2s. 4d. was made by the Government in certain necessitous cases. The following statements show the transactions, See., of the fund for the year ended 31st January, 1943. For the Teachers' Superannuation Board, J. A. Clements, Secretary.

(A) REVENUE ACCOUNT eor the Year ended 31st January, 1943 £ £ Balance 31st January, 1942 .. .. .. 954,640 Retiring and other allowances .. .. .. 351,870 Contributions of members (including transfers) . . 177,151 Contributions refunded— £ Additional contribution from Fijian and Tongan On voluntary retirement .. .. 19,996 Governments .. .. .. .. 325 On death of members .. .. .. 9,113 Government subsidies .. . . .. .. 159,806 On lapse of membership .. .. 2,060 Interest— £ 31,169 On investments and contributions in arrears 41,742 Rebate of contributions under National Expenditure Less investments written down (pro- Adjustment Act, 1932, section 9 (2), to annuitants 581 portion of premium on purchase of Contributions transferred to other funds .. .. 2,097 investments) .. .. .. 346 Administration expenses .. .. .. .. 3,614 Reserve for actuarial examination .. .. 150 41,396 Balance at 31st January, 1943 .. .. .. 944,337 Plus investments written up (proportion of discount on purchase of investments) 500 41,896 £1,333,818 £1,333,818

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(B) BALANCE-SHEET as at 31st January, 1943 Liabilities £ Assets £ Fund as per Revenue Account .. .. .. 944,337 Amount held by Public Trustee in cash and in vestRetiring and other allowances due and unpaid .. 3,054 ments .. .. .. .. 967,177 Refund of contributions due and unpaid .. .. 3,039 £ Administration expenses unpaid .. .. 1,211 Premium paid on purchase of investments .. 2,881 Unclaimed contributions .. .. .. 2,147 Less amount written off .. .. 346 Amounts paid into fund in error .. .. .. 11 2,535 Rent received from securities leased .. ... 687 Amounts paid to protect securities .. .. 46 Reserves for commission, &c. .. .. .. 609 Outstanding contributions .. .. .. 37,336 £ Interest on investments: Accrued and overdue .. 13,960 Discount on investments .. .. 3,298 Interest due on arrears of contributions .. .. 373 Less amount written off .. .. 500 Subsidy from Fijian Government accrued .. .. 14 2,798 Due by Post and Telegraph Department on account of Vouchers issued but unpaid at Ist February, Public Trustee .. .. .. .. 3,300 1943 .. ■■ .. ..29,130 Due by Consolidated Fund for cost-of-living bonus .. 87 Add overdraft in Post Office Account .. 38,390 Government subsidies— 67,520 Additional subsidy under section 114, Public Service Superannuation Act, 1927, allowances unpaid at 31st January, 1943 .. .. .. .. 585 £1,025,413 £1,025,413 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, 1943. The amount for the period to 31st January, 1943, not included in the year's accounts, is £1,533. 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 respect is estimated at £2,620. J. A. Clements, A.R.A.N.Z., Education Department, Secretary, Teachers' Superannuation Board. Wellington, 17th August, 1943. T 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, 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)

2

flS , 2 . I a . T3 . "« 2 . | 'S § . I -O « $ « , s|g g§£ S§$ §155 §§5! Sgg So" -agg *2s *"S -?S |"S $» St St Ss St| rt Ss St. £i _ *_s : a Total number of contributors 2,182 8,080 9,964 8,058f 9,463 9,827 10,212* Total amount of contributions £32,320 £131,872 £115,961 £132,398 £169,888 £173,126 £177,151 £3,644,578 Interest received .. .. £864 £68,053 £72,682 £44,187 £42,021 £42,362 £41,896 £1,364,927 Subsidy from Government .. £5,000 £71,228 £46,917 £171,800 £166,917 £155,628 £159,806 £2,631,298 Subsidy from Fiji Government .. £224 £238 £233 £388 £361 £320 £4,859 Subsidy from Tonga Government .. .. .. .. £21 £21 £5 £67 Number of allowances payable 84 1,364 1,677 2,038 2,127 2,211 2,245 Total amount paid on account of £3,147 £188,552 £254,927 £323,976 £333,459 £350,188 £351,870 £5,859,531 retiring and other allowances Total amount of contributions £260 £26,076 £30,628 £31,481 £34,725 £37,425 £33,847 £745,237 refunded and transferred Accumulated fund .. .. £34,734 £1,134,015 £1,218,166 £964,605 £974,885 £954,640 £944,337 * Highest number of contributors since commencement of Fund. t Lowest number of contributors since 31st January, 1926.

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STATEMENT of CONTRIBUTORS, showing Annual Rates of Salaries and Contributions as at the 31st January, 1943

PARTICULARS of CONTRIBUTIONS discontinued and Allowances granted and Refunds of Contributions made during the Year ended 31st January, 1943

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Number. 4 Annual Rate of Annual Kate of M 1? Tota ] Salary. Contributions. ) ' * * . • _ £ £ Contributors at 31st January, 1942 .. 4,731 5,096 9,827 3,294,534 173,301 New contributors entered during the year 237 601 838 146,504- 8,049 ended 31st January, 1943 Transfers from other funds during the year .. 4 4 621 31 Net increase in salaries and contributions .. .. .. 95,614 5,133 during the year Totals .. .. .. 4,968 | 5,701 10,669 3,537,273 | ■ 186,514 Contributions discontinued during the 116 : 341 457 131,022 7,088 year ended 31st January, 1943, by resignations, &c. . Totals at 31st January, 1943 .. 4,852 5,360;10,212 3,406,251 179,426

Number of j Annual Rate at Date of R fi . Contributors. j Withdrawal. ene 8 " ; I How discontinued. I nthm- P«.v ! "3 „ , Contribu- Allowances: <. / M. F. | | Salary. t , ons . Annual Rate. ments (nonEh recurring). By death before allowance entered upon— £ £ £ £ (a) Contributions paid to 16 9 25 7,323 390 .. 3,668 personal representatives (b) Leaving widow or child 18 .. 18 7,550 450 451 3,963 By voluntary retirement .. 24 240 264 64,368 3,408 .. 19,996 By lapsed membership .. 15 30 45 9,804 527 .. 2,060 By transfer to other funds .. 14 12 26 7,027 362 .. 2,097 By allowances granted on retirement — (a) Ordinary .. .. 22 34 56 25,828 1,397 14,277 (b) Medically unfit .. 5 10 15 5,665 352 2,094 y 581 (c) Extended provisions .. 2 6 8 3,457 202 1,314 J By death of annuitants •• •• 817 1,482 Totals .. ..116 341 457 .131,022 7,088 18,953 33,847

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Particulars of Allowances discontinued during the Year

STATEMENT of RETIRING-ALLOWANCES (including Allowances to Widows and Children) for the Year ended 31st January, 1943

By Authority: E. V. Paul, Government Printer, Wellington.— 1944. Price 3d.]

Approximate Cost of Paper.—Preparation, not given; printing 618 (copies), £9.

4

(3) (1) (2) Details of Column (2). Retiring-allowances. Allowances to Total Allowances. . . , Ordinary (Age or Service). ge * Act, 1931. Medically Unfit. Widows. Children. Particulars. Number. ; Number. Number. Number. fc I Number. — j *3 Annual Rate. ; Annual Rate. Annual Rate. , r Annual Rate. g Annual Rate. i J Annual Rate. M. F. | M. F. M. F. M. F. j| M. F. . - - - ■ - I I 1 £ £ £ £ £ £ Allowances as at 31st January, 1942 .. 631 1,5802,211 350,850 416 984 282,181 61 71 20,305 116 148 35,909 333 10,323 38 44 2,132 Allowances granted during the year at 34 61 95 18,136 22 34 14,277 2 6 1,314 5 10 2,094 7 217 5 4 234 retirement or decease of contributors Allowances granted during the year 2 21 23 817 .... . . .... .. .... .. 21 76.) 2 .. to widows and children of deceased annuitants : ' ~ I ~ 7 777 Totals .. .. .. 6671,6622,329 369,803 4381,018 296,458 63 77 21,619 121 158 38,003 361 ll,30o 45 48 2,418 Allowances discontinued during the year 37 47 84 13,795 22 24 10,405 3 1 976 6 2 1.663 15 465 6 5 286 Allowances existing at end of year .. 6301,615 2,245 356,008 416 994 286,053 60 76 20,643 115 156 36,340 346 10,840 39 43. 2,132

I I I ' 1 ' How discontinued — £ £ £ £ £ £ By death .. .. 31 41 72 13,478 22 24 10,405 3 1 976 6 2 1.663 14 434 .... By expiry 6 6 12 317 .... 1 31 J 5 5 286 Totals .. .. .. 37 47j 84 13,795 22 24 10,405 3 1 976 6, 2 1,663 15 465 6 5 286 Progress of Allowances since Establishment of Fund to the 31st January, 1943 £ £ £ £ £ £ Total granted .. .. .. 1,4592,4633,922 544,321 8251,354 416,293 156 85 38,173 258 212 62,494 603 18,105 220 209 9,256 Total discontinued .. .. 829 8481,677 188,313 409 360 130,240 96 9 17,530 143 56 26,154 257 7,265 181 166 7,124 Total existing .. .. 6301,6152,245 356,008 416 994 286,053 60 76 20,643 115 156 36,340 346 10,840 39 43 2,132

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1944 NEW ZEALAND

EDUCATION: TEACHERS' SUPERANNUATION FUND

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

THIRTY-EIGHTH ANNUAL REPORT OF THE TEACHERS' SUPERANNUATION BOARD Foe the Year ended 31st January, 1944 The Hon. the Minister of Education. Wellington, Ist August, 1944. Sir, — The Board has to submit the following report for the year ended the 31st January, 1944 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 £366 ss. 2d. was made by the Government in certain necessitous cases. The following statements show the transactions, &c., of the fund for the year ended 31st Januarv 1944. For the Teachers' Superannuation Board, J. A. Clements, Secretary. (A) REVENUE ACCOUNT for the Year ended 31st January, 1944 £ £ "Balance 31st January, 1943 .. .. .. 944,337 Retiring and other allowances .. .. .. 358 675 Contributions of members (including transfers) .. 192,085 Contributions refunded— £ Additional contribution from Fijian Government .. 279 On voluntary retirement .. 20 276 Government subsidies .. .. .. .. 146,756 On death of members .. .. .. j4' 744 Interest — £ On lapse of membership .. .. 2,231 On investments and contributions in arrears 51,849 37 251 Less investments written down (pro- Rebate of contributions under National Expenditure portion of premium on purchase of Adjustment Act, 1932, section 9 (2), to annuitants 461 investments) .. .. .. 361 Contributions transferred to other funds .. .. 1,721 Administration expenses .. .. .. .. 3 443 51,488 Reserve for actuarial examination .. .. 100 Plus investments written up (proportion Balance at 31st January, 1944 .. .. .. 933 803 of discount on purchase of investments) 509 51,997 £1,335,454 £1,335,454

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(B) BALANCE-SHEET as at 31st January, 1944 Liabilities £ Assets £ Fund as per Revenue Account .. .. .. 033,803 Amount held by Public Trustee in cash and in vestRetiring and other allowances due and unpaid .. 3,760 ments (face value) .. .. .. .. 006,850 Refund of contributions due and unpaid .. .. 1,704 £ Administration expenses unpaid .. .. .. 1,176 Premium paid on purchase of investments .. 2,795 Unclaimed contributions .. .. .. 1,039 Less amount written off year ending 31st Amounts paid into fund in error .. .. .. 11 January, 1944 .. .. .. 301 Rent received from securities leased .. .. 66 2,434 Reserves for commission, &c. .. .. .. 654 Amounts paid to protect securities .. .. 73 £ Outstanding contributions .. .. .. 67,469 Discount on investments .. .. 3,122 Interest on investments: Accrued and overdue .. 12,764 Less amount written off year ending 31st Interest due on arrears of contributions .. .. 5,120 January, 1944 . . . . .. 500 Subsidy from Fijian Government accrued .. .. 8 2,613 Due by Consolidated Fund for cost-of-living bonus .. 05 Vouchers issued but unpaid at 31st January, Government subsidies— 1944 .. .. .. ..22,100 Additional subsidy under section 114, Public Service Add overdraft in Post Office Account .. 87,608 Superannuation Act, 1927, allowances unpaid at 109,897 31st January, 1944 .. .. .. .. 618 £1,055,413 £1,055,413 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,, 1944. The amount for the period to 31st January, 1944, not included in the year's accounts, is £1,475. 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 respect is estimated at £2,150. J. A. Clements, A.R.A.N.Z., Education Department, Secretary, Teachers' Superannuation Board. Wellington, Ist August, 1944. 1 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, 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)

2

!t3_r T3 fc*. j-dt£ | , d>" I •§! «« I ■§§ ■§§ «1 . ■§! . ■§! . 1 s! . § is s |§ I Ss« gas Sag g|3 Sg5 ! «SI M-Sl -»?S I ! -s's SS S« |« 8-s |« i |« w-g | S* m j*s [ j*s J s Total number of contributors 2,182 8,680 9,964 8,058f 9,827 10,212 10,668* Total amount of contributions £32,320 £131,872 £115,961 £132,398 £173,126 £177,151 £192,085 £3,836,663 Interest received .. .. £864 £68,053 £72,682 £44,187 £42,362 £41,896 £51,997 £1,416,924 Subsidy from Government .. £5,000 £71,228 £46,917 £171,800 £155,628 £159,806 £146,756 £2,778,054 Subsidy from Fiji Government .. £224 £238 £233 £361 £320 £279 £5,138 Subsidy from Tonga Government .. .. .. •. £21 £5 .. £67 Number of allowances payable 84 1,364 1,677 2,038 2,211 2,245 £2,277 Total amount paid on account of £3,147 £188,552 £254,927 £323,976 £350,188 £351,870 £358,675 £6,218,206 retiring and other allowances Total amount of contributions £260 £26,076 £30,628 £31,481 £37,425 £33,847 £39,433 £784,670 refunded and transferred Accumulated fund .. .. £34,734 £1,134,015 £1,218,166 £964,605 £954,640 £944,337 £933,803 * Highest number of contributors since commencement of Fund. t Lowest number of contributors since 31st January, 1926.

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STATEMENT of CONTRIBUTORS, showing Annual Rates of Salaries and Contributions as at the 31st January, 1944

PARTICULARS of CONTRIBUTIONS discontinued and Allowances granted and Refunds of Contributions made during the Year ended 31st January, 1944

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Number. Annual Rate of Annual Rate of jj | j> Total Salary. Contributions. £ £ Contributors at 31st January, 1943 (adjusted) 4,857 5,348 10,205 3,406,251 179,426 New contributors entered during the year 310 625 935 156,115 8,464 ended 31st January, 1944 Transfers from other funds during the year 3 1 4 1,513 75 Net increase in salaries and contributions .. .. .. 104,772 5,794 during the year Totals .. .. .. 5,170 | 5,974)11,144 3,668,651 193,759 Contributions discontinued during the 119 357 476 141,237 7,753 year ended 31st January, 1944, by resignations, &c. Totals at 31st January, 1944 .. 5,051 5,617 10,668 3,527,414 | 186,006

Number of ; Annual Rate at Date of t, Contributors. ' Withdrawal. ene How discontinued. I 1 . ! ntw ,, 15 o , Contribu- I Allowances: I ® , y " M. F. | Salary. , Annua] Rate ments (nonH recurring). By death before allowance entered upon— £ £ £ £ (a) Contributions paid to 33 8 41 .. 4,411 personal representa- L 25 637 1 395 tives f (b) Leaving widow or child 22 .. 22 J 991 7,764 By voluntary retirement .. 21 236 257 61,929 3,433 .. 20,276 By lapsed membership .. 4 60 64 12,553 676 .. 2,231 By transfer to other funds .. 5 6 11 4,050 202 .. 1,721 By allowances granted on retirement — (a) Ordinary .. .. 27 34 61 16,405 (b) Medically unfit .. 1 5 6 [> 37,068 2,047 880 }>■ 461 (c) Extended provisions .. 6 814J 2,160 J By death of annuitants •• 651 2,570 Totals .. ..119 357 476 141,237 7,753 21,087 | 39,434

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STATEMENT of RETIRING-ALLOWANCES (including Allowances to Widows and Children) for the Year ended 31st January, 1944

By Authority: E. V. Paul, Government Printer, Wellington.— 1944. Price 3d.]

Approximate Cost of Paper.—Preparation, not given; printing 637 (copies), £8 10s.

Particulars of Allowances discontinued during the Year

4

kj J_ XI -L ±U 1TJ. ±11 Xi -L ur » T ~ „ - / * (3) (1) @) Detail# of Column (2). Retiring-allowances. Allowances to Total Allowances. Ordinary (Age or Service). Extended Provisions. Medically Unfit. Widows. Children. Particulars. ' : — Number. Number. Number. Number. g Number. ! "3 Annual Rate. ; Annual Rate. Annual Rate. — Annual Rate. "g Annual Rate. — Annual Rate. M. F. | M. P. M. ; F. M. F. | M. F. £ £ £ £ £ £ Allowances as at 31st January, 1943 623|1,6142,237 354,496 4141,013 285,972 60 59 19,341 115 155 36,344 347 107915 34 40 1,924 (adjusted) I j . Allowances granted during the year at 44 73 117 20,436 27 34 16,405 1 5 880 6 8 2,160 11 341 10 15 650 retirement or decease of contributors Allowances granted during the year . . 21 21 651 . . . . ■ • .... . . .... .. 21 651 to widows and children of deceased annuitants 1 — „ Totals .. .. .. 6671,7082,375 375,583 441 1,047 302,377 61 64 20,221 121 163 38,504 379 11,907 44 55 2,574 Allowances discontinued during the year 38 60 98 ! 14,885 27 25 11,646 4 1 1,084 3 9 1.316 17 527 4 8 312 Allowances existing at end of year .. 6291,6482,277 360,698 4141,022 290,731 57 63 19,137 118 151 37.188 362 11.380 40 47 2,262

; ; : i i i : i i | i i i How discontinued — £ £ £ £ £ £ Bv death .. - - • • 34 48 82 14,391 27 25 11,646 4 1 1,084 3 8 1,227 14 434 .... By expiry . . .. .. 4 12 16 494 ... . .... . . 1 89 3 93 4 8 312 Totals .. .. ■■ 38 60 98 14,885 27 25 11,646 4 1 1,084 3 1,316 17 527 4 8 312 Progress of Allowances since Establishment of Fund to the 31st January, 1943 £ £ £ £ | £ £ Total granted 1.5032,557 4,060 565,408 8521.388 432,698 157 90 39,053 264 220 64,654 635 19,097 230 224 9,906 Total discontinued .. 874 9091,783 204,710 438 366 141,967 100 27 19,916 146 66 27,466 273 7.717 190 177 7,644 Total existing .. .. 6291,648 2,277 360,698 4141,022 290,731 57 63 19,137 118 154 37,188 362 11.380 40 47 2,262