NATIONAL PROVIDENT FUND THIRTY-THIRD ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1943

Appendix to the Journals of the House of Representatives, 1944 Session I, H-17

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1944 NEW ZEALAND

NATIONAL PROVIDENT FUND THIRTY-THIRD ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1943

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 : — 1943. 1942. New contributors .. .. .. .. 2,846 2,687 Local bodies 144 139 Total contributors .. .. .. .. 28,352 28,508 Annuitants .. .. .. .. .. 1,324 1,229 £ £ Contributions .. .. .. .. .. 349,096 342,234 Interest .. .. .. .. .. 260,018 248,416 Total income .. .. .. .. .. 718,075 695,648 Annuity payments .. .. .. .. 110,233 104,379 Other benefits .. .. .. .. .. 173,046 158,043 Total outgo .. .. .. .. .. 287,295 266,149 Funds at end of year .. .. .. .. 7,293,137 6,862,358 Rate of interest, per cent. .. .. .. £3 14s. Id. £3 15s. 9d. PART lI.—STATE SUBSIDY (Section 74) The amount of subsidy paid by the State for the year was £86,573. A. H. Nordmeyer, Chairman of the Board. R. M. Porteous, Deputy Superintendent of the Fund. Wellington, 25th July, 1944.

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NATIONAL PROVIDENT FUND Revenue Account foe the Year ended 31st December, 1943 Amount of Fund at beginning of year (Ist January, £ National Provident Fund Act, 1926 J943) .. .. .. •• •• 6,862,358 Refund of contributions on lapse, reduction, and £ National Provident Fund Act, 1926— withdrawal (sections 11, 12, and 13) .. .. 93,576 Contributions .. .. .. .. 349,096 Refund of contributions in lieu of annuity (section 14) 11,337 Interest .. .. .. . • •• 260,018 Incapacity allowances (sections 17 and 18), including Fines (section 11 (4) ).. .. .. .. 220 contributions waived on incapacity (£1,427) .. 9,803 Government contribution under Act (sections Death: Refund of contributions (sections 15 (5) 52 and 74 (2)) .. .. .. •• 86,573 and 16) .. .. .. ... 45,487 Contributions overpaid on exit .. .. .. 572 Death : Allowances on account of widows and childBenefits refunded on exit (sections 11 to 16 and 28).. 21,560 ren (section 15) .. .. •• 12,844 Miscellaneous receipts .. .. .. .. 5 Annuities (sections 13 and 48) .. .. .. 110,233 Refunds unclaimed .. .. .. .. 30 Refund of contributions overpaid on exit .. .. 572 Public Trustee: Charges .. .. .. 2,796 War-risk insurance premiums .. .. .. 647 Amount of Fund at end of year (31st December, 1943) 7,293,137 £7,580,432 £7,580,432 Balance-sheet as at 31st December, 1943 Liabilities £ Assets Fund as per Revenue Account . - .. .. 7,293,137 In hands of Public Trustee— £ National Provident Fund Act, 1926— Invested .. .. .. .. ..7,188,103 Claims due and in course of payment*— Uninvested .. .. .. .. .. 13,781 Death: Refunds (section 16) .. . . .. 1,808 Disbursement Account .. .. .. .. 11,294 Death: Refunds (section 15 (5)) .. .. 829 Post Office .. .. .. .. .. 11,997 Death: Allowances (section 15) .. .. 99 Balances in transit .. .. .. .. 23,761 Annuities (sections 13 and 48) .. • ■ 342 National Provident Fund Act, 1926— Allowances (section 17) .. ■ • • • 2 Contributions outstanding or in course of transRefunds of contributions in lieu of annuity mission*— (section 14) .. •• •• 341 (a) Contributions due but not overdue .. .. 14,019 Public Trustee: Charges* .. .. •• 929 (6) Contributions overdue .. .. .. 1,832 Refunds in Suspense .. .. • • - - > 174 Government subsidy due under Act* (sections 52 and Suspense Account .. •• 1,461 74 (2)) .. .. .. 86,573 Contributions prepaid .. .. .. •• 14,826 Fines due* (section 11 (4) ) .. .. .. 115 Investment Fluctuation Reserve .. .. .. 71,255 Interest due* .. .. .. .. .. 2,556 Interest accrued but not due* .. .. .. 88,172 £7,442,203 £7,442,203 * Included in Revenue Account. R. M. Porteous, Deputy Superintendent. Wellington, 30th June, 1944. 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, 1943

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Numbers. Class 1. Class 2. Class 3. Class 4. Class 5. . _ 1 Annuity Kate, 10s. Annuity Kate, 20s. Annuity Bate, 30s. Annuity Hate, 40s Superannuation. Aggregate. Contributions. | F. T. M. F. T. M. j F. j T. M. F. | T. M. | F. | T. SI. | F. T. . i i 1 £ Number ot'contributors at commence- 13,621 9(54 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 ment of year New entrants during the year .. 466 163 629 154 43 197 22 11 33 17 12 29 183 1,775 1,958 842 2,004 2,846 31,525 Transfer from another class .. 26 2 28 83 20 103 25 3 28 55 55 4 4 193 25 218 8 533 Increase due to adjustment on age- .. .. . .. .. .. .. .. .. .. .. .. .. .. .. .. .. g error, &c. Total .. .. .. 14,113 1,129 15,242 2,316 411 2,727 262 52 314 561 102 663 5,511 7,115 12,626 22,763 8,809 31,572 383,814 Discontinuances, &c. (as per detailed 1,048 119 1,167 144 29 173 40 6 46 37 5 42 300 1,492 1,792 1,569 1,651 3,220 39 411 statement below) 1 I Total at end of year . 13,065 11,010 14,075 2,172 382 2,554 222 46 I 268 524 97 621 5,211 5,623 10,834 21,194 7,158 28,352 344.403 Details of Discontinuances, &c., during the Year Death .. .. .. .. j 104 1 105 20 20 1 1 S | 1 6 42 I 11 53 172 13 185 I 3,894 Notice of withdrawal .. .. 324 69 393 35 19 54 8 4 12 8 j 3 11 183 1.462 1,645 558 1,557 2,115 28 |066 Lapse and cancellation .. .. j 442 27 469 43 2 45 4 1 5 4 4 .. .. 493 30 523 1' 484 Attainment of annuity age 66 1 67 7 5 12 4 4 3 1 4 73 19 92 153 26 179 4' 789 Transfer to another class .. .. 112 21 133 39 3 42 23 1 24 17 17 2 2 193 25 218 1 177 Decrease due to adjustment on age- .. ■ ■ . ■ .. .. . . error, &c. j j ! Total .. .. .. ! 1,048 | 119 1,167 144 | 29 173 40 6 46 37 ! 5 42 300 1,492 1,792 1,569 11,651 3,220 39.411 Numerical Progress since Establishment Total entered 6.3,450 15,590 69,040 10,275 1,397 11,672 1,099 185 1,284 1,408 283 1 1,691 11,935 [21,525 33,460 88,167 128,9801117, 147 Total transferred from other classes 4,683 258 4,941 3,217 292 3,509 590 74 664 870 I 67 937 134 5 139 9,494 I 696 10'l90 68,133 5,848 73,981 13,492 1,689 15,181 1,689 259 1,948 2,278 j 350 ' 2,628 12,069 21,530 33,599 97,661 29,676 127,337 Total discontinued .. * 51,740 4,578 56,318 6,813 1,026 7,839 728 125 853 896 | 186 1,082 6,796 15,907 22,703 66,973 21 822 88 795 Total transferred to other classes .. 3,328 260 3,588 4,507 281 4,788 739 88 827 858 i 67 925 62 62 9j494 (396 10^190 55,068 4,838 59,906 11,320 1,307 12,627 1,467 213 1,680 1,754 ! 253 2,007 6,858 15,907 22,765 76,467 22,518 98,985 Total contributors on books at 31st 13,065 1,010 14,075 2,172 382 2,554 222 46 268 524 97 621 5,211 5,623 10,834 21,194 7,158 28,352 344.403 December, 1943

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NATIONAL PROVIDENT FUND ACT, 1926 Contributors (General) (3) Statement of Annuities and Allowances for the Year ended 31st December, 1943

Contributors (Superannuation —Sections 22, 38, and 54 of the Act) (3a) Statement of Retiring and other Allowances for the Year ended 31st December, 1943

NATIONAL PROVIDENT FUND Progress of Annuities and Allowances since the Establishment of the Fund to 31st December, 1943

Approximate Coat of Paper.—Preparation, not given ; printing (578 copies), £8 10s.

Authority: E. V. Paul, Government Printer, Wellington.—l 944.

Price 3d.]

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T On Attainment of Total Annuities and On Death. On Incapacity. Age 60. Allowances. J Number. /mount. Number. Amoant. Number. Amount. Number. Amount. M J? £ M. F. £ M. F. £ M. F. £ Existing at beginning of year ..152 1 7,683 32 .. 1,306 463 149 25,356 647 150 34,345 Granted during the year .. .. 27 .. 1,346 12 .. 449 75 7 2,925 114 7 4,720 Total _ 179 J 9,029 44 .. 1,755 538 156 28,281 761 157 39,065 Discontinued during the year (as per 18 .. 1,092 15 .. 585 16 3 660 49 3 2,337 statement below) Existing at end of year .. .. lei I 7^37T~2<TT 1,170 | 27,621 712 154 36,728 Particulars of Annuities and Allowances discontinued during the Year Discontinued by death 4 .. 176 16 3 660 20 3 836 Expiry .. 18 •• 1.092 11 •• 409 29 .. 1.501 Total .. .. 18 .. 1,092 15 .. 585 16 3 660 49 3 2,337

,r I TT «1 „„ On lletirement Total Retiring and other On Death. On Medical Unfitness. (Age or Service). Allowances. . — Number. Number, j Number ' Amount. Nuraber - AmSZl. M. IT. £ M. 1?. £ M. r. £ M. F. £ Existing at beginning of year .. 215 .. 4,455 61 13 6,654 436 181 81,252 712 194 92,361 Granted during year .. 22 .. 532 14 2 1,821 48 17 9,lol 84 u ,oU4 Xotal ~237 ~ 4,987 75 15 8,475 484 198 90,403 796 213 103,865 Discontinued during the year (as per 11 .. 323 13 3 1,655 25 8 4,097 49 JL1 (>,075 Exteting 1 at*end of year .. .. ~m~ | 747 202 97,790 Particulars of Retiring and other Allowances discontinued during the Year Discontinued by death .. .. 6 121 3 .. 457 25 8 4,097 34 8 4,67o Expiry .. 5 .. 202 10 3 1,198 15 3 1,400 Total .. •• .. 11 .. 323 13 3 1,655 25 8 4,097 49 11 6,075

~ x On Maturity Total Annuities and On Death. On Incapacity. (Age or Service). Allowances. Number. A ™. Number. Amount. Nlimber - I Amount. Number - Amount. M. F. £ M. F. £ M. F. £ M. F. £ Total granted .. ..828 1 38,316 727 48 50,639 1,398 397 158,962 2,953 446 247,917 Total discontinued" .. .. 441 .. 25,715 636 36 42,649 417 54 45,035 1,494 90 113,399 Total existing at 31st December, 1943 387 1 12,601 91 12 7,990 981 343 113,927 1,459 356 134,518