NATIONAL PROVIDENT FUND THIRTY-FOURTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1944

Appendix to the Journals of the House of Representatives, 1945 Session I, H-17

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1945 NEW ZEALAND

NATIONAL PROVIDENT FUND THIRTY-FOURTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1944

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:— 1944. 1943. New contributors .. .. .. .. 2,856 2,846 Local bodies .. .. .. .. .. 148 144 Total contributors .. .. .. .. 28,054 28,352 Annuitants .. .. .. .. .. 1,462 1,324 £ £ Contributions .. .. .. .. .. 357,887 349,096 Interest .. .. .. .. .. 270,977 260,018 Total income .. .. .. .. .. 754,673 718,075 Annuity payments .. .. .. .. 118,900 110,233 Other benefits .. .. .. .. 192,755 173,046 Total outgo .. .. .. .. .. 314,977 287,295 Funds at end of year .. .. .. .. 7,732,833 7,293,137 Rate of interest, per cent. .. .. .. £3 12s. 9d. £3 14s. Id. PART lI.—STATE SUBSIDY (Section 74) The amount of subsidy paid by the State for the year was £88,030. A. H. Nordmeyeb, ChairmaD of the Board. R. M. Porteous, Superintendent of the Fund. Wellington, 6th August, 1945.

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NATIONAL PROVIDENT FUND Revenue Account for the Year ended 31st December, 1944 Amount of Fund at beginning of year (Ist January, £ National Provident Fund Act, 1926 — £ 1944) .. .. .. .. .. 7,293,137 Maternity claims (section 19) .. .. .. 6 National Provident Fund Act, 1926— Refund of contributions on lapse, reduction, and Contributions.. .. .. .. .. 357,887 withdrawal (sections 11, 12, and 13) .. .. 108,424 Interest .. .. .. .. .. 270,977 Refund of contributions in lieu of annuity (section 14) 14^538 Fines (section 11 (4) ).. .. .. .. 178 Incapacity allowances (sections 17 and 18), including Government contribution under Act (sections 52 and contributions waived on incapacity (£1,371) .. 9,631 74 (2)) .. .. .. .. .. 88,030 Death: Refund of contributions (sections 15 (5) Refund of maternity claims by the State (sections and 16) .. .. .. .. 46,389 42 (2) and 70) .. .. .. .. 6 Death: Allowances on account of widows and childContributions overpaid on exit .. .. .. 232 ren (section 15) .. .. .. .. 13 767 Benefits refunded on exit (sections 11 to 16 and 28) .. 25,402 Annuities (sections 13 and 48) .. .. 118*900 Miscellaneous receipts .. .. .. .. 4 Refund of contributions overpaid on exit .. .. '232 Premium on conversion .. .. .. .. 11,957 Public Trustee: Charges .. .. .. 2,799 War-risk insurance premiums .. .. .. 291 Amount of Fund at end of year (31st December, 1944) 7,732,833 £8,047,810 £8,047,810

Balance-sheet as at 31st December, 1944 Liabilities £ Assets £ Fund as per Revenue Account .. .. .. 7,732,833 In hands of Public Trustee— Disbursement Account .. .. .. .. 1,242 Invested .. .. .. ..7 651 063 National Provident Fund Act, 1926— Uninvested .. .. .. .. °' ' j0'274 Claims due and in course of payment*— Post Office .. .. .. .. .. 13'611 Death: Refunds (section 16).. .. .. 2,040 Balances in transit .. .. .. 25*397 Death: Refunds (section 15 (5)) .. .. 1,018 National Provident Fund Act, 1926— Death : Allowances (section 15) .. .. 94 Contributions outstanding or in course of transAnnuities (sections 13 and 48) .. .. 688 mission*— Allowances (section 17) .. .. .. 2 (a) Contributions due but not, overdue .. 15,415 Public Trustee: Charges* .. .. .. 944 (b) Contributions overdue .. .. .. 1'762 Refunds in Suspense .. .. .. .. 70,983 Government subsidy due under Act* (sections 52 and Suspense Aocount .. .. .. .. 1,586 74(2)) .. .. .. __ gg 030 Contributions prepaid .. .. .. .. 16,057 Fines due* (section 11 (4)) .. '. '113 Investment Fluctuation Reserve .. .. .. 71,255 Interest due* .. .. .. ~ 3 294 Interest accrued but not due* .. .. .. 89'783 £7.898,742 £7,898,742 $ ♦ Included in Revenue Account. R. M. Porteous, Superintendent. Wellington, 16th July, 1945. % 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, 1944

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Numbers. Class 1. Class 2. Class 3. Class 4. Class 5 ■ Annual Annuity .Rate, 10s. Annuity Rate, 20s. Annuity Rate, 30s. Annuity Rate, 40s. Superannuation. Aggregate. Contributions. j T ' P. M. j F. T. M. F. | T. M. F. T. M. F. T. Number of contributors at commence- 13,065 1,010 14,075 2,172 382 2,554 222 46 268 524 97 621 5,211 5,623 10 834 Ll 194 7 158 28 359 ment 01 year ' ' ' - 1 *y±ft 9 wo New entrants during the year .. 475 72 547 113 38 151 17 6 23 28 19 47 211 1,877 2,088 844 2,012 2 856 35 933 Transfer from another class .. 22 4 26 80 12 92 15 5 20 34 4 38 4 2 6 155 27 189 19710 Increase due to adjustment on age- ...... ...... ...... error, &c. .... .. .... .. ...... 9 Total .. .. .. 13,562 1,086 14,648 2,365 432 2,797 254 57 311 586 120 706 5,426 7 502 12 928 22 193 9 197 '>,1 qqo oqq nK7 (aS detaUed 831 158 989 164 46 210 25 7 32 38 11 49 337 1,719 2|o56 1,'396 I|M1 3;336 43^84 Total at end of year .. 12,731 928 13,659 2,201 386 50 279 | 548~ 109 657 5,089 |2(K798 7,256 28,054 349,773 Details of Discontinuances, <&c., during the Year Death •' •• •• •• 87 2 89 17 1 18 3 3 2.. 2 46 8 54 155 11 irr A oco Notice of withdrawal .. .. 329 107 436 61 28 89 7 3 10 14 7 21 225 1,682 1 907 636 1 327 2 463 Lapse and cancellation .. 221 30 251 35 3 38 1 1 3 3 ora ' t j, £f Attainment of annuity age ..100 6 106 13 7 20 1 1 9 1 10 66 ' 29 "95 189 43 itt a Transfer to another class .. .. 94 13 107 38 7 45 13 4 17 10 3 13 155 f, ?! Decrease due to adjustment on age- .. .. .. .. .. .. .. # error, &c. * * ' ' ' * *' " * ' * * * 1 Total •• •• •• 831 158 989 164 46 210 I 25~ 7 32 I 38~ 11 49 337 1,719 2,056 1,395 1,941 3,336 43,284 Numerical Progress since Establishment Total entered .. .. .. 63,925 5,662 69,587 10,388 1,435 11,823 1,116 191 1,307 1,436 302 1,738 12,146 23,402 35 548 89 011 30 999190 00-? Total transferred from other classes 4,705 262 4,967 3,297 304 3,601 605 79 684 904 71 975 138 7 145 Si 649 723 KI 68,630 5,924 74,554 13,685 1,739 15,424 1,721 270 1,991 2,340 373 2,713 12,284 23,409 35,693 98,660 31,715130,375 ~ Total discontinued .. .. 52,477 4,723 57,200 6,939 1,065 8,004 740 128 868 924 194 l7n8~ TT&T 17,626 24 759 68 213 23 736 91 Q4Q Total transferred to other classes .. 3,422 273 3,695 4,545 288 4,833 752 92 844 868 70 938 62 62 9,649 723 10,'.372 55,899 4,996 60,895 11,484 1,353 12,837 1,492 220 1,712 1,792 264 2,056 7,195 17,626 24,821 77,862 24,459102,321 T DeceTbtr b 1944 ° n b00kS at 31st 12 ' 731 13 ' 659 2 ' 201 386 2 ' 587 229 27sT 548 109 657~ 5,089 5,783 10,872 20,798 7,256 28,054 349,773

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NATIONAL PROVIDENT FUND ACT, 1926 Contributors (General) (3) Statement of Annuities and Allowances for the Year ended 31st December, 1944

Contributors (Superannuation —Sections 22, 38, and 54 of the Act) (3a) Statement of Retiring and other Allowances for the Year ended 31st December, 1944

NATIONAL PROVIDENT FUND Progress of Annuities and Allowances since the Establishment of the Fund to 31st December, 1944

Approximate Cost of Paper.—Preparation, not given ; printing (585 copies), £11.

Authority: E. V. Paul, Government Printer, Wellington.—l94s.

Price 3d.]

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On Dftftt,h On Inoanaritv 0n Attainment of Total Annuities and un ueatn. un incapacity. Age Allowances. "N"nmhpr Annnal Nn mhor Annual Tfnmhor Annual \'n inhor Annual JNumDer. Amount. aumDer. Amount. JNumDer. Amount. JNumDer. Amount. M. F. £ M. F. £ M. F. £ M. F. £ Existing at beginning of year .. 161 1 7,937 29 .. 1,170 522 153 27,621 712 154 36,728 Granted during the year .. .. 35 .. 1,833 11 .. 546 104 14 4,313 150 14 6,692 Total .. .. .. 196 1 9,770 40 .. 1,716 626 167 31,934 862 168 43,420 Discontinued during the year (as per 28 .. 1,404 17 .. 780 6 1 304 51 1 2,488 statement below) Existing at end of year .. .. 168 1 8,366 23 .. 936 620 166 31,630 811 167 40,932 Particulars of Annuities and Allowances discontinued during the Year Discontinued by death .. 20 4 .. 215 6 1 304 10 1 539 Expiry .. .. .. .. 28 .. 1,384 13 .. 565 .... .. 41 .. 1,949 Total .. .. .. 28 .. 1,404 17 .. 780 6 1 304 51 1 2,488

On Death. On Medical Unfitness. ( 2ge orService). Total Retiring aAd other Number. Number. Numfcer. Number. j M. F. £ M. P. £ M. F. £ M. F. £ Existing at beginning of year .. 226 .. 4,664 62 12 6,820 459 190 86,306 747 202 97,790 Granted during year .. .. 31 801 12 6 1,798 44 24 9,863 87 30 12,462 Total .. .. .. 257 .. 5,465 74 18 8,618 503 214 96,169 834 232 110,252 Discontinued during the year (as per 22 .. 574 13 2 1,708 39 2 5,746 74 4 8,028 statement below) Existing at end of year .. .. 235 .. 4,891 61 16 6,910 464 212 90,423 760 228 102,224 Particulars of Retiring and other Allowances discontinued during the Year Discontinued by death .. .. 14 .. 229 3 .. 521 39 2 5,746 56 2 6,496 Expiry .. .. .. .. 8 .. 345' 10 2 1,187 18 2 1,532 Total .. .. 22 .. 574 13 2 1,708 39 2 5,746 74 4 8,028

s On Tipnth On Tni>ar>apit,v 0n Maturity Total Annuities and On Death. on incapacity. (Age or Servlce) _ Allowances. I I Nnmlinr Annual "Number I Annual Number i Annual Nnmher Annual jNumDer. Amount. "umuer. | Amount. "umDer. j A mount. JNumoer. Amount. M. F. £ M. F. £ M. F. £ M. F. £ Total granted ..894 1 40,950 750 54 52,983 1,546 435 173,138 3,190 490 267,071 Total discontinued .. .. 491 .. 27,693 666 38 45,137 462 57 51,085 1,619 95 123,915 Total existing at 31st December, 1944 403 1 13,257 84 16 7,846 1,084 378 122,053 1,571 395 143,156