NATIONAL PROVIDENT FUND THIRTY-SIXTH ANNUAL REPORT OF THE BOARD FOR THE YEAR ENDED 31st DECEMBER, 1946

Appendix to the Journals of the House of Representatives, 1947 Session I, H-17

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1947 NEW ZEALAND

NATIONAL PROVIDENT FUND THIRTY-SIXTH ANNUAL REPORT OF THE BOARD FOR THE YEAR ENDED 31st DECEMBER, 1946

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) 1. Summarized figures set out below for the years ended 31st December, 1936, 1941, and 1946 form a useful basis for comparative analysis. While the statistics annexed record a recession in the Direct or Personal Contributors' Branch, the net total is little changed, increased contributions and total income figures being attributable to the higher contribution rates in the expanding Superannuation Branch:— 1»36. 1941. 1946. New contributors .. .. .. 3,285 3,230 4,216 Local bodies .. .. .. .. 122 137 198 Total of contributors .. .. .. 26,574 28,347 27,405 Annuitants .. .. .. .. 674 1,144 1,809 £ £ £ Contributions .. .. .. .. 246,559 328,884 400,375 Interest (including fines) .. .. .. 174,044 238,225 295,506 Total income (including State Subsidy) .. 526,457 667,564 821,358 Annuity payments .. .. .. 58,917 97,781 143,658 Other benefits .. .. .. .. 154,192 157,937 318,790 Total outgo .. .. .. .. 218,434 258,638 465,651 Funds at end of year .. .. .. 4,649,082 6,432,859 8,985,360 Rate of interest per cent, earned on invested funds _ .. £3 19s. £3 17s. Id. £3 9s. 2. It is pleasing to note the upward incidence of the annuity payments, particularly so in respect of 'the number of direct contributors who, having attained age sixty, are now enjoying the fruits of their early savings. 3. The merger with the Fund of the two remaining Funds established under authority of the Local Authorities Superannuation Act, 1908, is one further step towards providing throughout the Dominion uniform superannuation conditions and benefits for local-government employees. The absorption of the separate undertakings,fassets, and liabilities is reflected in the accounts. 4. Provisions for extending improved superannuation conditions to permanent employees of all local authorities are well advanced, and results will be reflected in the next report. PART lI.—STATE SUBSIDY (Section 74) The amount of subsidy paid by the State for the year was £96,914. A. H. Nokdmeyer, Chairman of the Board. W. L. Comrie, Superintendent of the Fund. Wellington, 30th June, 1947.

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NATIONAL PROVIDENT FUND (1) Revenue Account for the Year ended 31st December, 1946 Amount of Fund at begin- £ £ National Provident Fund Act, 1926 —■ £ ning of year (Ist Janu- Refund of contributions on lapse, ary, 1946) .. .. 8,116,044 reduction, and withdrawal (sees. National Provident Fund 11, 12, and 13) .. .. 210,835 Act, 1926 Refund of contributions in lieu of Contributions .. 400,375 annuity (sec. 14) .. .. 38,470 Interest .. .. 295,189 Incapacity allowances (sees. 17 Fines (sec. 11 (4) ) .. 317 and 18), including contributions Government contribu- waived on incapacity (£1,734) .. 13,687 ticn under Act (sees. Death : Refund of contributions 52 and 74 (2)) .. 96,914 (sees. 15 (5) and 16) .. .. 41,446 Contributions over- Death: Allowances on account of paid on- exit .. 405 widows and children (sec. 15) .. 14,352 Benefits refunded on Amnn^ 6B (sees 13 and 48) .. 143,658 exit (sees. 11 to 16 Refund of contributions overpaid on and 28) .. 21,904 exit .. .. .. .. 405 Miscellaneous receipts .. 1 Public Trustee : Charges .. 2,695 Refunds unclaimed .. 6,253 War-risk insurance premiums .. 103 8,937,402 Amount of Fund at end of year Harbour Boards' funds (31st December, 1946) .. .. 8,985,360 received on merger .. 513,609 £9,451,011 £9,451,011 Balance-sheet as at 31st December, 1946 Liabilities £ Assets £ Fund as per Revenue Account .. 8,985,360 In hands of Public Trustee^ — National Provident Fund Act, 1926 Invested .. .. .. 8,904,341 Claims due and in course of pay- Uninvested .. .. .. 16,322 ment* — Disbursement Account .. .. 1,624 Death: Refunds (sec. 16) .. 1,123' Post Office .. .. .. 18,020 Death: Allowances (sec. 15) .. 114 Balances in transit .. .. 29,865 Annuities (sees. 13 and 48) .. 1,126 National Provident Fund Act, 1926—Allowances (sec. 17) .. .. 30 Contributions outstanding or in Public Trustee : Charges* .. 843 course of transmission* — Refunds in Suspense .. .. 91,347 (a) Contributions due but not Suspense Account .. .. 2,682 overdue .. .. 21,302 Contributions prepaid .. .. 21,318 (b) Contributions overdue .. 2,915 Investment Fluctuation Reserve .. 69,154 Government subsidy due under Act* (sees. 52 and 74 (2) ) ".. .. 96,914 Fines due* (sec. 11 (4) ) .. .. 183 Interest due* .. .. .. 3,497 Interest accrued but not due* .. 78,114 £9,173,097 £9,173,097 •Included in Revenue Account. W. L. Comrie, Superintendent. R. S. Brown, Accountant. Wellington, 11th June,-1947. 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.—J. P. Rutherford, Controller and Auditor-General.

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(2) Numerical Statement for the Year ended 31st December, 1946

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Numbers. -— Class 1. Annuity Bate, 10s. Class 2. Annuity Rate, 20s. Class 3. Annuity Rat< , 30s. Class 4. Annuity Rate, 40s. Class 5. Superannuation. Aggregate. Annual Contributions. £ M. F. T. M. F. T. 1 M. F. T. M. F. T. M. F. T. M. F. T. Number of contributors at commencement of year New entrants during the year Transfer from another class Increase due to adjustment on age-error, &c. Total Discontinuances, &c. (as per detailed statement below) Total at end of year 12,425 356 26 871 43 13,296 399 26 2,248 132 74 372 32 8 2,620 164 82 242 11 15 49 4 2 291 15 17 576 21 46 116 16 6 692 37 52 5,109 1,241 14 5,780 2,360 3 10,889 3,601 17 20,600 1,761 175 7,188 2,455 19 27,788 4,216 194 361,641 85,681 21,453 7 12,807 833 914 130 13,721 963 2,454 172 412 44 2,866 216 268 37 55 4 323 41 643 49 138 12 781 61 6,364 843 8,143 2,669 14,507 3,512 22,536 1,934 9,662 2,859 32,198 4,793 468,782 69,936 11,974 784 12,758 2,282 368 2,650 231 51 282 594 126 720 5,521 5,474 10,995 20,602 6,803 27,405 398,846 Death Notice of withdrawal Lapse and cancellation .. Attainment of annuity age Transfer to another class Decrease due to adjustment on age-error, &c. Total 57 433 135 113 95 1 94 15 12 8 58 527 150 125 103 Details c n 71 25 33 5 19 6 38 8 / Discontinuances, &c, during the Year 11 1 1 1 2 3 76 96 16 2 18 20 8 28 562 38 2 .. 2 4 .. 4 25 2 .. 2 3 1 4 200 46 16 2 18 21 1 22 5 2 2,637 30 78 3,199 230 5 146 1,102 174 337 175 5 2,766 20 49 19 151 3,868 194 386 i94 2,939 60,538 637 5,578 244 833 130 963 172 44 216 37 4 41 49 12 61 843 2,669 3,512 1,934 2,859 4,793 69,936 Total entered Total transferred from other classes .. 64,788 4,756 5,786 270 70,574 5 ,"026 10,658 3,437 1,493 325 imerici 12,151 3,762 il Pr 1,146 635 ogress 200 85 since Establishment 1,346 1,492 329 1,821 720 986 84 1,070 13,857 167 27,971 16 41,828 183 91,941 9,981 35,779 780 127,720 10,761 69,544 6,056 75,600 14,095 1,818 15,913 1,781 285 2,066 2,478 413 2,891 14,024 27,987 42,011 101,922 36,559 138,481 Total discontinued Total transferred to other classes 53,960 3,610 4,975 297 58,935 3 ,,907 7,196 4,617 1,142 308 8,338 4,925 775 775 136 98 911 873 976 908 210 77 1,186 985 8,432 71 22,513 30,945 71 71,339 9,981 28,976 780 100,315 10,761 57,570 5,272 62,842 11,813 1,450 13,263 1,550 234 1,784 1,884 287 2,171 8,503 22,513 31,016 81,320 29,756 111,076 Total contributors on books at 31st December, 1946 11,974 784 12,758 2,282 368 2,650 231 51 282 594 126 720 5,521 5,474 10,995 20,602 6,803 27,405 398,846

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NATIONAL PROVIDENT FUND ACT, 1926 Contributors (General) (3) Statement of Annuities and Allowances for the Year ended 31st December 1946

Contributors (Superannuation—Sections 22, 38, and 54 of the Act) (3a) Statement of Retiring and other Allowances for the Year ended 31st December, 1946

NATIONAL PROVIDENT FUND Progress of Annuities and Allowances since the Establishment of the Fund to 31st December, 1946

Approximate Cost of Paper.—Preparation, not given ; printing (633 copies), £l3.

By Authority: E. Y. Paul, Government Printer. Wellington. —1947. Price 3d.~\

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— On Death. On Incapacity. On Attainment of Age 60. Total Annuities and Allowances. Number. Annual Amount. Number. Annual Amount. Number. Annual Amount. Number. Annual Amount. Existing at beginning of year Granted during the year Total Discontinued during the year (as per statement below) Existing at end of year.. Particulars Discontinued by death Expiry Total M. 171 1 10 £ 8,287 448 M. F. 21 14 £ 832 610 M. S. 691 176 114 19 £ 33,908 4,405 M. F. 883 177 138 19 £ 43,027" 5,463 181 1 20 1 8,735 1,131 35 12 .. 1,442 605 805 195 13 3 38,313 650 1,021 196 45 4 48,490' 2,386 161 7,604 23 .. 837 792 192 37,663 976 192 46,104 of Anm l .. 19 1 'Mies and Allowa 39 1 1,092 I 12 nces discontinued 1 13 3 605 I during the Year 650 1 14 3 1 31 1 689' 1,697 20 1 1,131 1 12 605 | 1 13 3 650 1 45 4 2,386-

— On Death. On Medical Unfitness. On Retirement (Age or Service). Total Retiring and other Allowances. Number. Annual Amount. Number. Annual Amount. Number. Annual Amount. Number. Annual Amount. Existing at beginning of year Granted during the year Total Discontinued during the year (as per statement below) Existing at end of year Particulars c Discontinued by death Expiry Total M. P. 248 78 £ 4,970 1,658 M. P. 75 20 40 £ 9,545 5,363 M. P. 483 227 126 28 £ 97,663 25,889 M. P. 806 247 244 28 £ 112,17a 32,910326 .. 20 6,628 465 115 20 21 1 14,908 2,549 609 255 37 2 123,552 5,047 1,050 275 78 3 145,088 8,061 306 .. 6,163 94 19 12,359 572 253 118,505 972 272 137,027 )/ Retirir 9 • .. n ig and other Alio' 162 1 5 303 1 16 1 wances discontinu 546 1 37 2 2,003 I .. ed during the Ye< 5,047 1 51 2 1 27 1 ar 5,755 2,30620 .. 465 1 1 21 1 2,549 | | 37 2 5,047 1 78 3 8,061

— On Death. On Incapacity. On Maturity (Age or Service). Total Annuities and Allowances. Number. Annual Amount. Number. Annual Amount. Number. Annual Amount. .Number. Annual Amount. Total granted Total discontinued Total existing at 31st December, 1946 M. p. 1,026 1 559 1 £ 44,567 30,800 M. IT. 834 59 717 40 £ 62,906 49,710 M. I\ 1,937 517 573 72 £ 220,696 64,528 M. P. 3,797 577 1,849 113 £ 328,169' 145,038467 13,767 117 19 13,196 1,364 445 156,168 1,948 464 183,131