PUBLIC SERVICE SUPERANNUATION BOARD (THIRTY-SIXTH ANNUAL REPORT OF THE), WITH ACCOUNTS FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1944

Appendix to the Journals of the House of Representatives, 1948 Session I, H-26-part01

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1948 NEW ZEALAND

PUBLIC SERVICE SUPERANNUATION BOARD (THIRTY-SIXTH ANNUAL REPORT OF THE), WITH ACCOUNTS FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1944

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

By Authority: E. V. Paul, Government Printer, Wellington.—1948.

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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: —

The following table shows particulars of the public servants who were contributing to the fund on the 31st March, 1944 (after allowing for deaths, retirements, and withdrawals), grouped according to their respective rates of contribution.

Investment of the Fund. —Including £31,111 invested on Stipendiary Magistrates' account, the total investments of the fund amount to £3,153,797. The average rate of interest earned for the financial year was £4 Os. 4d. per cent., a decrease of 2s. lid. 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 Balancesheets for the twelve-year period ended 31st March, 1944.

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Rate per Cent, of Number. Annual Annual Contribution. Male. Female. Total. Salary. Contributions. £ £ 5 1,046 453 1,499 167,361 8,368 6 89 5 94 29,585 1,775 7 43 4 47 15,115 1,058 8 25 1 26 7,788 623 9 6 6 1,900 171 10 1 1 200 20 Transfers from 14 10 24 7,316 366 nf n av Til Tin Q Oull"! lUIluo 1,223 474 1,697 229,265 12,381

Rate per Cent, of Contribution. Male. Number. Female. Total. Annual Salary. Annual Contributions. £ £ 5 23,267 4,292 27,559 7,693,395 384,670 6 1,603 118 1,721 625,179 37,511 7 934 61 995 374,653 26,225 8 402 17 419 158,820 12,705 9 140 5 145 58,651 5,279 10 32 2 34 16,910 1,691 26,378 4,495 30,873 8,927,608 468,081

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Income. Expenditure. Contributions. Interest on Administration Expenses. Accumulated Funds. Employees. Government, &c. Investments. Arrears of Contributions. Miscellaneous. Refunds. Pensions. Miscellaneous. 1932-33 1933-34 1934-35 1935-36 1936-37 1937-38 1938-39 1939-40 1940-41 1941-42 1942-43 1943-44 £ 226,420 228,650 238,844 256,249 306,292 344,583 370,400 393,380 411,534 429,717 437,371 457,912 £ 141,038 144,129 149,766 148,512 164,668 175,544 244,114 170,766 160,164 154,421 149,964 157,598 £ 166,814 157,200 153,333 151,599 142,831 137,751 130,688 128,577 135,978 138,550 133,547 136,129 £ 447 651 185 176 689 327 227 410 280 1,053 3,155 4,826 £ 302 4,464 19,086 8,770 2,551 323 1,347 635 691 1,312 2,053 1,501 £ 45,345 37,551 40,065 44,804 45,644 53,454 64,220 76,760 j 88,750 99,723 75,065 97,023 ! £ 472,288 486,925 488,836 494,988 498,677 515,044 527,726 550,143 569,001 587,924 587,099 1 587,843 £ 7,620 7,180 7,429 7,250 7,150 7,543 7,691 8,263 8,006 7,898 8,338 8,346 £ 387 1,287 6,997 1,477 1,901 8,201 20,314 1,954 2,008 1,899 1,136 1,921 £ 2,897,415 2,899,564 2,917,452 2,934,240 2,997,898 3,072,185 3,199,010 3,255,658 ! 3,296,540 3,324,148 3,378,602 3,441,435 Liabilities. Assets. Sundry Creditors. Sundry Debtors. Investments (Including Accrued Interest). Money at Call with Government Departments. Year. Accumulated Fund. Pensions. Refunds. Employees. Other, Including Government Depatrments. Employees. Government, &c. Cash at Bank. Miscellaneous. 1932-33 1933-34 1934-35 1935-36 1936-37 1937-38 1938-39 1939-40 1940-41 1941-42 1942-43 1943-44 £ 2,897,415 2,899,564 2,917,452 2,934,240 2,997,898 3,072,185 3,199,010 3,255,658 3,296,540 3,324,148 3,378,602 3,441,435 £ 3,056 2,684 3,302 3,703 3,722 3.895 2.896 3,713 4,211 4,768 5,786 5,928 £ 1,444 1,692 904 1,980 1,517 2,621 2,557 7,097 3,536 10,508 6,747 12,322 £ 398 212 288 407 596 980 1,152 1,728 2,999 4,937 1 8,424 8,162 | £ 14,853 3,386 10,803 22,123 48,386 40,047 3,686 1,473 1,381 2,304 ■ 102,595 45,518 £ 2,892,282 2,882,531 2,777,030 2,861,347 2,923,232 2,971,340 3,056,597 3,063,458 3,148,951 3,148,486 3,337,485 3,160,733 £ 24,541 29,191 13,957 24,919 40,543 42,451 33,587 39,598 57,993 107,855 218,285 236.176 I £ 212 231 198 276 1,923 2,109 453 2,045 2,113 2,445 119,068 4,753 £ 61,510 56,922 73,625 70,801 70,555 20,413 28,071 55,756 35,469 24,680 19,324 19,173 £ 652 1,018 130,378 67,906 74,088 142,555 85,993 104,781 60,377 50,142 86,159 91.043 £ 2,469 2,147 2,062 1,707 6,278 5,675 4,884 4,595 4,643 5,056 2,679 2,186

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Consolidated Revenue Account for the Period Ist January, 1908, to the 31st March, 19M Dr. Cr. Members' contributions— £ Retiring-allowances— £ Under section 19 (ordinary) .. .. .. .. 8,427,781 To members .. .. .. .. .. 9,764,238 Transferred from other superannuation funds* .. .. 65,901 To widows and children .. .. .. .. 899,952 Interest on arrears of contributions .. .. . . 18,580 Contributions returned .. .. .... .. .. 1,604,178 ■Government subsidy Contributions transferred to other superannuation funds J . . 44,693 Statutory .. .. .. 3 472 769 Compensation: Section 22 (gr) .. • • • • 14,358 • i IA t) iv o a .■ a j ' ' Loss on realization of securities .. .. .. .. 23,683 7wXwß^dSenf rV1 ° e . Per ' '334 281 .Section 38, Public Service Snperaauuation Act, 1927 2,441 £terest on ... 3, oMer of the Courts £ Premiums on conversion New Zealand Government mscnbed Mortgagors and Lessees Rehabilitation Act, 1936 8,959 stock and local-body debentures .. .. .. 33,635 Investments written down by Board: Section 77, I<mes, fees, and sundries .. .. .. .. 19,754 Mortgagors and Lessees Rehabilitation Act, 1936.. 1,250 Subsidy— 10j209 Cook Island and Samoa .. .. .. .. 18,598 Rates and fees written off by Courts : Mortgagors and Imperial War Graves Commission .. .. .. 196 Lessees Rehabilitation Act, 1936 .. .. .. 120 Palestine Government .. .. .. .. 151 Premium on purchase inscribed stock: Proportion written off 2,971 Government Service Organizations .. .. .. 632 ! Administration expenses .. .. .. .. 197,486 ! Balance as at 31st March, 1944 .. .. .. .. 3,441,435 £16,005,883 £16,005,883 * Includes £32,785 transferred from Police Provident Fund and £2,877 from Westport Harbour Board Fund. t Includes payment by Treasury of £221,145 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. Vyyw^ Chairman.

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PUBLIC SERVICE SUPERANNUATION FUND Revenue Account for Year ended 31st March, 1944 Dr. £ Or. Amount of fund at beginning of year .. .. .. 3,378,602 Retiring-allowances— £ £ Members'contributions— To members .. .. .. .. 533,906 Under section 19 (ordinary) .. .. .. .. 455,096 | To widows and children .. .. .. 53,937 Transferred from other superannuation funds .. .. 2,816 i -— 587,843 Interest on arrears of contributions .. .. .. 4,826 i Contributions returned— Government subsidy— £ j Under section 37 (left service) .. .. .. 52,407 Under section 50, Public Service Superannuation ; Under section 42 (death) .. .. .. 39,742 Act, 1927 .. .. .. .. .. 86,000 ; Under section 34 (retirement) .. .. .. 4,874 Under section 19, Finance Act (No. 3), 1934 .. 40,156 97,023 Under section 7, Finance Act, 1941 (Government j Contributions transferred— special) .. .. .. .. .. 7,000 To other superannuation funds .. .. 480 Under section 114, Public Service Superannuation To National Provident Fund : Section 30, Finance Act, 1927 (widows and children) .. .. 22,874 Act, 1938 .. .. .. .. .. 1,003 Under section 27, Statutes Amendment Act, 1936 1,483 (actuarial pensions).. .. .. .. 658 Premium on purchase of Government stock: 156,688 Proportion written of .. .. .. .. 374 Interest on investments .. .. .. 125, 275 Loss on realization of securities .. .. .. .. 64 Reimbursement by Treasury on account on Expensesreduction in interest .. .. .. 10,854 Audit fees .. .. .. .. .. 75 136,129 Furniture and fittings .. .. .. 42 Subsidy— Medical fees .. .. .. .. 78 Cook Islands and Samoa .. .. .. 776 Overtime and meal allowances .. .. 451 Imperial War Graves Commission .. .. 23 Postages and services .. .. .. 427 Palestine Government .. .. .. 28 Printing and stationery .. .. .. 108 Government Service Organizations .. .. 83 Post and Telegraph Department charges .. 1,294 9lO Public Trustee's charges .. .. .. 2,403 Fines, fees, and sundries .. .. .. .. 1,460 Salaries .. .. .. .. .. 3,021 Stipendiary Magistrates' Account: Administration War damage insurance premiums .. .. 447 expenses recovered .. .. .. .. ~ 41 8,346 Balance as at 31st March, 1944 .. .. .. .. 3,441,435 £4,136,568 £4,136,568

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PUBLIC SERVICE SUPERANNUATION FUND— continued Balance-sheet as at the 31st March, 194=4 Liabilities Assets £ Superannuation Fund Account— £ £ Amount invested by the Board .. .. .. .. 3,122,686 Balance due from Revenue Account .. 3,441, 435 Contributions of members— £ Add value of office fittings and machinery .. 699 In course of transmission .. .. .. 208,724 Due and outstanding .. .. .. 27,452 3,442,134 236,176 Less amounts due to contributors under the Interests on investments— provisions of section 9 (2), National Accrued but not due .. .. .. .. 28,582 Expenditure Adjustment Act, 1932 .. 58,157 Due but not overdue .. .. .. 1,309 3,383,977 Due and outstanding .. .. .. .. 8,156 Retiring and other allowances due in course of 38,047 payment Subsidy— To members .. .. .. .. 4,651 Cook Island and Samoa .. .. .. 100 To widows and children .. .. .. 1,277 Imperial War Graves Commission .. .. 11 5,928 Palestine Government .. .. .. 23 Refunds of contributions due in course of Government Service Organizations .. .. 5 transmission— Section 114, Public Service Superannuation Act, Under section 37 (left service) .. .. 5,399 1927 (widows and children) .. .. .. 3,841 Under section 42 (death) .. .. .. 6,550 3,980 Under section 34 (retirement) .. .. 373 Contributions transferable from other funds . . .. 103 12,322 Cost-of-living bonus (recoverable) .. .. .. 74 Contributions transferable to other funds 12 £ Rates, fees, and premiums payable on account of Premiums paid on purchase of Government stock .. 2,457 mortgagors .. .. .. .. .. 100 Less amount written off . . . . .. 374 Expenses due in course of payment— £ 2,083 Audit fees .. .. .. .. 75 Cash in hand of Public Trustee .. .. .. 12,251* Postages and services .. .. .. 42 6,922 Post and Telegraph charges .. .. 272 19,173 389 Bank account .. .. .. .. .. .. 91,043 Public Trustee's charges on accrued interest .. .. 909 Office furniture and machinery .. .. .. .. 699 Unclaimed Account (Contributions, &c.) .. .. 4-85 Contributions paid in advance or in error .. .. 7,677 Post Office Account .. .. .. .. .. 44,108 | Amounts due to contributors under the provisions of section 9 (2), National Expenditure Adjustment Act, 1932 .. .. .. .. .. .. 58,157 £3,514,064 £3,514,064 * On deposit at call.

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Stipendiary Magistrates' Account Revenue Account for the Year ended 31st March, 1944 Dr. £ I Or. £ Amount of fund, Ist April, 1943 .. .. .. ~. 27,514 i Retiring-allowances .. .. .. .. .. 6,060 Members' contributions: Section 63, Public Service Super- | Administration expenses .. .. .. .. .. 41 annuation Act, 1927 .. .. .. ... .. 1,493 I Balance, 31st March, 1944 .. .. .. .. .. 31,118 Interest on investments .. .. .. .. .. 1,212 Government subsidy, special: Section 7, Finance Act, 1941 .. 7,000 £37,219 j £37,219 Balance-sheet as at 31st March, 1944 Liabilities Stipendiary Magistrates' Account— £ £ Assets Balance due from Revenue Account .. ..31,118 j Amount invested by the Board .. .. .. ..31,111 Less amounts due to contributors under the pro- | Contributions due in course of transmission .. .. .. 7 visions of section 10 (3), National Expenditure Adjustment Act, 1932 . . . . .. 298 30,820 Amount due to contributors under the provisions of section 10 (3), National Expenditure Adjustment Act, 1932 .. .. .. .. .. .. .. 298 | £31,118 I £31,118 I

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PUBLIC SERVICE SUPERANNUATION FUND— continued Subsidiary Account Cost-of-living Bonus Paid to Annuitants of the Public Smnee Superannuation Fund on Behalf of the Treasury £ £ Balance due from Treasury 63 Amount received from Treasury 371 Amount disbursed Amount due from Treasury £445 £445 J. R. Rhoades, Accountant. G. J. Merrington, Acting-Secretary. Wellington, 15th. July- 1948. 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.— J. P. Rutherford, Controller and Auditor-General.

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PUBLIC SERVICE SUPERANNUATION FUND—continued Statement of Contributors for the Year ending 31st March, 1944

Particulars of Contributions Discontinued During the Year

Progress of Contributors Since Date of Establishment of the Fund to 31st March, 1944

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Number. Annual Annual M. F. Total. Salary. Contributions. Contributors at beginning of tlie year New contributors entered during the year Contributors transferred from other Funds Increase by promotion during the year .. 26,087 1,209 14 4,454 464 10 30,541 1,673 24 £ 8,009,193 221,949 7,316 980,179 £ 421,007 12,015 366 50,337 Total .. .. Contributions discontinued during the year 27,310 932 4,928 433 32,238 1,365 9,218,637 291,029 483,725 15,644 Total contributors at end of year 26,378 4,495 30,873 8,927,608 468,081

How Discontinued. If umber. Annual Annual ContriAmount Paid on Retiringallowance Granted. M. F. 1 J Total. Salary. butions. Retirement. By death before retiring-allowance entered upon (sees. 42 and 43) By retirement before retiring age (sec. 37) By retirement (sec. 34) By retirement medically unfit (sec. 32 By retirement (sec. 61) By retirement at retiring age or for length of service (sec. 26) By retirement (sec. 30, Finance Act, 1938) By transfer to other Funds (sec. 120) By reduction 279 467 11 27 3 403 o 282 870 11 29 £ 66,311 139,870 3,300 9,435 £ 3,540 7,434 236 513 £ 38,218 52,048 4,874 £ 3,277 4,305 1 137 3 7 23 2 1 160 3 9 384 67,397 1,160 1,515 1,657 1 19 3,664 66 78 94 1,003 480 231 41,106 Total 932 433 1,365 291,029 15,644 96,623 48,919

Number. Annual Annual M. I F. Total. Salary. Contributions. Total entered Total discontinued Total existing at 31st March, 1944 51,649 25,271 28,378 16,769 12,274 4,495 68,418 37,545 30,873 £ 17,005,266 8,077,658 8,927,608 £ 948,062 479,981 468,081

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PUBLIC SERVICE SUPERANNUATION FUND— continued Statement of Retiring and Other Allowances for the Year Ending 31st March, 1944

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Section 26 : On Attainment of Retiring Age or for Length of Service. Section 32: Medically Unfit. Section 61: Police Injured on Duty. Section 39, Einance Act (2), 1930. Section 28, Finance Act, 1921. Number. Annual Number. Annual Number. Annual Number. Annual Number. Annual M. P. Total. Amount. M. E. Total. Amount. M. Amount. M. Amount. M. Amount. Retiring and other allowances :— Existing at beginning of year Granted during year at retirement Granted during year after retirement .. 1,738 137 358 23 2,096 160 £ 490,293 41,106 322 27 73 2 395 29 £ 43,172 4,305 18 1 £ 3,131 231 47 £ 7,305 18 £ 3,503 Total Discontinued during year 1,875 96 381 9 2,256 105 531,399 23,058 349 18 75 1 424 19 47,477 2,000 19 3,362 47 1 7,305 168 18 1 3,503 88 Existing at end of year 1,770 372 2,151 508,341 331 74 405 45,477 19 3,362 46 7,137 17 3,415 Section 14, Finance Act, 1931. Section 42 : Widows. Sections 42 (c), and 43 (a): Children. Total Retiring and Other Allowances. Number. Annual Number. Annual Number. Annual Number. Annual M. 1 E. Total. Amount. Amount. M. E. j Total. Amount. M. E. Total. Amount. Retiring and other allowances — Existing at beginning of year Granted during year at retirement Granted during year after retirement .. 18 3 21 £ 3,026 1,401 47 65 £ 43,431 1,457 2,015 168 34 5 167 36 335 70 5 £ 8,710 1,820 130 2,329 199 5 2,002 108 65 4,331 307 70 £ 602,571 48,919 2,145 Total Discontinued during year 18 3 21 3,026 1,513 61 46,903 1,891 207 28 203 23 410 51 10,660 1,326 2,533 144 2,175 94 4,708 238 653,635 28,531 Existing at end of year 18 3 21 3,026 1,452 45,012 179 180 359 9,334 2,389 2,081 4,470 625,104

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Particulars of Retiring and Other Allowances Discontinued During the Year

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— Section 26 : On Attainment of Retiring Age or for Length of Service. Section 32: Medically Unfit. Section 61: Police Injured on Duty. Section 39, Finance Act (2), 1930. Section 28, Finance Act, 1921. Number. Annual Amount. Number. Annual Amount. Number. Annual Amount. I Number. Annual Amount. Number. Annual Amount. M. F. Total. M. F. Total. M. M. M. How discontinued — By death By expiry.. Total .. 96 9 105 £ 23,058 18 1 19 £ 2,000 £ 1 £ 168 1 £ 88 90 9 105 23,058 18 1 19 2,000 •' 1 1 168 1 88 Section 14, Finance Act, 1931. Section 42 : Widows. Sections 42 (c), and 43 (a): Children. Total Retiring antl Other Allowances. | Number. 1 Annual | Amount. Number. Annual Amount. Number. Annual Amount. Number. Annual Amount. M. F. Total. M. F. Total. M. F. Total. How discontinued — By death .. .. By expiry.. Total £ 44 17 £ 1,364 527 ' '28 28 ' '23 ' 51 £ 1 i 326 116 28 54 40 94 170 68 £ 26,678 1,853 61 1,891 23 51 1,326 144 238 28,531

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Wellington, 10th August, 1948. G. J. Merrington, Acting-Secretary. Approximate Cost of Paper.—Preparation, not given; printing (1,013 copies) £42 10s.

PUBLIC SERVICE SUPERANNUATION FUND— continued Progress of Retiring and Other Allowances Since Establishment of the Fund to 31st March, 1944

By Authority: E. V. Paul, Government Printer, Wellington.— 1948.

Price fid.]

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— Section 26 : On Attainment of Retiring Age or for Length of Service. Section 32: Medically Unfit. Section 61: Police Injured on Duty. Section 39, Finance Act (2), 1930. Section 28, Finance Act, 1921. Number. Annual Amount. Number. Annual Amount. Number. Annual Amount. Number. Annual Amount. Number. Annual Amount. M. F. Total. M. j F. Total. M. M. M. Total granted Total discontinued Total existing at 31st March, 1944 3,694 1,915 1,779 492 120 372 4,186 2,035 £ 877,365 369,024 772 441 106 32 878 473 £ 91,585 46,108 25 6 £ 4,034 672 59 13 £ 8,748 1,611 49 32 £ 7,688 4,273 2,151 508,341 331 74 405 45,477 19 3,362 46 7,137 17 3,415 Section 14, Finance Act, 1931. Section 42: Widows. Sections 42 (c), and 43 (a): Children. Total Retiring and Other Allowances. Number. 1 Annual Amount. Number. £ Annual Amount. Number. Annual Amount. Number. Annual Amount. M. F. Total. 1 M. F. Total. M. F. [ Total. Total granted Total discontinued Total existing at 31st March, 1944 23 5 1 4 1 27 6 £ 3,841 815 2,309 857 £ 69,369 24,357 997 818 957 777 1,954 1,595 £ 44,837 35,503 5,619 3,230 3,868 1,787 9,487 5,017 £ 1,107,467 482,363 18 3 21 3,026 1,452 45,012 179 180 359 9,334 2,389 2,081 4,470 625,104