EDUCATION: TEACHERS' SUPERANNUATION FUND

Appendix to the Journals of the House of Representatives, 1949 Session I, E-08-part01

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1949 NEW ZEALAND

EDUCATION: TEACHERS' SUPERANNUATION FUND

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

THIRTY-NINTH ANNUAL REPORT OF THE TEACHERS' SUPERANNUATION BOARD For the Year Ended 31st January, 1945 The Hon. the Minister of Education. Wellington, Ist June, 1949. Sir, — The Board has to submit the following report for the year ended 31st January, 1945 : The Board. —The usual quarterly meetings of the Board were held in February, May, August, and November. The following statements show the transactions, &c., of the fund for the year ended 31st January, 1945. For the Teachers' Superannuation Board, J. L. Gormack, Acting-Secretary.

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(A) Revenue Account eor the Tear Ended 31st January, 1945 « ± SSSSS". 3,4%6 Sr-r *r - wB £S?*=X :: 4M17 Government subsidies .. • • Rebate of contributions under National and eontri- 74 LesfiXta'S? written ' Contributions transferred to other fund, 1,784 down (proportion of totr ™'ZiTSvestaents !! SZZZr 367 Balance at 31st January, 1945 ..879,994 40,399 Plus investments written up (proportion of discount on purchase of investments) • • 663 41,062 i 1,304,428 £1,304,426

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(B) Balance-sheet as at 31st January, 1946 Liabilities £ Assets £ Fund as per Revenue Account .. 879,994 Amount held by Public Trustee in cash Retiring and other allowances due and and investments (face value) .. 963,669 unpaid .. .. .. .. 3,772 £ Refund of contributions due and unpaid 9,013 Premiums paid on purchase of Administration expenses unpaid .. 1,189 investments .. .. 2,746 Unclaimed contributions .. .. 1,339 Less amount written off year Amounts paid into fund in error .. 11 ending 31st January, 1945 367 Reserves for commission, &c. .. 627 2,379 £ Mortgagee in possession (recoverable) .. 6 Discount on investments .. 4,142 Amounts paid to protect securities .. 30 Less amount written off year Outstanding contributions .. .. 37,323 ending 31st January, 1945 663 Interest on investments : Accrued and 3,479 overdue .. .. .. 12,873 Vouchers issued but unpaid at Interest due on arrears of contributions 2,224 31st January, 1945 .. 19,547 Subsidy from Fijian Government accrued 88 Add overdraft in Post Office Due by Consolidated Fund for cost-of-Account .. .. 102,556 living bonus .. .. .. 2,367 12 2,103 Government subsidies— Additional subsidy under section 114, Public Service Superannuation Act, 1927, allowances unpaid at 31st January, 1945 .. .. 568 £1,021,527 £1,021,527 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, 1945, not included in the year's accounts, is £1,404. 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 £2,085. I. L. Gormack, A.R.A.N.Z., Acting-Secretary, Teachers' Superannuation Board. Education Department, Wellington, Ist June, 1949. 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, 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. — J. P. Rutherford, Controller and Auditor-General.

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Table Showing Progress of Fund Since Its Inception (1st January, 1906)

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Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Total to 31st March, 31st January, 31st January, 31st January, 31st January, 31it January, 31st January, 31st January, 1907. 1928. 1932. 1937. 1942. 1944. 1945. 1945. Total number of contributors 2,182 8,680 9,964 8,058* 9,827 10,668 11,165f Total amount of contributions £32,320 £131,872 £115,961 £132,398 £173,126 £192,085 £191,280 £4,026,943 Interest received £864 £68,053 £72,682 £44,187 £42,362 £51,997 £41,062 £1,457,986 Subsidy from Government £3,000 £71,228 £46,917 £171,800 £155,628 £146,756 £137,938 £2,915,992 Subsidy from Fiji Government £224 £238 £233 £361 £279 £343 £5,481 Subsidy from Tonga Government £21 £67 Number of allowances payable 84 i, 364 1,677 2,038 2,211 *2,277 2,387 Total amount paid on account of retiring £3,147 £188,552 £254,927 £323,976 £350,188 £358,675 £374,585 £6,592,791 and other allowances Total amount of contributions refunded £260 £26,076 £30,628 £31,481 £37,425 £39,433 £42,275 £826,945 and transferred Accumulated fund .. £34,734 £1,134,015 £1,218,166 £964,605 £954,640 £933,803 £879,994 * Lowest number of contributors since 31st January, 1926. t Highest number of contributors since commencement of Fund.

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Statement of Contributors as at 31st January, 1945

Particulars of Contributions Discontinued and Allowances Granted and Refunds of Contributions Made During the Year Ended 31st January, 1945

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Number. M. P. Total. Contributors at 31st January, 1944 New contributors entered during the year ended 31st January, 1945 Transfers from other funds during the year 5,051 309 6 5,617 802 1 10,668 1,111 7 Totals Contributions discontinued during the year ended 31st January, 1945, by resignations, &c. 5,366 151 6,420 470 11,786 621 Totals at 31st January, 1945 5,215 5,950 11,165

Number of Contributors. Annual Rate at Date of Withdrawal. Benefits. How Discontinued. M. F. Total. Salary. Contributions. Allowances: Annual Rate. Other Payments (Nonrecurring). By death before allowance entered upon — (a) Contributions paid to personal representatives (b) Leaving widow or child .. By voluntary retirement By lapsed membership By transfer to other funds By allowances granted on retirement—. (a) Ordinary {. .. (b) Medically unfit . . (c) Extended provisions By death of annuitants 44 30 25 3 4 32 10 3 12 307 34 11 82 15 9 56 30 332 37 15 114 25 12 j- 28,949 82,018 7,707 4,128 ]>63,315 J 1,519 4,389 . 392 206 3,595 r •• \ "975 f 25,240 -{ 3,705 [ 1,728 558 6,946 6,921 23,021 1,789 1,789 i j 743 Totals 151 470 621 186,117 10,101 32,206 42,209

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Statement of Retiring-allowances (Including Allowances to Widows and Children) for the Year Ended 31st January, 1945

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(1) (2) (3) Details of Column (2). Total Allowances. Retiring-allowances. Allowances to— Particulars. Ordinary Age or Service. Extended Provisions. Medically Unlit. Widows. Children. Number. Annual • Rate. Number. Annual Rate. Number. Annual Rate. Number. Annual Rate. i Annual 1 Rate. 1 Number. 1 Annual Rate. M. F. Total. M. F. M. F. M. F. No. M. | P. Allowances as at 31st January, 1944 Allowances granted during the year at retirement or decease of contributors Allowances granted during the year to widows and children of deceased annuitants 629 58 8 1,648 131 35 2,277 189 43 360,698 31,731 1,263 414 32 1,022 82 290,731 25,240 57 3 63 9 19,137 1,728 118 10 154 15 37,188 3,705 362 14 29 11,380 434 899 40 13 8 47 11 6 2,262 624 364 Totals Allowances discontinued during the year 695 39 1,814 61 2,509 100 393,692 14,716 446 22 1,104 24 315,971 10,236 60 4 72 5 20,865 1,678 128 8 169 2 40,893 1,777 405 23 12,713 713 61 5 64 7 3,250 312 Allowances existing at end of year 656 1,753 2,409 378,976 424 1,080 305,735 56 67 19,187 120 167 39,116 382 12,000 56 57 2,938

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By Authority: E. E. Owen, Government Printer, Wellington.— 1949.

Approximate Cost of Paper.—Preparation, not given ; -printing (839 copies), £l7 10s.

Particulars of Allowances Discontinued During the Year

Price 6d.~\

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How discontinued — By death By expiry Totals 34 5 52 9 86 14 14,337 379 22 24 10,236 4 5 1,678 8 2 1 1,777 20 3 620 93 1 5 1 6 26 286 39 61 100 14,716 22 24 10,236 4 5 1,678 8 2 1,777 23 713 5 7 312 Progress of Allowances Since Establishment of Fund to the 31st January, 1945 Total granted Total discontinued Total existing 1,569 913 2,723 970 4,292 1,883 598,402 219,426 884 460 1,470 390 457,938 152,203 160 104 99 32 40,781 21,594 274 154 235 68 68,359 29,243 678 296 20,430 8,430 251 195 241 184 10,894 7,956 656 1,753 2,409 378,976 424 1,080 305,735 56 67 19,187 120 167 39,116 382 12,000 56 57 2,938