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1949 NEW ZEALAND
NATIONAL PROVIDENT FUND THIRTY-EIGHTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1948
Presented to Both Houses of the General Assembly Pursuant to the National Provident Fund Act, 1926, Sections 72 and 74
PAET I—THE FUND (Section 72) 1. Established by special Act in 1910, the Fund, during its thirty-eight years of operation, has made progress unequalled by any New Zealand Institution; its accumulated funds now exceed £10,000,000, and the summarized figures for the three annual periods ended 31st December, 1938, 1943, and 1948 provide a ready basis for comparative analysis : —■ 1938. 1943. 1948. New contributors .. .. .. 4,064 2,846 2,527 Total contributors .. .. .. 29,439 28,352 24,456 Pensioners .. .. .. .. 847 1,324 2,147 Income— £ £ £ Contributions .-. .. .. 313,900 349,096 573,680 Interest (including fines) .. .. 198,995 260,238 316,539 Total income (including State subsidy) .. 653,392 718,075 1,068,204 Outgo— Pensions .. .. .. .. 73,691 110,233 203,004 Other benefits .. .. -. 204,254 173,046 266,108 Total outgo .. .. -. -. 355,721 287,295 472,961 Funds at end of year .. .. .. 5,290,258 7,293,137 10,181,854 Effective interest earnings (per cent.) .. £3 18s. 2d. £3 14s. Id. £3 ss. Od. 2. While the wartime recession in membership has not yet been retrieved, steps have been taken to extend the scope of the Fund, and pensions of up to £6 weekly may now be secured on very liberal terms. These pensions, taken in conjunction with the subsidiary benefits, providing for the family on earlier incapacity or death, enable persons not otherwise provided with superannuation to make provision against the reduction in income following on retirement. 3. Despite continuing staffing difficulties, the calls made on the time and energy of the staff have been well met and arrears of work are being overtaken. PAET lI—STATE SUBSIDY (Section 74) The amount of subsidy paid by the State for the year was £152,191. W. Nash, Chairman of the Board. W. L. Comrie, Superintendent. Wellington, 23rd September, 1949.
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NATIONAL PROVIDENT FUND (1) Revenue Account for the Year ended 31st December, 1948 Amount of Fund at beginning of year £ National Provident Fund Act, 1926 £ (Ist January, 1948) .. .. 9,586,611 Refund of contributions on lapse, National Provident Fund Act, 1926 — reduction, and withdrawal (sees. Contributions ... .. .. 573,680 11, 12, and 13) .. .. 145,102 Interest .. .. .. 316,146 Refund of contributions in lieu of Fines (sec. 11 (4)) .. .. 393 pension (sec. 14) .. .. 21,934 Government contribution under Act Incapacity allowances (sees. 17 (sees. 52 and 74 (2)) .. .. 152,191 and 18), including contributions Contributions over-paid on exit .. 396 waived on incapacity (£100) .. 13,806 Benefits refunded on exit (sees. 11 Death : Refund of contributions to 16 and 28) .. .. 23,901 (sees. 15 (5) and 16) .. 39,918 Miscellaneous receipts .. .. 1 Death : Allowances on account of Refunds unclaimed .. .. 1,496 widows and children (sec. 15) .. 45,348 Pensions (sees. 13 and 48) .. 203,004 Refund of contributions overpaid on exit .. . . .. .. 396 Public Trustee : Charges .. .. 3,352 War-risk insurance premiums .. 101 Amount of Fund at end of vear (31st December, 1948) .. .. 10,181,854 £10,654,815 £10,654,815 Balance-sheet as at 31st December, 1948 Liabilities £ Assets £ Fund as per Revenue Account .. 10,181,854 In hands of Public Trustee — National Provident Fund Act, 1926 Invested .. .. .. 9,939,942 Claims due and in course of pay- Uninvested .. .. .. 28,607 ment*— Disbursement Account .. .. 7,392 Death: Refunds (sec. 16) .. 1,621 Post Office .. .. .. 28,569 Death: Refunds (sec. 15 (5) ) .. 774 Balances in transit .. .. 47,697 Death: Allowances (sec. 15) .. 253 National Provident Fund Act, 1926—■ Pensions (sees. 13 and 48) .. 1,055 Contributions outstanding or in Allowances (sec. 17) .. .. 38 course of transmission* — Refunds of contributions in lieu (a) Contributions due but not of pension (sec. 14) .. I; 402 overdue .. .. 151,955 Public Trustee: Charges* .. 806 (b) Contributions overdue .. 2,228 Refunds in Suspense .. .. 90,607 Government subsidy due under Act* Suspense Account .. .. 4,540 (sees. 52 and 74 (2) ) .. .. 152,191 Contributions prepaid .. .. 55,993 Fines due* (sec. 11 (4) ) .. .. 139 Investment Fluctuation Reserve .. 100,000 Interest due* .. .. .. 123 Interest accrued but not due* .. 80,100 £10,438,943 £10,438,943 * Included in Revenue Account. W. L. Comrie, Superintendent. R. S. Brown, Accountant. Wellington, 14th September, 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.—J. P. Rutherford, Controller and Auditor-General.
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(2) Numerical Statement for the Year Ended 31st December, 1948
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Numbers. Class 1 Pension Rat( >, 10s. Class 2. Pension Bate, 20s. Class 3. Pension Bate, 30s. Class 4. Pension Bate, 40s. Class 5. Superannuat ion. Aggregate. Annual Contributions. £ M. F. T. M. IT. 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, <fcc. (as per detailed statement below) Total at end of year .. 11,286 307 21 708 35 3 11,994 342 24 2,231 125 90 343 22 4 2,574 147 94 206 17 12 49 6 1 255 23 13 583 50 25 132 7 7 715 57 32 5,491 732 17 4,693 1,226 10,184 1,958 17 19,797 1,231 165 5,925 1,296 15 25,722 2,527 180 422,871 71,426 42,567 1 11,614 868 746 100 12,360 968 2,446 217 369 45 2,815 262 235 26 56 7 291 33 658 62 146 10 804 72 6,240 836 5,919 1,802 12,159 2,638 21.193 2,009 7,2361,964 28,429 3,973 536,865 68,300 10,746 646 11,392 2,229 324 2,553 209 49 1 258 596 136 732 5,404 4,117 9,521 19,184 5,272 24,456 408,565 Death Notice of withdrawal Lapse and cancellation .. Attainment of pension age Transfer to another class Decrease due to adjustment on age-error, &c. Total .. 37 280 331 121 99 3 54 26 11 6 40 334 357 132 105 Details of Discontinuances, &c, During 8 1 9 1 96 30 126 6 3 9 24 4 59 6 65 5 1 6 14 1 22 3 25 3 .. 3 3 3 32 5 37 12 3 15 21 1 the Year 1 27 28 711 15 1 6 96 22 1 1,772 25 32 2,483 1 121 1 72 1,117 410 245 165 10 1,863 34 42 15 82 2,980 444 287 180 1,855 56,640 1,559 7,991 255 868 100 968 217 45 262 26 7 33 62 10 72 836 1,802 2,638 2,009 1,964 3,973 68,300 Total entered Total transferred from other classes 65,332 4,805 5,856 278 71,188 5,083 10,858 3,591 Ni 1,538 337 imeric 12,396 3,928 %l Pr 1,168 656 ogress 208 91 Since Establishment 1,376 1,562 347 1,909 747 1,035 96 1,131 15,431 186 30,561 17 45,992 203 94,351 138,510 10,273 1 819 l 132,861 11,092 70,137 6,134 76,271 14,449 1,875 16,324 1,824 299 2,123 2,597 443 3,040 15,617 30,578 46,195 104,624 39,329 143,953 Total discontinued Total transferred to other classes 55,614 3,777 5,176 312 60,790 4,089 7,542 4,678 1,230 321 8,772 4,999 817 798 146 104 963 902 1,056 945 225 82 1,281 1,027 10,138 75 26,461 36,599 75 75,167 10,273 33,238 819 108,405 11,092 59,391 5,488 64,879 12,220 1,551 13,771 1,615 250 1,865 2,001 307 2,308 10,213 26,461 36,674 85,440 34,057 119,497 Total contributors on books at 31st December. 1948 10,746 646 11,392 2,229 324 2,553 209 49 258 596 136 732 5,404 4,117 9,521 19,184 5,272 24,456 468,565
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NATIONAL PROVIDENT FUND ACT, 1926 Contributors (General) (3) Statement of Pensions and Allowances for the Year Ended 31st December, 1948
Contributors (Superannuation—Sections 22, 38, and 54 of the Act) (3a) Statement of Retiring and Other Allowances for the Year Ended 31st December, 1948
NATIONAL PROVIDENT FUND Progress of Pensions and Allowances Since the Establishment of the Fund to 31st December, 1948
Approximate Cost of Paper. —Preparation, not given ; printing i 739 copies) £l2 10s.
By Authority: E. E, Owen, Government Printer, Wellington.—l 949. Price 3d.~\
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On Death. On Incapacity. On Attainment of Age 60. Total Pensions and Allowances. Number. Annual Amount. Number. Annual Amount. Number. Annual Amount. Number. Annual Amount. Existing at beginning of year Granted during the year 31. F. 202 .. 19 .. £ 13,442 1,170 11. F. 23 18 £ 1,248 702 St. F. 913 199 136 17 £ 41,965 5,259 jr. f. 1,138 199 173 17 £ 56,655 7,131 Total Discontinued during the year (as per statement below) 221 10 14,612 858 41 20 1,950 749 1,049 216 21 4 47,224 962 1,311 216 51 4 63,786 2,569 Existing at end of year .. 211 13,754 21 1,201 1,028 212 46,262 1,260 212 61,217 Particular, Discontinued by death Expiry ? of Pensions and Allowances Discontinued During the Year 15.. 182 1 21 4 962 1 20 4 1,144 10 858 1 15 567 .. 1 25 1,425 Total 10 .. 858 | 20 749 | 21 4 962 | 51 4 2,569
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 M. F. 336 .. 42 .. £ 18,129 19,215 M. F. 84 16 9 £ 11,361 2,480 M. F. 599 272 66 25 £ 136,124 37,149 M. F. 1,019 288 117 25 £ 165,614 58,844 Total Discontinued during the year (as per statement below) 378 15 37,344 1,638 93 16 9 3 13,841 1,718 665 297 50 5 173,273 8,269 1,136 313 74 8 224,458 11,625 Existing at end of year 363 .. 35,706 84 13 12,123 615 292 165,004 1,062 305 212,833 Particulars of Discontinued by death Expiry Retiring 10 .. 5 and Other Allowances Discontinued During the Year 780 1 3 .. 650 50 51 8,269 63 5 9,699 858 1 6 3 1,068 .. .. | .. 11 3 1,926 Total 15 1,638 1 9 3 1,718 50 5 8,269 74 8 11,625
On Death. On Incapacity. On Maturity (Age or Service). Total Pensions and Allowances. Number. Annual Amount. Number. Annual Amount. Number. Annual Amount. .Number. Annual Amount. Total granted Total discontinued It. F. 1,186 1 612 1 £ 84,388 34,928 M. P. 882 60 777 47 £ 69,098 55,774 M. F. 2,352 591 709 87 £ M. F. 292,893 4,420 652 81,627 2,098 135 £ 446,379 172,329 Total existing at 31st December, 1948 574 49,460 105 13 13,324 1,643 504 211,266 2,322 517 274,050
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Bibliographic details
NATIONAL PROVIDENT FUND THIRTY-EIGHTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1948, Appendix to the Journals of the House of Representatives, 1949 Session I, H-17
Word Count
1,652NATIONAL PROVIDENT FUND THIRTY-EIGHTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1948 Appendix to the Journals of the House of Representatives, 1949 Session I, H-17
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