PUBLIC SERVICE SUPERANNUATION BOARD (THIRTY-EIGHTH ANNUAL REPORT OF THE), WITH ACCOUNTS FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1946

Appendix to the Journals of the House of Representatives, 1949 Session I, H-26

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1949 NEW ZEALAND

PUBLIC SERVICE SUPERANNUATION BOARD (THIRTY-EIGHTH ANNUAL REPORT OF THE), WITH ACCOUNTS FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1946

Presented to Both Houses of the General Assembly Pursuant to the Provisions of the Public Service Superannuation Act, 1927

By Authority: R. E. Owen, Government Printer, Wellington.—l 949.

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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, 1946 (after allowing for deaths, retirements, and withdrawals), grouped according to their respective rates of contribution.

Investment of the Fund. —Including £26,826 invested on Stipendiary Magistrates' account, the total investments of the fund amount to £3,053,090. The average rate of interest earned for the financial year was £4 4s. 4d. per cent., an increase of 4s. 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, 1946.

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Rate per Cent, of Number. Annual Annual Contribution. Male. Female. Total. Salary. Contributions. £ £ 5 636 327 963 163,812 8,191 6 48 10 58 21,893 1,313 7 36 12 48 ; ' 20,218 L4J5 8 15 15 6,845' < 548 9 11 1 12 5,616 505 10 Irausfers from 6 ■ 4 10 3,478 174 nf HPT Til T1H Q UtiltJl luilUo 752 354 1,106 221,862 12,146

Rate per Cent, of Contribution. Male. Number. Female. Total. Annual Salary. Annual Contributions. £ £ 5 22,621 3,771 26,392 7,195,228 359,761 6 1,543 103 1,646 596,806 35,808 7 889 61 950 363,066 25,415 8 363 12 375 143,598 11,488 9 127 4 131 55,647 ' 5,008 10 26 1 27 15,030 1,503 25,569 3,952 29,521 8,369,375 438,983

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Income. Expenditure. 1 1 1 y ear Contributions. Interest on 1 Miscellaneous. Refunds. | Pensions. Miscellaneous. Ac< S™'i lated Errmlovees Government," Inve „ tmpnt „ Arrears of I tion Expenses., I lunds. Employees. Investments. Contributions. 1 I i | 1' £ £ £ £ £ £ £ £ ' ■ £ £ 1934-35 .. .. 238,844 149,766 153,333 185 19,086 40,065 488,836 7,429 i 6,997 2,917,452 1935-36 .. .. 256,249 148,512 151,599 176 8.770 44,804 494,988 7,250 1,477 2,934,240 1936-37 .. .. 306,292 164,668 142,831 689 2,551 45,644 498,677 7,150 | 1,901 2,997,898-1937-38 ... . 344,583 175,544. 137,751 . 327 323 53,454 515,044 7,543 8,201 3,072,185 1938-39 .. .. 370,400 244,114 130,688 227 1,347 64,220 527,726 - 7,691 20,314 3,199,010 1939-40 .. .. 393,380 170,766 128,577 410 635 76,760 550,143 8,263 1,954 3,255,658 1940-41 .. .. 411,534 160,164 135,978 280 691 88,750 569,001 8,006 2,008 3,296,540 1941-42 .. .. 429,717 154,421 138,550 1,053 1,312 99,723 587,924 7,898 1,899 3,324,148 1942-43 .. .. 437,371 149,964 133,547 3,155 2,053 75,065 587,099 8,338 1,136 3,378,602 1943-44 .. .. 457,912 157,598 136,129 4,826 1,501 97,023 587,843 8,346 1,921 3,441,435 1944-45 .. .. 527,389 151,712 131,222 942. 6,257 114,570 655,089 8,466 ! 2,918 3,477,914 1945-46 .. .. 470,774 161,950 j 134,663 1,074 926 161,305 731,096 8,882 ! 7,239 3,338,779 Liabilities. J , Assets. Sundry Creditors. | Sundry Debtors. , ; Investments ■ 1 Money at Year. Accumulated i (Including ! Call with c , t R , j Miscellaneous Fund " Tnelmi ' Accrued 1 Government Cash at Hank.. Miscellaneous. Pensions. Refunds. Employees. Government Interest). Employees. Government, | Departments. j Departments. ' | | i 1 . • 1 i - 1 I 1 1 £ £ £ £ £ £ • . £ ' £ £ £ £ 1934-35 2,917,452 3,302 904 288 10,803 2,777,030 1 13,957 ! 198 | 73,625 i 130,378 1 . 2,062 1935-36 2,934,240 3,703 1,980 407 22,123 2,861,347 24,919 276 ; 70,801 \ 67,908 1,707 1936-37 2,997,898 3,722 1,517 596 48,386 2,923,232 ' 40,543 1,923 70,555 74,088 ! 6,278 1937-38 3,072,185 3,895 2,621 980 40,047 2,971,340 1 42,451 2,109 j 20,413 142,555 j 5,675 1938-39 3,199,010 2,896 2,557 - 1,152 3,686 3,056,597 33,587 453 ! 28,071 85,993 ; 4,884 1939-40 3,255,658 3,713 7,097 1,728 1,473 j 3,063,458 39,598 2,045 1 55,756 104,781 ! 4,595 1940-41 3,296,540 4,211 3,536 2,999 1,381 ! 3,148,951 57,993 * 2,113 35,469 60,377 ! 4,643 1941-42 3,324,148 4,768 10,508 4,937 2,304 1 3,148,486 107,855 2,445 1 24,680 50,142 ! 5,056 1942-43 3,378,602 5,786 6,747 8,424 102,595 ; 3,337,485 218,285 19,068 ' 19,324 86,159 ; 2,679 1943-44 3,441,435 5,928 12,322 8,162 45,518 1 3,160,733 236,176 4,753 1 19,173 91,043 ! 2,186 1944-45 3,477,914 7,885 16,847 9,332 26,375 |j 3,159,588 277,785 21,804 ! 29,648 44,379 1 2,149 1945-46 3,338,779 8,046 11,748 765 65,000 1 3.062,916 192,033 9,371 46,860 ' 111,822 ! 1,336

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Consolidated Revenue Account for the Period Ist January, 1908, to 31st March, 1946 Dr. Gr. £ Members' Contributions— £ Retiring allowances— Under section 19 (ordinary) .. .. .. .. 9,420,993 To members .. .. .. .. .. 11,029,781 Transferred from other superannuation funds* .. .. 70,852 To widows and children .. .. .. .. 1,020,595 Interest on arrears of contributions .. .. .. 20,596 Contributions returned .. .. .. .. 1,880, 053 Government subsidy'— Contributions transferred to other fundsf .. .. .. 51,072 Statutory .. .. .. .. .. .. 3,726,411 Compensation: Section 22 (gr) .. .. .. .. . 14,358 Section 114, Public Service Superannuation Act, 1927 Loss on realization of securities .. .. .. .. 26,713 (widows and children) .. .. .. .. 391,938 Interest: Section 38, Public Service Superannuation Act, 1927 2,441 Interest on investments! .. .. .. .. 3,879,490 Unclaimed moneys recovered .. .. .. .. 119 Premium on conversion New Zealand Government inscribed Investments written down by order of the Courts— £ stock and local-body debentures .. .. .. 38,269 Mortgagors and Lessees Rehabilitation Act, 1936 8,959 Knes, fees, and sundries .. .. .. .. 22,230 Investments written down by Board : Section 77, Subsidy— Mortgagors and Lessees Rehabilitation Act, 1936 1,250 Cook Island and Samoa .. .. .. .. 20,690 10,209 Imperial War Graves Commission .. .. .. 247 Rates and fees written off by Courts : Mortgagors and Lessees Palestine Government .. .. .. .. 192 Rehabilitation Act, 1936 .. .. . . .. 120 Government Service organizations .. .. .. 811 Premium on purchase of inscribed stock : Proportion written off .. .. .. .. .. .. 3,719 Administration expenses .. .. .. .. 214,760 Balance as at 31st March, 1946 .. .. .. .. 3,338,779 £17,592,719 £17,592,719 * Includes £32,785 transferred from Police Provident Fund and £2,877 from Westport Harbour Board Fund. t Includes payment by Treasury of £241,860 to reimburse fund on account of statutory reduction of interest on mortgage and other securities. % Includes contributions of Magistrates transferred to Stipendiary Magistrates' Fund and certain of nursing staff of Health Department to National Provident Fund. Vttw Chairman.

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PUBLIC SERVICE SUPERANNUATION FUND Revenue Account foe the Year Ended 31st March, 1946 Dr. • £ Cr. -Amount of fund at beginning of year .. .. 3,477,914 Retiring-allowances— £ £ Members' contributions— To members .. .. .. .. 665,257 Under section 19 (ordinary) .. .. .. .. 468, 650 To widows and children .. .. 65,839 Transferred from other funds .. .. .. .. 2,124 731,096 Interest on arrears of contribution . . .. .. 1,074 Contributions returned— Government subsidy— Under section 37 (left Service) .. .. 120,539 Under section 50, Public Service Superannuation £ Under section 42 (death) .. .. .. 30,247 Act, 1927 .. .. .. .. 86,000 Under section 34 (retirement) .. .. .. 10,519 Under section 19, Finance Act (No. 3), 1934 .. 40,473 161,305 Under section 114, Public Service Superannuation Contributions transferred— Act, 1927 (widows and children) .. .. 33,270 To other superannuation funds .. .. 1,934 Under section 27, Statute Amendment Act, 1936 To National Provident Fund : Section 30, Finance (actuarial pensions).. .. .. .. 764 Act, 1938 .. .. .. .. .. 1,901 160,507 —— 3,835 Interest on investments .. .. .. 124,459 Premium on purchase of Government stock Proportion Reimbursement by Treasury on account of reduction written off .. .. .. .. .. .. 374 in interest .. .. .. .. .. 10,204 Loss on realization of securities .. .. .. 3,030 134,663 Expenses— £ Subsidy— Audit fees .. .. .. .. .. 75 Cook Islands and Samoa .. .. .. 1,294 Furniture and fittings .. .. .. 60 Imperial War Graves Commission .. .. 22 Medical fees .. .. .. .. 103 Palestine Government .. .. .. 14 Overtime meal allowances . . .. .. 714 Government Service organizations .. .. 113 Postages and services .. .. .. 524 1,443 Printing and stationery .. .. .. 198 Fines, fees, and sundries . .. .. .. .. 889 Post and Telegraph Department charges .. 667 Stipendiary Magistrates' Account: Administration expenses Salaries .. .. . . .. .. 4,162 recovered .. .. .. ~ .. .. 37 Public Trustee's charges .. .. .. 2,263 Travelling-expenses of Board members .. .. 8 Expenses of Board election .. .. .. 26 War-damage-insurance premiums .. .. 82 3 gg2 Balance as at 31st March, 1946 .. .. .. .. 3,338,779 £4,247,301 £4,247,301

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PUBLIC SERVICE SUPERANNUATION FUND— continued Balance-sheet as at the 31st March, 1946 Liabilities Assets Superannuation Fund Account— £ £ £ Balance due from Revenue Account .. 3,338,779 Amounts invested by the Board .. .. .. .. 3,026,264 Add value of office fittings and machinery .. 631 Contributions of members— £ lii course of transmission .. .. .. 180,776 3,339,410 Due and outstanding .. .. .. .. 11,257 . Less amounts due to contributors under the 192,033 provisions of section 9 (2), National Ex- Interest on investments— penditure Adjustment Act, 1932 .. 54,210 Accrued but not due .. v . .. .. 30,045 3,285,200 Outstanding .. .. .. .. 6,607 Retiring and other allowances due in course of 36,652 payment— ! Subsidy— To members .. .. .. 6,156 Cook Islands and Samoa .. .. ... 151 . To widows and children .. .. .. 1,890 Imperial War Graves Commission .. .. 17 — 8,046 I Palestine Government .. .. .. 14 Refund of contributions due in course of trans- ... Government Service organizations .. .. 7 mission— Section 114, Public Service Superannuation Act, Under section 37 (left Service) .. .. 9,126 1927 (widows and children) .. .. .. 5,955 Under section 42 (deaths) .. .. .. 2,169 6,144 Under section 34 (retirement) .. .. 453 : Cost-of-living bonus (recoverable) .. . i .. • 3,227 11,748 Premium paid on purchase of Government stock .. 1,710 Rates, fees, and premiums payable on account of mortgagors 233 ; Less amount written off .. .. .. 374 Expenses due in course of payment— £ j 1,336 Audit fees .. .. .. .. 75 1 Cash in hands of Public Trustee .. .. .. 12,251* Overtime ........ 46 ; 34,609 Salaries .. .. .. . . 24 i 46,860 Postages and telegrams .. .. .. 25 j Bank account .. .. .. .. .. 111,822 Printing and stationery .. .. .. 32 Office furniture and fittings .. .. .. .. 631 Travelling-expenses of Board members .. 3 . - 205 ; Public Trustee's charges on accrued interest .. .. 801 Unclaimed Account : Contributions, &c. .. . . 683 . . Contributions paid in advance or in error .... 82 Post Office Account .. .. .. .. .. 63,761 Amounts due to contributors under the provisions of section 9 (2), National Expenditure Adjustment Act, 1932 54,210 £3,424,969 £3,424,969 * On deposit at call.

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Stipendiary Magistrates' Account Revenue Account for the Year Ended 31st March, 1946 Dr. £ Cr. £ Amount of fund, Ist April, 1945 .. .. .. .. 28,859 Retiring-allowances .. .. • •• s '°g Members' contributions, section 63, Public Service Superannuation Contributions returned : Section 63 • • < ..• ■ • • Act 1927 .. .. .. • • • • • • 1,917 Loss on realization of securities • • • • • • • • Interest on investments .. .. .. • • ..1,145 Administration expenses .. .. .. ,•• 37 Balance, 31st March, 1946 .. .. -. •• ..26,799 £31., 921. £31 > 921 Balance-sheet as at 31st March, 1946 Liabilities _ Assets £" Stipendiary Magistrates' Account— £ £ Amount invested by the Board .. .. .. •• 20,0_0 Balance due from Revenue Account .. .. 26,799 Less amounts due to contributors under the provisions of section 10 (3), National Expenditure Adjustment Act, 1932 ... .. .. 298 v 26,501 Amount due to contributors under the provisions of section 10 (3), National Expenditure Adjustment Act } 1932 .. ' 298 Refund of contributions due in course of transmission under section 63 .......... 27 £26,826 £26,826

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PUBLIC SERVICE SUPERANNUATION FUND— continued Subsidiary Account Cost-of-living Bonus Paid to Annuitants of the Public Service Superannuation Fund on Behalf of the Treasury Dr. £ Cr. £ Balance due from Treasury .. .. .. .. 20,203 Amount received from Treasury .. .. .. .. 56,382 Amount disbursed .. .. .. .. .. 39,406 Balance due from Treasury .. .. .. 3,227 £59,609 £59,609 J. R. Rhoades, Accountant. G. J. Merrington, Acting-Secretary, Government Superannuation Board. Wellington, 9th September, 1949. I hereby certify that the Revenue Accounts and Balance-sheets 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, 1946

Particulars of Contributions Discontinued During the Year

Progress of Contributors Since Date of Establishment of the Fund to 31st March, 1946

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Number. Annual Annual M. F. Total. Salary. Contributions. Contributors at beginning of the year New contributors entered during the year Contributors transferred from other funds Increase by promotion during the year .. 26,116 746 6 4,415 350 4 30,531 1,096 10 £ 8,665,919 218,384 3,478 I : £ 454,163 11,972 174 Total Contributions discontinued during the year 26,868 1,299 4,769 817 31,637 2,116 8,887,781 518,406 , 466,309 27,326 Total contributors at end of year 25,569 3,952 29,521 8,369,375 438,9£3

How Discontinued. Number. Annual Salary. Annual Contributions. Amount Paid on lletirement. Retiringallowance Granted. M. F. Total. £ £ i £ £ By death before retiring-allowance 172 2 174 49,121 2,613 23,316 2,853 entered upon (sees. 42 and 43) By retirement before retiring age 829 767 1,596 325,381 16,811 119,493 (sec. 37) By retirement (sec. 34) 25 1 26 8,319 580 10,519 By retirement medically unfit 39 4 43 14,698 775 6,926 (sec. 32) By retirement (sec. 61) 2 2 757 38 448 By retirement at retiring age or for 219 "38 257 113,250 6,155 72,499 length of service (sec. 26) By retirement (sec. 30, Finance 5 2 7 2,940 152 1,901 Act, 1938) By transfer to other funds (sec. 120) 8 3 11 3,940 202 1,934 By reduction Total 1,299 817 2,116 518,406 27,326 157,163 82,726

Number. Annual Salary. Annual Contributions. M. F. Total. Total entered .. Total discontinued Total existing at 31st March, 1946 53,242 27,673 17,524 13,572 70,766 41,245 £ 17,415,373 9,045,998 £ 970,472 531,489 25,569 3,952 29,521 8,369,375 438,983

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PUBLIC SERVICE SUPERANNUATION FUND— continued Statement of Retiring and Other Allowances for the Year Ending 31st March, 1946

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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. F. Total. M. M. M. Retiring and other allowances — Existing at beginning of year Granted during year at retirement Granted during year after retirement . . Total Discontinued during year Existing at end of year 2,016 220 405 37 2,421 257 £ 586,735 72,499 44,651 342 39 74 4 416 43 £ 47,287 6,926 8,419 21 2 £ 3,792 448 96 43 £ 6,739 1,666 15 £ 3,003 "l98 2,236 123 442 12 2,678 135 703,885 30,660 381 20 78 459 22 62,632 2,864 23 4,336 43 8,405 15 1 3,201 203 2,113 430 2,543 673,225 361 76 437 59,768 23 4,336 43 8,405 14 2,998 Section 14, Finance Act, 1931. Section 42 : Widows. Sections 42 (c), and 43 (a) : Children. Total Retiring and Other Allowances. Number. Annual Amount. Number. Annual Amount. Number. Annua] Amount. Number. Annual Amount. M. P. Total. M. F. 1 Total. 1 M. F. Total. Retiring and other allowances — Existing at beginning of year Granted during year at retirement Granted during year after retirement .. Total Discontinued during year Existing at end of year 18 2 20 £ 2,940 '654 1,490 40 78- £ 46,438 1,345 31,900 1 • - 165 26 69 183 32 45 348 58 114 [ £ 9,048 1,508 2,964 2,620 287 69 2,154 113 123 4,774 400 192 £ 705,982 82,726 90,548 18 2 20 3,594 1,608 47 79,683 1,709 260 23 260 19 520 42 13,520 1,092 2,976 167 2,390 80 5,366 247 879,256 36,528 18 2 20 3,594 1,561 77,974 237 241 478 12,428 2,809 2,310 5,119 842,728

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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. 1 Number. Annual Amount. Number. Annua] Amount. Number. Annual Amount. M. F. Total. M. F. Total. M. M. M. How discontinued — By death By expiry Total 123 12 135 £ 30,660 18 2 2 20 2 £ 2,647 217 £ £ 1 £ 203 123 12 135 30,660 ' 20 2 22 2,864 1 203 Section 14, Finance Act, 1931. Section 42 : Widows. Sections 42 (c), and 43 (a): Children. Total Retiring and Other* Allowances. Number. 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 £ 39 8 £ 1,440 269 "23 19 ' '42 £ 1,092 142 25 53 27 195 52 £ 34,950 J 1,578 47 1,709 23 19 42 •1,092 167 80 247 36,628 1

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G. J. Merrington, Acting-Secretary. J. R. Rhoades, Accountant. Approximate Cost of Paper.—Preparation, not given; printing (839 copies), £37.

PUBLIC SERVICE SUPERANNUATION FUND— continued Progress of Retiring and Other Allowances Since Establishment of the Fund to 31st March, 1946

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

Price (?d.l

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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. I Annual Amount. Number. Annual Amount. Number. Annual Amount. M. F. , Total. M. F. Total. M. i 1 M. M. T 5tal granted Total discontinued Total existing at 31st March, 1946 4,233 2,120 574 144 4,807 2,264 £ 1,091,981 418,756 842 481 113 37 955 518 £ 111,916 52,148 29 6 £ 5,008 672 59 16 £ 10,414 2,009 49 35 £ 7,886 4,888 2,113 430 2,543 673,225 361 76 437 59,768 23 4,336 43 8,405 14 2,998 Section 14, Finance Act, 1931. Section 42 : Widows. Sections 42 (c), and 43 (a): Children. Total Retiring and Other Allowances. Number. Annual Amount. Number. Annual Amount. Number. Annual Amount, Number. Annual Amount. M. F. Total. M. F. j Total. M. F. Total. Total granted Total discontinued Tetal existing at 31st March, 1946 24 6 4 2 28 8 £ 4,598 1,004 2,540 979 £ 106,365 28,391 1,117 880 1,063 822 2,180 1,702 £ 50,713 38,285 6,353 3,544 4,294 1,984 10,647 5,528 £ 1,388,881 546,153 18 2 20 3,594 1,561 77,974 237 241 478 12,428 2,809 2,310 5,119 842,728