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1915. NEW ZEALAND.

PUBLIC SERVICE SUPERANNUATION FUND: ACTUARIAL EXAMINATION FOR THE TRIENNIUM ENDED 31st DECEMBER, 1913.

Laid before Parliament in pursuance of Section 48 (4) of the Public Service Classification and Superannuation Act, 1908.

EEPOET BY THE ACTUARY APPOINTED BY HIS EXCELLENCY THE GOVERNOR TO MAKE THE ACTUARIAL EXAMINATION OF THE PUBLIC SERVICE SUPERANNUATION FUND FOR THE TRIENNIAL PERIOD ENDED 31st DECEMBER, 1913. 1. I have the honour to submit the following report on the Public Service Superannuation Fund as at the 31st December, 1913, as required by section 48 of the Public Service Classification and Superannuation Act, 1908. 2. The scheme, which came into operation on the Ist January, 1908, with the few exceptions set out in section 52, embraces all permanent public servants outside the Government Railways Superannuation Fund and the Teacbers' Superannuation Fund. 3. The contributions and benefits provided by the Act, together with statements showing the progress of active membership, discontinuance of membership from various causes, and the progress of pensions for each year, will be found in Tables I to IV of the appendix to this report. The ages of the contributors at the date of the valuation, together with their contributions and other particulars, are shown in Table V, and the pensions granted during the triennium, with the ages at which they were granted, in Table VI. 4. The number of pensioners on the fund at 31st December, 1913, was 811, drawing pensions amounting to £60,970 per annum; the number of contributors at the same date was 10,809, with aggregate salaries amounting to £1,820,379 and paying contributions at the rate of £118,006 per annum. .5. The income and outgo of the fund during the three years are shown in the Consolidated Revenue Account, which is as follows : — Consolidated Revenue Aooount of the Public Service Superannuation Fund from the Ist January, 1911, to the 31st December, 1913. Income,. £ a _ d Outgo. £ s _ d _ Funds at Ist January, 1911 ... 263,948 0 0 Pensions to members ... 145,067 17 6 Members'contributions ... 321,567 4 5 Pensions to widows and children 8,124 5 5 Government contributions ... 94,000 0 0 Contributions returned . ... 29,174 16 3 I'ransfers from other funds ... 554 16 0 Compensation .... ... 6,605 1.4 10 Interest ... ... ... 49,706 18 0 Transfers to other funds 35 13 11 Fines ... ... ... 789 0 8 Salaries ... ... ... 2,458 2 1 Public Trust Office commission 396 15 8 Travelling and office expenses... 774 17 6 Other payments ... ... 13 9 8 Funds at 31st December, 1913... 537,914 6 3 £730,565 19 1 £730,565 19 1 Valuation. 6. The rate of interest used in the valuation was 4 per cent. The funds are invested with the Public Trustee at 4J- per cent., and whilst there is no doubt that a more remunerative rate

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