3

H. -26

Progress of the Fund. —The following table illustrates the position of matters in relation to the fund since its inception : —

Remarks. —Tne comparatively large number oi recent retirements of contributors under the age of sixty-five years has thrown on the fund a heavy immediate financial burden which normally would have been postponed for many years. An increased Government subsidy will be required for the current triennium, in accordance with the Actuary's report on his examination of the fund. This report will be presented to Parliament, and the Board will, if necessary, make representations to the Government to secure payment of the additional amount required to preserve the solvency of the fund. Recommendations have been made to the Government by the Board for certain amendments of the Superannuation Act, and it is hoped that a Bill will be introduced during the coming session to give legislative effect to the Board's proposals. J. G. Coates, Chairman. PUBLIC SERVICE SUPERANNUATION FUND. Revenue Account for the Year ended 31st December, 1921. £ s. d. Retiring-allowances— £ s. d. Amount of fund at beginning of year .. 1,502,905 16 6 To members .. .. .. 136,757 810 Members' contributions under section 29 To widows and children .. .. 13,836 9 3 (ordinary) .. .. .. 249,625 10 10 Contributions returned— Transfers from other superannuation Under section 46, Amendment Act funds .. .. .. .. 351 12 11 (left service* .. .. .. 41,746 1 4 Government subsidy .. .. 86,000 0 0 Under section 42 (death) .. .. 5,218 17 5 Interest .. .. .. .. 85,312 3 7 Under section 32 (ec) .. ~ 1,457 8 0 Fines, &e .. .. 421 7 1 Under section 32 (/') .. .. 1,480 16 3 Under section 38 (retirement) .. 1,778 3 0 Interest, section 2, Amendment Act .. - # 864 19 2 Contributions to other superannuation funds (section 48) .. .. 23 15 1 Expenses— Salaries .. .. .. 1,979 2 9 Office expenses .. .. .. 245 6 8 Public Trustee's charges '.. .. 2,132 16 3 Medical fees .. . . . . 91 7 0 Audit fees .. .. .. 100 0 0 Post Office charges .. .. 50 0 0 Heating, lighting, and cleaning .. 0 9 4 Bent .. .. .. .. 16 6 8 Balance as at end of year .. .. 1,716,837 311 £1,924,616 10 11 £1,924,616 10 11 Balance-sheet as at 31st December, 1921. Liabilities. Assets. £ s. d. Superannuation Fund Amount invested by the Board .. 1,649,466 11 1 Account — £ s. d. £ s. d. Retiring-allowances recoverable (InBalanee from B.e- ternal Affairs) .. .. .. 251 1 4 venue Aocount 1,716,837 311 Contributions due, in course of transAmount transferred mission .. .. .. 20,752 0 9 from Unclaimed Interest due and accrued .. .. 30,551 4 5 Account .. 2,000 0 0 Cost-of-living bonus recoverable (Con1,718,837 3 1.1 solidated Fund) .. .. .. .2,369 14 0 Retiring and other allowances due, in Bank Account .. .. .. 8,994 13 3 course of payment — Balance in hands ol Postal Department 10,878 19 0 To members .. .. .. 2,179 18 1 Balance in hands of Public Trustee .. 7,834 17 8 To widows and children .. .. 112 4 7 Refunds of contributions due, in course of payment:— Under section 46, Amendment Act (left service).. .. .. 2,328 8 5 Under sections 42 and 43 (death) 592 4 5 Under section 38 .. . . 229 15 10 Expenses due, in course of payment— Salaries .. . . . . 496 5 10 Office expenses .. .. . . 517 10 Post Office charges . . .. 50 0 0 Rent .. '.. .. .. 16 6 8 Publio Trustee s charges .. . . 763 15 7 Heating, lighting, &c. .. .. 0 9 4 Audit fees .. .. .. 100 0 0 Valuation fees due to Valuation Department . . .. .. 7 7 0 Unclaimed Account (contributions, &c.) 1,147 2 9 Contributions paid in advance or in error 4,232 1 3 £1,731,099 1 fi £1,731,099 1 6

Year ei ided 31st Deoember, 1908. 1911. 1914. 1917. 1921. Total number of contributors Total amount contributed annually ... Interest received ... Number of pensions and allowances payable Annual value of retiring and other allowances payable Total amount of contributions refunded Expenses of administration Total amount of accumulated fund ... 7,235 £79,831 £1,295 122 £8,881 9,140 £100,670 £12,646 574 £47,136 11,803 £128,930 £25,607 959 £70,399 13,784 £146,039 £49,378 1,373 £100,389 15,782 £248,020 £85,312 1,949 £163,355 £484 £890 £71,481 £7,712 £1,319 £341,736 £12,790 £933 £655,811 £28,656 £2,531 £1,015,603 £51,705 £4,615 £1,716,837