ff.—26a

1922. NEW ZEALAND.

PUBLIC SERVICE SUPERANNUATION FUND. ACTUARIAL EXAMINATION FOR THE TRIENNIUM ENDED 31st DECEMBER, 1919.

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

REPOBT BY THE ACTUARY APPOINTED BY HIS EXCELLENCY THE GOVERNOR-GENERAL TO MAKE THE ACTUARIAL EXAMINATION OF THE PUBLIC SERVICE SUPERANNUATION FUND FOR THff TRIENNIAL PERIOD ENDED 31pt DECEMBER, 1919. 1, I have the honour to submit the following report on the Public Service Superannuation Fund as at the 31st December, 1919, 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, embraces, with the few exceptions set out in section 52, all permanent public servants outside the Government Railways Superannuation Fund and the Teachers' Superannuation Fund. 3. The contributions and the benefits provided by the Act, together with the 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 ItoIV 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. J 4. The number of pensioners on the fund at the 31st December, 1919, including widows and children, was 1,685, drawing pensions amounting to £120,460 per annum ; the number of contributors at the same date was 14,216, with aggregate salaries amounting to £3,084,195, and paying contributions at the rate oi £184,928 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 Account of the Public Service Superannuation Fund prom the Ist January, 1917, to the 31st December, 1919. Income. £ s. d. Otttgo. a s . d Funds at Ist January, 1917 .. 896,568 0 3 Pensions to members .. .. 278 633 9 4 Members'contributions .. 473,651 13 3 Pensions to widows and children 31,315 7 9 Government subsidy .. .. 182,000 0 0 Contributions returned .. 108,582 10 ] Transfers from other funds .. 707 16 2 Compensation .. .. 7189 12 8 Interest .. .. .. 168,929 10 4 Transfers to other funds .. '599 14 1 Fines .. .. .. 899 7 9 Salaries .. .. '. 2,802 9 1 Public Trust Office commission 10 5 Travelling and office expenses .. 1,212 4 2 Funds at 31st December, 1919 1,288' 197 10 2 £1,722,756 7 9 £1,722,756 7 9 6. During the triennium the war measure postponing retirements lapsed, and in 1918 (section 26 Appropriation Act) provision was made for an increase of the subsidy from £48,000 to £86,000 the increase commencing in the 1919 accounts.

I—H. 26a.