H.—26
3
Progress of the Fund.—The following table illustrates the position of matters in relation to the fund since its inception : —
General. —The actuarial investigation of the fund, required by the Act, is now being made as at 31st March, 1924. The Actuary's report may be ready in time for presentation to Parliament during the current year. The sum of £50,000, in addition to the statutory subsidy, was paid to the fund out of the Consolidated Fund during the past financial year. This assistance will to a considerable extent counterbalance the additional weight thrown on the fund by the very large number of early retirements which have taken place in recent years. E. Heaton Rhodes, Chairman.
PUBLIC SERVICE SUPERANNUATION FUND. Statement of Contributors for the Year ending 31st March, 1925.
Particulars of Contributions discontinued during the Year.
Progress of Contributors since Date of Establishment of the Fund to 31st March, 1925.
Year ended 31st December, | Year ended ! j 1 31st March, 1908. | 1912. | 1916. j 1921. j 1925. Total number of contributors ... 7,235 10,027 13,313 15,782 15,782 Total amount contributed annually ... £79,831 £109,840 £14:1,844 £248,020 £230,603 Interest received ... ... ... £1,295 £16,257 £42,314 £85,312 £122,510 Number of pensions and allowances 122 683 1,233 1,949 2,446 payable Annual value of retiring and other £8,881 £53,385 £88,392 £163,355 £264,146 allowances payable Total amount of contributions refunded £484 £10,749 £23,391 £51,705 £50,626 Expenses of administration ... £890 £1,144 £2,318 £4,615 £7,128 Total amount of accumulated fund ... £71,481 £423,556 £896,568 £1,716,837 £2,211,555
Number. Annuftl SaIar y' Contributions. M. F. Total. £ s. d. £ s. d. Contributors at beginning of the year .. 12,813 2,208 15,021 3,822,367 14 2 217,692 6 5 New contributors entered during the year .. 1,642 *274 1,916 277,844 5 0 15,982 4 4 Contributors transferred from other funds .. 3 2 5 1,053 13 4 52 13 8 Increase by promotion during the year .. .. .. .. 228,471 9 2 12,140 6 5 Totals .. .. .. 14,458 2,484 16,942 4,329,737 1 8 245,867 10 10 Contributions discontinued during the year .. 836 324 1,160 248,856 4 2 15,264 2 0 Total contributors at end of year 13,622 2,160 15,782 4,080,880 17 6 230,603 8 10
Number. j Annual Amount BetiringHow discontinued. - Annual Salary. ContrlbutionB . tSf M F Total retirement. granted.. £ s. d. £ s. d. £ s. d. £ s. d. By death before retiring-allowance entered 52 8 55 16,706 16 8 1,049 16 2 5,498 15 4 1,220 0 0 upon (sees. 42, 43) By retirement before retiring-age (sec. 46) 660 303 963 165,125 11 8 9,042 15 10 10,518 3 7 By retirement (sec. 38) .. .. 2 .. 2 452 18 4 31 14 1 192 4 8 By retirement medically unfit (sec. 36) .. 10 1 11 3,5y6 10 0 207 17 10 .. 1,084 13 0 By retirement at retiring-age or for length 74 16 90 37,027 8 4 2,996 12 6 .. 19,645 11 0 of service (sec. 35) By retirement (sec. 52, Finance Act, 1920) 1 .. 1 1,200 0 0 84 0 0 .. 440 16 0 By transfer to other funds (sec. 48) .. 10 1 11 1,540 0 0 77 0 0 271 15 7 By transfer (sec. 39, Finance Act, 1924) 27 .. 27 21,206 13 4 1,666 12 9 13,754 15 5 By reduction .. .. .. .. .. •• 2,000 5 10 107 12 lu Totals .. .. .. 836 3241,160 248,856 4 2 15,264 2 0 60,235 14 7 22,391 0 0
Number. Annual Salar y- Contributions. M. F. Total. £ s. d. £ s. d. Total entered .. .. .. •• 26,612 6,350 32,962 7,177,793 9 2 430,234 18 6 Total discontinued .. .. •• 12,990 4,190 17,130 3,096,912 11 8 199,631 9 8 Total existing at 31st March, 1925 .. .. 13,622 2,160 15,782 4,080,880 17 6 230,603 8 10