H—l7

1947 NEW ZEALAND

NATIONAL PROVIDENT FUND THIRTY-SIXTH ANNUAL REPORT OF THE BOARD FOR THE YEAR ENDED 31st DECEMBER, 1946

Presented to both Houses of the General Assembly pursuant to the National Provident Fund Act, 1926, Sections 72 and 74

PART I.—THE FUND (Section 72) 1. Summarized figures set out below for the years ended 31st December, 1936, 1941, and 1946 form a useful basis for comparative analysis. While the statistics annexed record a recession in the Direct or Personal Contributors' Branch, the net total is little changed, increased contributions and total income figures being attributable to the higher contribution rates in the expanding Superannuation Branch:— 1»36. 1941. 1946. New contributors .. .. .. 3,285 3,230 4,216 Local bodies .. .. .. .. 122 137 198 Total of contributors .. .. .. 26,574 28,347 27,405 Annuitants .. .. .. .. 674 1,144 1,809 £ £ £ Contributions .. .. .. .. 246,559 328,884 400,375 Interest (including fines) .. .. .. 174,044 238,225 295,506 Total income (including State Subsidy) .. 526,457 667,564 821,358 Annuity payments .. .. .. 58,917 97,781 143,658 Other benefits .. .. .. .. 154,192 157,937 318,790 Total outgo .. .. .. .. 218,434 258,638 465,651 Funds at end of year .. .. .. 4,649,082 6,432,859 8,985,360 Rate of interest per cent, earned on invested funds _ .. £3 19s. £3 17s. Id. £3 9s. 2. It is pleasing to note the upward incidence of the annuity payments, particularly so in respect of 'the number of direct contributors who, having attained age sixty, are now enjoying the fruits of their early savings. 3. The merger with the Fund of the two remaining Funds established under authority of the Local Authorities Superannuation Act, 1908, is one further step towards providing throughout the Dominion uniform superannuation conditions and benefits for local-government employees. The absorption of the separate undertakings,fassets, and liabilities is reflected in the accounts. 4. Provisions for extending improved superannuation conditions to permanent employees of all local authorities are well advanced, and results will be reflected in the next report. PART lI.—STATE SUBSIDY (Section 74) The amount of subsidy paid by the State for the year was £96,914. A. H. Nokdmeyer, Chairman of the Board. W. L. Comrie, Superintendent of the Fund. Wellington, 30th June, 1947.