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1948 NEW ZEALAND

NATIONAL PROVIDENT FUND THIRTY-SEVENTH ANNUAL REPORT OF THE BOARD FOR THE YEAR ENDED 31st DECEMBER, 1947

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

PART I.—THE FUND (Section 72) 1. Summarized figures for the three annual periods terminating on the 31st December, 1937, 1942, and 1947, form a ready basis for comparative analysis, and while the statistics disclose a further slight recession in numerical membership, the upward trends in the annual payments of contributions and benefits have continued : 1937. 1942. 1947. New contributors .. .. .. 4,902 2,687 2,614 Total contributors .. .. .. 28,972 28,508 25,722 Pensioners .. .. .. .. 736 1,229 1,983 Income— £ £ £ Contributions .. .. .. 266,431 342,234 622,859 Interest (including fines) .. .. 185,016 248,416 306,023 Total income (including State subsidy) .. 583,420 695,648 1,099,777 Outgo— Pensions .. .. .. .. 66,370 104,379 168,376 Other benefits .. .. .. 167,816 158,043 295,488 Total outgo .. .. .. .. 239,915 266,149 467,425 Funds at end of Year .. .. .. 4,992,587 6,862,358 9,586,611 Effective interest earnings (per cent.) .. £3 18s. 3d. £3 15s. 9d. £3 7s. Od. 2. In terms of the 1946 legislation, the Board introduced a new Standard Superannuation Scheme which became available to permanent employees of all local authorities on the Ist August, 1947 ; although a considerable volume of detailed assessments was dealt with in the period under review, there remained a large carryover which will be reflected in the accounts for the following year. The additional contributions payable to secure credits for past service and also additional salaries which cause the disparity between the nominal annual contributions and contributions payable as per Revenue Account are also reflected in the abnormal amount stated as contributions due at the close of the year; arrangements have been made to collect such arrears of contributions by regular monthly instalments.