H—l7

1949 NEW ZEALAND

NATIONAL PROVIDENT FUND THIRTY-EIGHTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1948

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

PAET I—THE FUND (Section 72) 1. Established by special Act in 1910, the Fund, during its thirty-eight years of operation, has made progress unequalled by any New Zealand Institution; its accumulated funds now exceed £10,000,000, and the summarized figures for the three annual periods ended 31st December, 1938, 1943, and 1948 provide a ready basis for comparative analysis : —■ 1938. 1943. 1948. New contributors .. .. .. 4,064 2,846 2,527 Total contributors .. .. .. 29,439 28,352 24,456 Pensioners .. .. .. .. 847 1,324 2,147 Income— £ £ £ Contributions .-. .. .. 313,900 349,096 573,680 Interest (including fines) .. .. 198,995 260,238 316,539 Total income (including State subsidy) .. 653,392 718,075 1,068,204 Outgo— Pensions .. .. .. .. 73,691 110,233 203,004 Other benefits .. .. -. 204,254 173,046 266,108 Total outgo .. .. -. -. 355,721 287,295 472,961 Funds at end of year .. .. .. 5,290,258 7,293,137 10,181,854 Effective interest earnings (per cent.) .. £3 18s. 2d. £3 14s. Id. £3 ss. Od. 2. While the wartime recession in membership has not yet been retrieved, steps have been taken to extend the scope of the Fund, and pensions of up to £6 weekly may now be secured on very liberal terms. These pensions, taken in conjunction with the subsidiary benefits, providing for the family on earlier incapacity or death, enable persons not otherwise provided with superannuation to make provision against the reduction in income following on retirement. 3. Despite continuing staffing difficulties, the calls made on the time and energy of the staff have been well met and arrears of work are being overtaken. PAET lI—STATE SUBSIDY (Section 74) The amount of subsidy paid by the State for the year was £152,191. W. Nash, Chairman of the Board. W. L. Comrie, Superintendent. Wellington, 23rd September, 1949.