H—l7a

1950 NEW ZEALAND

NATIONAL PROVIDENT FUND ACTUARY'S REPORT ON THE VALUATION OF THE FUND AS AT 31st DECEMBER, 1947

Laid Before Parliament in Pursuance of Section 73 of the National Provident Fund Act, 1926

Wellington, 29th November, 1949. 1. In accordance with the provisions of section 73 of the National Provident Fund Act, 1926, as amended by section 8 of the National Provident Fund Amendment Act, 1942, I have the honour to submit the following report on the National Provident Fund as at 31st December, 1947. 2. The Fund is divided broadly into two sections —the Main Fund, established in 1911 to enable individuals to purchase pensions commencing at age sixty, and the Local Authorities' Section, established in 1917 to provide pension facilities for employees of local authorities and other bodies of a like nature. Both sections have the same fundamental purpose —the provision of income in old age—but of necessity, because of the fields in which they operate, they differ considerably in detail. The published accounts, however, relate to the Fund as a whole. 3. The receipts and expenditure of the Fund for the quinquennium Ist January, 1943, to 31st December, 1947, were as follows : Consolidated Kevenue Account, Ist January 1943, to 31st December, 1947 Income Outgo £ £ Amount of Fund at Ist January, 1943 6,862,358 Refund of contributions on lapse, Contributions .. .. .. 2,098,832 withdrawal, &c. .. .. 864,301 Interest, less investment expenses .. 1,399,033 Incapacity allowance .. .. 57,780 State subsidies .. .. .. 483,427 Death claims: Refunds of contribuBenefits refunded on exit .. .. 128,336 tions .. .. .. .. 234,319 Miscellaneous receipts .. .. 19 Widows' and children's allowances 86,281 Refunds unclaimed .. .. 10,215 Retirement-allowances .. .. 667,684 Premiums on conversion .. .. 32,247 Investment Fluctuation Account .. 31,100 Funds taken over .. .. 513,609 Amount of Fund at 31st December, 1947 .. .. .. .. 9,586,611 £11,528,076 £11,528,076