PUBLIC SERVICE SUPERANNUATION BOARD (THIRTY-FIFTH ANNUAL REPORT OF THE), WITH ACCOUNTS, FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1943

Appendix to the Journals of the House of Representatives, 1944 Session I, H-26

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1944 NEW ZEALAND

PUBLIC SERVICE SUPERANNUATION BOARD (THIRTY-FIFTH ANNUAL REPORT OF THE), WITH ACCOUNTS, FOR THE FINANCIAL YEAR ENDED 31st MARCH, 1943

Presented to both Houses of the General Assembly pursuant to the Provisions of the Public Service Superannuation Act, 1927

REPORT

The Board has the honour to submit its report upon the transactions in connection with the Public Service Superannuation Fund. The report this year is confined to the following accounts, statements, and tables.

Contributors. —The number of new contributors who joined the scheme during the year, and other particulars, are contained in the following table : —

Number. Rate per Cent, of ; . . „ , Annual Contribution. — Annual Salary. Contribution3 _ Male. Female. Total. £ £ 5 1,093 517 1,610 149,066 7,453 6 50 4 54 14,891 893 7 23 2 25 7,510 526 8 15 15 4,975 398 9 3 1 4 960 86 10 1 .. 1 800 80 Transfers from other funds 10 8 18 4,127 212 1,195 532 1,727 182,329 9,648

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The following table shows particulars of the public servants who were contributing to the fund on the 31st March, 1943 (after allowing for deaths, retirements, and withdrawals), grouped according to their respective rates of contribution : —

Investment of the Fund.— lncluding £27,507 invested on Stipendiary Magistrates' account, the total investments of the fund amount to £3,146,707. The average rate of interest earned for the financial year was £4 3s. 3d. per cent., a decrease of 3s. per cent, as compared with the previous year.

Operations of the Fund.— The following comparative statement snows the operations of the fund (to the nearest pound) as disclosed in the Revenue Accounts and Balance-sheets for the twelve-year period ended 31st March, 1943 :—

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_ , _ Number. Rate per Cent. Annual of Annual Salary. Contributions . Contribution. Male Female. Total. £ £ 5 22,985 4,245 27,230 6,851,609 342,580 6 1,583 120 1,703 576,519 34,591 7 937 63 1,000 353,796 24,766 8 410 18 428 155,230 12,418 9 138 7 145 55,253 4,973 10 34 1 35 16,785 1,678 Totals .. 26,087 4,454 30,541 8,009,192 421,006'

Income. Expenditure. Contributions. Interest on Year. ' Mlscel- „ . t> , * «„ Miscel- AccumuE.np.oyee.. ,£«£. |~! <™ ■*-*■ ■—■ ££-. — .atedEunds. £ £ £ £ £ £ £ ££ £ 1931-32 190 347 102,757 168,453 238 486 48,552 431,922 8,650 2,277 2,888,034 1932-33 226,420 141,038 166,814 447 302 45,345 472,288 7,620 387 2,897,415 1933-34 .. 228,650 144,129 157,200 651 4,464 37,551 486,925 7,180 1,287 2,899,564 1934-35 .. 238,844 149,766 153,333 185 19,086 40,065 488,836 7,429 6,997 2,917,452 1935-36 256,249 148,512 151,599 176 8,770 44,804 494,988 7,250 1,477 2,934,240 1936-37 .. 306,292 164,668 142,831 689 2,551 45,644 498,677 7,150 1,901 2,997,898 1937-38 344 583 175,544 137,751 327 323 53,454 515,044 7,543 8,201 3,072,185 1938-39 " 370 400 244,114 130,088 227 1,347 64,220 527,726 7,691 20,314 3,199,010 1939-40 .. 393,380 170,766 128,577 410 635 76,760 550,143 8,263 1,954 3,255,658 1940-41 411 534 160,164 135,978 280 691 88,750 569,001 8,006 2,008 3,296,540 1941-42 429'717 154,421 138,550 1,053 1,312 99,723 587,924 7,898 1,899 3,324,148 1942-43 .. 437,371 149,964 133,547 3,155 2,053 75,065 587,099 8,338 1,136 3,378,602 liabilities. Assets. Sundry Creditors. Sundry Debtors. ■ Other, Investments n J t i. Year - Aecumu- including (including Govern- ashat , Ml8ee1 ' latedFund. Pen- Be- Em- Govern- Accrued Em- Govern- ment De - Bank - ><u»»us. sions. funds, ployees. ment Interest). ployees. ment.&c. pattmontB Departments. £££££ £ £££ ££ 1931-32 .. 2,888,034 3,566 1,617 4,725 54,472 2,979,354 16,101 243 20,406 326 483 1932-33 .. 2,897,415 3,056 1,444 398 14,853 2,892,282 24,541 212 61,510 652 2,469 1933-34 2 899,564 2,684 1,692 212 3,386 2,882,531 29,191 231 56,922 1,018 2,147 1934-35 '>917 452 3 302 904 288 10,803 2,777,030 13,957 198 73,625 130,378 2,062 1935-36 2934240 3,703 1,980 407 22,123 2,861,347 24,919 276 70,801 67,906 1,707 1936-37 ' 2997 898 3,722 1,517 596 48,386 2,923,232 40,543 1,923 70,555 74,088 6,278 1937-38 3 072 185 3,895 2,621 980 40,047 2,971,340 42,451 2,109 20,413 142,555 5,675 1938-39 3'l99 010 2,896 2,557 1,152 3,686 3,056,597 33,587 453 28,071 85,993 4,884 1939-40 '.'. 3W658 3,713 7,097 1,728 1,473 3,063,458 39,598 2,045 55,756 104,781 4,595 1940-41 3 296,540 4,211 3,536 2,999 1,381 3,148,951 57,993 2,113 35,469 60,377 4,643 1941-42 3 324 148 4,768 10,508 4,937 2,304 3.148,486 107,855 2,445 24,680 50,142 5,056 1942-43 ' 3 378,602 5,786 6,747 8,424 102,595 3,337,485 218,285 119,068 19,324 86,159 2,679

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Consolidated Revenue Account for the Period Ist January, 1908, to 31st March, 1943 Dr. Or. Members' contributions — £ Retiring-allowances— £ Under section 19 (ordinary) .. .. .. 7,972,685 To members.. .. .. .. ..9,230,332 Transferred from other superannuation funds* .. 63,085 To widows and children .. .. .. 846,015 Interest on arrears of contributions .. .. 13,754 Contributions returned .. .. .. .. 1,507,156 Government subsidy—■ Contributions transferred to other superannuation Statutory .. .. .. .. .. 3,338,955 funds} .. .. .. .. .. 43,210 Section 114, Public Service Superannuation Act, 1927 Compensation: Section 22 (g) .. .. .. 14,358 (widows and children) .. .. .. 311,407 Loss on realization of securities .. .. .. 23,620 Interest on in vestmentsf .. ... •• 3,477,476 Interest: Section 38, Public Service Superannuation Premiums on conversion New Zealand Government Act, 1927 .. .. .. .. .. 2,441 inscribed stock and local-body debentures .. 33,635 Unclaimed moneys recovered .. .. .. 119 Fines, fees, and sundries .. .. .. .. 18,294 Investments written down by order of the Subsidy— Courts : Mortgagors and Lessees' Rehabili- £ Cook Islands and Samoa .. .. .. 17,821 tation Act, 1936 .. .. .. 8,959 Imperial War Graves Commission .. .. 174 Investments written down by Board : SecPalestine Government .. .. .. .. 123 tion 77, Mortgagors and Lessees' RehabiliGovernment Service Organizations .. .. 549 tation Act, 1936 .. .. .. 1,250 10,209 Rates and feeß written off by Courts : Mortgagors and Lessees' Rehabilitation Act, 1936 .. .. 120 Premium on purchase inscribed stock : Proportion written off .. .. .. .. .. 2,597 Administration expenses .. .. .. .. 189,180 Balance as at 31st March, 1943 .. .. .. 3,378,601 £15,247,958 £15,247,958 * Includes £32,785 transferred from Police Provident Fund and £2,877 from Wostport Harbour Board Fund. t Includes payment, by Treasury of £210,201 to reimburse fund on account of statutory reduction of interest on mortgage and other securities. t Includes contributions of Magistrates transferred to Stipendiary Magistrates' Fund and certain of nursing staff of Health Department to National Provident Fund. Chairman.

PUBLIC SERVICE SUPERANNUATION FUND Revenue Account foe the Year ended 31st March, 1943 Dr. £ Or. Amount of Fund at beginning of year .. .. 3,324,148 Retiring-allowances— £ £ Members' contributions — To members .. ..■ .. .. 535,764 Under section 19 (ordinary) .. .. .. 436,413 To widows and children .. .. 51,335 Transferred from other superannuation funds .. 958 587,099 Interest on arrears of contributions .. .. 3,156 Contributions returned — Government subsidy— Under section 37 (left Service) .. .. 38,248 Under section 50, Public Service Super- £ Under section 42 (death) .. .. 32,224 annuation Act, 1927 .. .. 86,000 Under section 34 (retirement) .. .. 4,592 Under section 14, Finance Act (No. 3), 1934 39,913 75,064 Under section 114, Public Service Super- Contributions transferred— annuation Act, 1927 (widows and To other superannuation funds .. .. 33 children) .. .. .. .. 22,334 t To National Provident Fund (section 30, Under section 27, Statutes Amendment Finance Act, 1928) .. .. .. 729 Act, 1930 (actuarial pensions).. .. 837 -. 762 149,084 Premium on purchase of Government stock : Interest on investments .. .. .. 122,350 Proportion written off .. .. .. .. 374 Reimbursement by Treasury on account of Expenses— reduction in interest .. .. 11,197 Audit fees .. .. .. .. 75 133,547 Contingencies.. .. .. .. 2 Subsidy— Furniture and fittings .. .. .. 17 Cook Islands and Samoa .. .. 755 Legal charges.. .. .. .. 37 Imperial War Graves Commission .. 23 Medical fees .. .. .. .. 87 Palestine Government .. .. .. 28 Overtime and meal allowances ... .. 207 Government Service organizations .. 74 Postages and services, .. .... ... 411 880 Post and Telegraph Department charges .. 1,257 Pines, fees, and sundries .. .. .. .. 2,011 Printing and stationery .. .. 73 Stipendiary Magistrates' Account: Administration Public Trustee's charges .. .. 2,349 expenses recovered .. ~ .. .. 41 Salaries .. .. .. .. 3,430 Typewriters and other machines (upkeep) 5 War-damage-insurance premiums .. 388 8,338 Balance as at 31st March, 1943 .. .. .. 3,378,601 £4,050,238 £4,050,238

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PUBLIC SERVICE SUPERANNUATION FUND— continued Balance-sheet as at 31st March, 1943 Liabilities £ Superannuation Fund Account— £ £ Amount invested by the Board .. .. .. 3,119,200 Balance due from Revenue Account .. 3,378,601 Contributions of members— £ Add value of office fittings and ma- In course of transmission .. .. 172,106 chinery .. .. •• 748 Due and outstanding .. .. .. 46,179 218,285 3,379,349 Interest on investments — Less amounts due to contributors under Accrued but not due .. .. .. 28 >^f the provisions of section 9 (2), Na- Due but not overdue .. .. .. 1,309 tional Expenditure Adjustment Act, Due and outstanding .. .. .. 8,164 1982 .. ■• •• 59,657 38,216 3,319,692 Subsidy— Retiring and other allowances due in course Cook Islands and Samoa .. .. 127 of payment Imperial War Graves Commission .. 17 To members .. .. .. 5,020 Palestine Government .. .. .. 32 To widows and children .. 766 Government Service organizations .. 5 5,786 Section 114, Public Service Superannuation Refunds of contributions due in course of Act, 1927 (widows and children) .. 4,103 transmission Section 14, Finance Act, 1934 (trading Under section 37 (left Service) .. 1,493 departments) .. .. •• 2,747 Under section 42 (deaths) .. ..4,829 — 7 > UiSi Under section 34 (retirement) .. 425 Contributions transferable from other superannuation — 6,747 funds .. .. .. ■ • ■• 59 Expenses due in course of payment— Cost-of-living bonus (recoverable).. .. .. 63 Audit fees .. .. .. .. 75 Rates, fees, and premiums paid on account mortgagors Postages and services .. .. 61 (recoverable) .. .. .. .. .. 162 Post and Telegraph charges .. .. 643 Reimbursement for reduction in interest .. .. 11,197 779 Premium paid on purchase of Government £ Public Trustee charges on accrued interest .. .. 909 stock .. .. .. •• 2 '^J Unclaimed Account (contributions, &c.) .. .. 488 Less amount written off .. .. 374 Contributions paid in advance or in error .. .. 7,937 2,457 Post Office Account .. .. .., •• 100,907 Cash m hand, Public Trustee .. ■•'{ 7 074 Amounts due to contributors under the provisions of 10 qos section 9 (2), National Expenditure Adjustment Act, SaiiX 1932,, .. .. .. .. .. 59,657 Bank account .. .. .. .• •• 86,159 Office furniture, fittings, and machinery .. .. 748 £3,502,902 £3,502,902 * On deposit at call. Stipendiary Magistrates' Account Revenue Account for the Year ended 31st March, 1943 Debit £ Credit £ Amount of Fund, Ist April, 1942 .. .. .. 31,058 Retiring-allowances .. .. .. •• 6,187 Members' contributions : Section 63, Public Service Super- Administration expenses .. .. .. .. 4^ annuation Act, 1927 .. .. .. .. 1,490 Balance, 31st March, 1943 .. .. .. .. 27,514 Interest on investments .. .. .. • • 1,195 £33,743 £33,743 Balance-sheet as at 31st March, 1943 Liabilities Assets £ Stipendiary Magistrates' Account— £ £ Amount invested by the Board .. .. ..27,507 Balance due from Revenuo Acoount .. 27,514 Contributions due in course of transmission .. .. 7 Loss amounts due to contributors under the provisions of section 10 (3), National Expenditure Adjustment Act, 1932 .. 298 1 27,216 Amount due to contributors under the provisions of sec- . tion 10 (3), National Expenditure Adjustment Act, 1932 298 £277514 £27 ' 514 Subsidiary Account Cost-of-living Bonus paid to Annuitants of the Public Service Superannuation Fund on behalf of the Treasury £ £ Balance due from Treasury .. .. .. 36 Amount received from Treasury .. .. .. . . 340 Amount disbursed .. .. .. .. ..367 Balance due from Treasury .. .. .. "__ £403 £403 M. P. Finnigan, Acting-Secretary, Wellington, 20th September, 1944. . Public Service Superannuation Board. I hereby certify that, the Bevenue Account and Balance-sheet have been duly compared with the relative books and documents submitted for audit, and correctly state the position as disclosed thereby.— Cyril G. Collins, Controller and Auditor-General.

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PUBLIC SERVICE SUPERANNUATION FUND— continued Statement of Contributors for the Year ended 31st March, 1943

Particulars of Contributions discontinued during the Year

Progress of Contributors since Date of Establishment of the Fund to 31st March, 1943

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Number. Annual Salary. M. F. Total. £ £ Contributors at beginning of the year .. .. 25,536 4,420 29,956 8,051,433 423,427 New contributors entered during the year .. .. 1,185 524 1,709 178,202 9,437 Contributors transferred from other funds .. .. 10 8 18 4,127 212 Increase by promotion during the year Total .. .. .. .. 26,731 4,952 31,683 8,233,762 433,076 Contributions discontinued during the year .. 644 498 1,142 224,569 12,069 Total contributors at end of year .. 26,087 4,454 30,541 8,009,193 421,007

NUmbW ' Annual Amount KetiringHow discontinued. Annual Salary. r.,w,.iH,,t!™ 0 P a 'd on allowance M F Tota , contributions Retirement _ granted. £ £ £ £ By death before retiring-allowance en- 227 12 239 00,950 3,199 31,933 2,359 tered upon (sees. 42 and 43) By retirement before retiring-age (see. 37) 304 461 765 115,145 6,082 38,246 By retirement (see. 34) .. .. 10 1 11 3,265 230 4,592 By retirement medically unfit (sec. 32).. 22 2 24 8,156 427 .. 4,056 By retirement (sec. 61) By retirement at retiring-age or for 75 20 95 35,523 2,044 .. 20,522 length of service (sec. 26) By retirement (sec. 30, Finance Act, 3 .. 3 1,075 64 729 1938) By transfer to other funds (sec. 120) .. 3 2 5 455 23 33 By reduction Total .. .. .. 644 498 1,142 224,569 12,069 75,533 26,937

Number. _ Annual galary . C(> Annua^ M. F. Total. £ £ Total entered .. .. .. .. .. 50,426 16,295 66,721 15,795,822 885,344 Total discontinued .. .. .. .. 24,339 11,841 36,180 7,786,629 464,337 Total existing at 31st March, 1943 .. 26,087 4,454 30,541 8,009,193 421,007

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Wellington, 20th September, 1944. M. P. Finnigan, Acting-Secretary.

By Authority: E V. Paul, Government Printer, Wellington.— 1944.

PUBLIC SERVICE SUPERANNUATION FUND— continued Statement of Retiring and other Allowances for the Year ended 31st March, 1943

Approximate Cott of Paper. — Preparation, not given; printing (593 copies), £14.

Price 6d.]

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Section 26: Section 32 - 410 . 11 . 61 = Section 39, Section 28 Section 14, Finance Act, ' Section 42: Sections 42(c), and 43 (a): Total Retiring and other On Attainment of Retiring Merticallv unfit Pohce """"d Finance Act Finance Act, 931 \Yidows. Children. Allowances. Age or for Length of Service. medically unlit. on Dnty (2)> 1930 1921 i»ai. Number. Number. N ™" Number. Number. Number. Annual Annual J Annual '_ Annual 1 Annual Annual Num- Annual Annual Annual '■ Amount. Amount. Amount. Amount. Amount. ~ Amount. ber. Amount. ; Amount. I Amount. M. F. Total. M. F. Total. M. M. M. M. F. -S M. F. Total. M F. Total. 1 1 I H : __ ' ! R |SnTit°be1inmTSf e .. 1,760 349 2,109 494,f 3 9 316 73 389 1 18 sflSl 48 22 . 18 3 21 1,343 4i?633 172 160 332 8 ?632 2,354 1,928 4,282 604?886 Granted durinl year at retirement .. 75 20 95 20,522 22 2 24 4,056 I 35 1,085 21 28 49 1.2,4 118 85 203 26,93, Granted during year after retirement ■■ .. __ ■■ 77 2,387 5_ l_ 9 234 °_ 86 2 ' 621 Total .. .. 1,835 369 2.204 514,961 "Si 75~ 413 46,670 18 3.131 48 7,336 22 4,075 18 3 21 3,026 1,455 45,105 198 192 390 10,140 12,477 2,094 4,571 684,444 Discontinued during year .. .. 97 | 11 108 24,669 16 2 18 3,498 .. 1 31 4_ 572 '___ 54 1,674 30 25 55 1,430 148 92 240 31,8,4 Existing at end of year .. .. 1,738 358 " 2,096 490,292 "iiF 73 ~395 43,172 18;; ZAS1 47 7,305 18 3,503 18. 3 21 3,026 1,401 43,431 168 167 335 8,710 2,329 j 2,002 4,331 602,570 Particulars of Ebtiring and other Allowances discontinued during the Year How discontinued — _ „.. 110 Kfl .-- Qn 1Q , By death .. .. .. 97 11 108 24,669 16 2 18 3,498 .. .. 1 31 4 572 .. 44 1,364 .. .. .. .. 118 57 175 30,134 By expiry .. .. .. .. '. ■■ •■ •• ■■ ■■ ■■ .... .. .. 10 310 30 25 55 j 1,430 30 35 6o 1,740 Total 97 U 108 24,669 16 2 18 3,498 ~ 7. 1 sJ7 j I 572 7. ~ 7. .. 54 1,674 30 25 55 1.430 148 92 240 31,874 Progress of Retiring and other Allowances since Establishment of the Fund to 31st March, 1943 Total eranted .. 3,557 469 4,026 836,258 745 104 849 87.279 2i 3,803 59 8.749 49 7,688 23 4 27 3,841 2,197 65,897 958)921 1,879 42,887 5,415 3,695 9,110 1,056,402 Total discontinued .'.' .- •• 1.'819 111 11930 345,966 423 31 454 44,107 6 672 12 1,444 31 4,185 5 1 6 815 796 22,466 . 790 754 1,544 34,177 3,086 j 1,693 4,779 453,832 Total existing at 31st March, 1943 .. 1,738 358 2,096 490,292 322 73 395 43,172 18 3,131 47 7,305 18 3,503 18 3 21 3,026 1,401 43,431 168 167 335(1 8,710 2,329 2,002 4,331 602,570