E.—B

1927. NEW ZEALAND.

EDUCATION: TEACHERS' SUPERANNUATION FUND.

Presented to both Houses of the General Assembly by Command of His Excellency.

No. I.—TEACHERS' SUPERANNUATION FUND. The position of the fund at the 31st January, 1927, and the principal figures concerning the transactions for the year, compared with those for the year ended 31st January, 1926, are given below:— 1925-26. 1926-27. £ £ Balance at credit of fund at end of year .. .. .. .. 1,008,823 1,083,155 Increase over balance at end of previous year .. .. .. 66,068 74,332 Income for the year —• Members'contributions .. .. .. .. .. *127,671 *147,028 Interest .. .. .. .. .. .. .. 64,844 73,420 Government subsidy .. .. .. .. .. 70,681 71,428 Total income .. .. .. .. .. £263,196 £291,876 Expenditure—• Retiring and other allowances .. .. .. .. *169,258 *184,707 Contributions refunded, &e. .. .. .. .. .. 20,672 26,590 Administration expenses .. .. .. .. .. 3,144 3,147 Bad debts on realization of securities and reserve .. .. 4,055 3,100 Total expenditure .. .. .. .. £197,129 £217,544 Number of contributors at 31st January .. .. .. .. 7,968 8,376 Number of members admitted and reinstated during period .. .. 976 967 Number retiring from the fund during period .. .. .. 451 559 Net increase in membership at 31st January .. .. .. 525 408 Number of allowances in force at end of period .. .. .. 1,197 1,273 Representing an annual charge of .. .. .. .. £152,422 £174,816 Ordinary retiring-allowances .. .. .. .. 705 £112,014 768 £132,225 Retiring-allowances under extended provisions of section 12 of the Act .. .. .. .. .. 109 £16,772 110 £17,923 Retiring-allowances in medically unfit cases .. .. 126 £16,086 125 £16,720 Allowances to widows .. .. .. .. 171 £5,314 183 £5,686 Allowances to children .. .. .. .-. 86 £2,236 87 £2,262 Funds invested at 31st, January — £ £ At 4J per cent. .. .. .. .. .. .. 38,050 30,450 At 5 per cent. .. .. .. .. .. .. 12,948 12,920 At 5J per cent. .. .. .. .. .. .. 38,260 38,260 At 5|- per cent. .. .. .. .. .. . . 23,100 At 5f per cent. .. .. .. .. .. .. 74,765 12,000 At 6 per cent. .. .. .. .. .. .. 607,734 771,613 At 6| per cent. .. .. .. .. .. .. 179,586 169,419 Total .. .. .. .. .. .. £974,443 £1,034,662 Average rate of interest on investment at 31st January .. 5-96 per cent. 5-99 per cent. * Includes arrears under section 29 of Finance Act, 1925, and under section 30, Finance Act, 1926.

I—E.1 —E. 8.