11.—26

The following table shows particulars of the public servants who were contributing to the fund on the 31st March, 1938 (after allowing for deaths, retirements, and withdrawals), grouped according to their respective rates of contribution : —

Retiring and other Allowances granted. —Pensions for £45,904 7s. per annum were granted during the year as follows : For age or length of service, £37,336 14s. to 146 members (131 male and 15 female members) ; for medical unfitness for duty, .£4,580 13s. to 38 members ; to widows and children of deceased members, £2,635 per annum to 85 widows and £1,352 per annum to 52 children. Under section 114 of the Public Service Superannuation Act, 1927, the statutory allowances to widows and children were increased from £18 to £31 per annum and from ss. per week to 10s. per week respectively. The additional expenditure on this account is recovered from the Consolidated Fund. Civil Service Act, 7866 : Compensation Rights. —The total amount of such compensation for which the fund became liable since the initiation of the scheme is £561,134. To this amount must be added accretions to the date of retirement, approximately £143,000, for which the Consolidated Fund would otherwise have been liable, and the whole may be fairly set against the total subsidies paid to the fund during the past thirty years, amounting to £2,633,521. There are now no contributors to the fund with compensation rights. Allowances discontinued. —One hundred and thirty-one retiring or other allowances were discontinued by death, and 75 for other causes —viz., 1 pensioner retired as medically unfit recovered in health and reinstated, 6 widows remarried, and 68 children reached the age of fourteen years. Annual Amount of Allowances.—The annual amount payable at the close of the year was £522,712 lis. 4d., as shown in the statement attached. Income. —The total income for the year was made up as follows : — £ Members'ordinary contributions, &c. .. .. .. .. 344,911 Subsidy, Cook Islands and Samoan Administrations, &c. " .. .. 1,285 Contributions from Government .. .. .. .. .. 174,259 Fines, &c. .. .. . . . . . . . . . . 323 Interest.. .. .. .. .. .. .. .. 137,751 Total income for year .. .. .. .. .. £658,529 Outgo.—The pensions paid during the year to contributors who have retired and to dependants of deceased contributors amounted to £515,043 13s. 2d.—viz., £470,802 Is. 2d. to members and £44,241 12s. to widows and children. Refunds of contributions to contributors who have left the Service amounted to £35,385 16s. 2d., while the refunds under section 42 to personal representatives of deceased contributors and annuitants amounted to £16,672 13s. 9d. Four contributors who were retired elected to accept a refund of their contributions under section 34, amounting to £1,395 19s. 10d., in lieu of retiring-allowances. Eight contributors were transferred to other funds in accordance with the provisions of section 120, and their contributions, amounting to £245 3s. 5d., were accordingly transferred to such funds. The salaries of the staff and other office expenses were £2,747 18s. 4d. and £2,450 lis. lid. respectively. Court orders issued under the authority of the Mortgagors and Lessees Rehabilitation Act, 1936, reduced investments by £7,496 17s. Id. Premium paid on purchase of inscribed stock in 193P amounted to £5,072 13s. 9d., and is to be written off during the currency of the stock ; £370 17s. lid has been written off this year. The total outgo for the year was £584,242. Accumulated Funds. —These amounted at the end of the year to £3,072,185 6s. Balance-sheet. —On the 31st, March the total assets of the fund, which include provision for the outstanding accounts, amounted to £3,184,541 12s. 6d. The balance-sheet appended gives full particulars as to the liabilities and assets.

2

Rate per Cent. Number " A . r * — Annual Salary. ConiZlLs. Contribution. Male> y^ £ s. d. £ s. d. 5 17,501 3,371 20,872 5,396,936 15 0 269,846 16 9 (I 1,518 145 1,663 559,799 11 8 33,587 19 6 7 913 97 1,010 342,240 16 8 j 23,956 17 2 8 450 42 • 492 169,705 0 0 13,576 8 0 9 151 11 162 57,720 0 0 5,194 16 0 10 34 2 36 15,726 0 0 1,572 12 0 Totals .. 20,567 3,668 24,235 6,542,128 3 4 347,735 9 5 i