H.—l7P,
1939. NEW ZEALAND.
ACTUARY'S REPORT ON THE VALUATION OF THE NATIONAL PROVIDENT FUND AS AT 31st DECEMBER, 1937.
Laid before Parliament in pursuance of Section 73 of the National Provident Fund Act, 1926.
1. In accordance with the provisions of section 73 of the National Provident Fund Act, 1926, as amended by section 31 of the Finance Act, 1938, I have the honour to submit the following report on the National Provident Fund as at 31st December, 1937. 2. The Fund consists broadly of two sections—the Main Fund, established to enable individuals to purchase pensions commencing at age sixty, and the Local Authorities' Section, which is in effect a pension fund for employees of local authorities. In the former, membership is voluntary, new members being enrolled by representatives of the Department appointed for the purpose, while in the latter membership as contributors on behalf of their employees is compulsory in respect of Hospital Boards and optional for other local authorities. The principle of providing for old age is common to both sections, hut their structure is in every way dissimilar. The published accounts of the Department, however, relate to the whole Fund, and in consequence the financial positions of the two sections cannot be viewed separately. 3. The receipts and expenditure of the Fund for the period Ist January, 1926, to 31st December, 1937, were as follows: — Consolidated Revenue Account, Ist January, 1926, to 31st December, 1937. Income. Outgo. Amount of Fund at Ist January, £ s. d. Maternity claims— £ s. d. 1926 . . . . . . 1,377,967 4 9 National Provident Fund Contributions . . . . 2,831,369 3 0 members . . .. 72,712 0 0 Interest less investment expenses 1,758,370 16 4 Approved friendly-society Fines . . . . • . 8,878 11 6 members . . . . 403,392 0 0 State subsidies . . .. 665,040 3 3 Refund of contributions on lapse, Refund of maternity claims by withdrawal, &c. .. .. 863,772 6 3 State .. .. .. 458,878 0 0 Incapacity allowances .. 71,868 1 10 Benefits refunded on exit .. 117,508 13 10 Death claims — Miscellaneous receipts.. .. 15 17 1 Refund of contributions .. 206,966 5 11 Refunds unclaimed . . .. 17,043 17 6 Widows' and children's allowPremiums on conversion .. 8,444 13 8 ances .. .. . . 131,179 19 6 Retirement allowances .. 431,989 14 3 General expenses .. .. 63,795 6 0 Investment Fluctuation Account 5,254 8 9 Amount of Fund at 31st December, 1937 . . . . . . 4,992,586 18 5 £7,243,517 0 11 £7,243,517 0 11 4. All contributions paid by contributors —with minor exceptions noted in paragraphs 7 and B—attract a 25-per-cent. State subsidy, and, in addition, expenses other than the charges by the Public Trustee for his administration of the assets of the Fund and legal
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