E—B,

1941. NEW ZEALAND.

EDUCATION: TEACHERS' SUPERANNUATION FUND.

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

No. I.—THIRTY-FIFTH ANNUAL REPORT OF THE TEACHERS' SUPERANNUATION BOARD. Fob the Year ended 31st January, 1941. The Hon. the Minister of Education. g IE _ Wellington, 18th June, 1941. The Board has to submit the following report for the year ended the 31st January, 1941 : — The Board. —The usual quarterly meetings of the Board were held in February, May, August, and November. The following figures show the transactions, &c., of the fund for the year ended 31st January, 1941, as compared with those for previous year 1941. 1940. Contributors on roll at 31st January .. .. .. 9,463 9,005' Increase from previous year .. .. .. . . 458 352 Retiring and other allowances — Annual rate granted during year .. .. .. £19,058 £12,374 Total annual rate at 31st January .. .. .. £336,569 £326,261 Number granted during year — On retirement .. .. . . .. .. 88 65 To widows .. .. .. .. .. 20 31 To children .. .. .. .. .. 8 8 Number discontinued during year —- By death .. .. .. .. .. 60 75' By other causes.. ... .. .. .. 7 15 Number current at 31st January — Retired members .. .. .. .. 1,727 1,688 Widows and children .. . . .. .. 400 390 Income for year — £ £ Contributions .. .. .. .. .. 170,297 158,907 Government subsidy — Section 112 of Public Service Superannuation Act, 1927 43,000 43,000 Section 114 of Public Service Superannuation Act, 1927 5,112 4,952 Section 10, Finance Act, 1940 .. .. .. 113,000 102,000* Special on account of interest reductions .. .. 5, 805 6, 027 Total Government subsidy .. ~ .. 166,917 155,979 Interest .. .. .. .. •• •• 42,021 42,699 Total income .. .. .. .. £379,235 £357,585 Expenditure — Retiring and other allowances .. .. .. 333, 459 330,462 Contributions refunded or transferred .. .. 34,725 32,670 Administration expenses, &c. .. .. .. 3,242 3,112 Total expenditure .. .. .. .. £371,426 £366,244

♦Section 4, Finance Act (No. 2), 1939.

I—E. 8.