E.-8

1944 NEW ZEALAND

EDUCATION: TEACHERS' SUPERANNUATION FUND

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

THIRTY-EIGHTH ANNUAL REPORT OF THE TEACHERS' SUPERANNUATION BOARD Foe the Year ended 31st January, 1944 The Hon. the Minister of Education. Wellington, Ist August, 1944. Sir, — The Board has to submit the following report for the year ended the 31st January, 1944 The Board.—The usual quarterly meetings of the Board were held in February, May, August, and November. Payment of cost-of-living bonus amounting to £366 ss. 2d. was made by the Government in certain necessitous cases. The following statements show the transactions, &c., of the fund for the year ended 31st Januarv 1944. For the Teachers' Superannuation Board, J. A. Clements, Secretary. (A) REVENUE ACCOUNT for the Year ended 31st January, 1944 £ £ "Balance 31st January, 1943 .. .. .. 944,337 Retiring and other allowances .. .. .. 358 675 Contributions of members (including transfers) .. 192,085 Contributions refunded— £ Additional contribution from Fijian Government .. 279 On voluntary retirement .. 20 276 Government subsidies .. .. .. .. 146,756 On death of members .. .. .. j4' 744 Interest — £ On lapse of membership .. .. 2,231 On investments and contributions in arrears 51,849 37 251 Less investments written down (pro- Rebate of contributions under National Expenditure portion of premium on purchase of Adjustment Act, 1932, section 9 (2), to annuitants 461 investments) .. .. .. 361 Contributions transferred to other funds .. .. 1,721 Administration expenses .. .. .. .. 3 443 51,488 Reserve for actuarial examination .. .. 100 Plus investments written up (proportion Balance at 31st January, 1944 .. .. .. 933 803 of discount on purchase of investments) 509 51,997 £1,335,454 £1,335,454