D—s

1947 NEW ZEALAND

GOVERNMENT RAILWAYS SUPERANNUATION FUND REPORT OF BOARD

Laid before Parliament in pursuance of Section 124 of the Government Railways Act, 1926

The Board has the honour to transmit, for the information of Parliament, the following report upon the transactions of the Government Railways Superannuation Fund for the year ended 31st March, 1947. The Income and Expenditure Account, Balance-sheet, and statements in connection therewith will be found appended. Amendments to Pensions. —On 12th October, 1946, the Superannuation Amendment Act, 1946 (No. 36), was passed, taking effect as on and from Ist January, 1946, the main amendment to the Government Railways Act, 1926, being the provision made whereby existing retiring-allowances shall not be less than if computed on the basis of the Superannuation Amendment Act, 1945. The expenditure for the year exceeded the income by £607,713. Members'. Contributions. —The income under this heading showed a decrease of £32,630. The number of contributors at 3, 5, 6, 7, 8, 9, and 10 per cent, decreased by 109, 2,252, 397, 139, 44, 21, and 10 respectively. Contingent Contributors. —During the year 35 casual employees elected to contribute to the Fund so that in the event of their subsequently being permanently appointed they would not be faced with a liability in respect of service prior to permanent appointment. The total number of employees so contributing at the end of the year under review was 162, and the amount standing to their credit £8,595. Subsidy.—The sum of £299,547 was paid into the fund by the Working Railways Department, and the sum of £74,000 was received from the Treasury in accordance with the provisions of section 3 of the Finance Act, 1942. Interest.—The interest earned amounted to £51,778, a decrease of £1,384 as compared with the previous year. Table D, Statement of Investments, shows that the average rate of interest on securities held at the 31st March, 1947, was 4-278 per cent., and the average rate earned on the mean funds for the year 6-628 per cent., as against 4-201 per cent, and 4*772 per cent, respectively for the previous year.