H. 17

1939. NEW ZEAL A N D.

NATIONAL PROVIDENT FUND. TWENTY-EIGHTH ANNUAL REPORT OF THE BOARD, FOR THE YEAR ENDED 31st DECEMBER, 1938.

Presented to both Houses of the General Assembly 'pursuant to the National Provident Fund Act, 1926, Sections 72 and 74.

PART I.—THE FUND (SECTION 72). 1. As will be seen by the comparative figures below, the Fund continues to provide a most useful means for persons of prudence to assure an income for their later years 1938. 1937. New contributors .. .. .. .. .. 4,064 4,902 Local bodies .. .. .. .. .. 124 124 Total contributors .. .. .. .. .. 29,439 28,972 Annuitants .. .. .. .. .. 847 736 £ £ Contributions .. .. .. .. .. 313,900 266,431 Interest .. .. .. .. .. .. 198,617 185,016 Total Income .. .. .. .. .. 653,392 583,420 Annuity payments .. .. .. .. 73,691 66,370 Other benefits .. .. .. .. .. 204,254 167,816 Total outgo .. .. .. .. .. 355,721 239,915 Funds at end of year .. .. .. .. 5,290,258 4,992,587 Rate of interest, per cent. .. .. .. .. £3 18s. 2d. £3 18s. 3d. 2. The actuarial examination of the Fund mentioned in last report has been completed, covering a period of twelve years to 31st December, 1937. The Government Actuary's report on the valuation— which is published separately as 11.17b —discloses the Fund to be completely solvent, which is highly satisfactory, particularly in view of the violent financial disturbances of the last decade. 3. Some legislative improvements —mostly for machinery purposes —are in train ; but in the Finance Act, 1938, special provision was made to deal with nurses and certain other officers whose employment is liable to change as between the General Government and local authorities. The effect is to remedy long-standing anomalies as to continuity of service. PART lI.—STATE SUBSIDY (Section 74). The amount of subsidy paid by the State for the year was £76,221 17s. 9d. W. Lee Martin, Chairman of the Board. R. Sinel, Superintendent of the Fund. Wellington, 3rd August, 1939.