BY LIEUTENANT-COLONEL WARD. 



217 



2. Every public officer not specially exempted by the Act 

 may be required to pay to the fund, tmtil he retire or die, an 

 annual sum not exceeding four per cent, on his salary. Provided 

 that any one awarded a pension before the expiration of ten years 

 from the date of his first contribution will be required to continue 

 his annual contribution until the ten years have expired. 



3. The above to apply to all officers in the public service at 

 the passing of the Act. % 



The following table, calculated on the principle before ex- 

 plained, shows (1) the pure premium which officers of ages 

 between twenty and sixty should pay annually to secure from an 

 unendowed fund at the age of sixty, should they live so long, a 

 retiring allowance of 100 a year ; (2) the present value of the 

 sum they would thus pay ; (3) the present value of the sum the 

 law requires them to pay ; (4) the difference between the two 

 latter values, or the endowment which should be granted at once 

 from other sources if these officers are to be paid, without injury 

 to others, the retiring allowance which the Act prescribes. In 

 these calculations, the duration of life assumed is that given in 

 the Carlisle tables of mortality, and the rate of interest 5 per cent. 



