It is with, some diffidence that we venture to submit to the Institute a paper on the subject of Pension Funds; indeed, after again perusing the masterly essays on this important subject which Mr. Manly and Mr. King have given to us it appears almost presumptuous to add anything further. Valuable papers have also been contributed by other members of our Institute. Thus Mr. James McGowan in vol. xxxvii of the Journal dealt with the subject of Pension Funds more or less generally, and supplied us with a very large number of formulæ. Mr. James Bacon in vol. xlii dealt with the construction of Salary Scales, whilst Mr. E. C. Thomas and Mr. Thomas Tinner (see J.I.A., vols. xlviii and xliv) both supplied formulæ intended to meet difficulties arising in certain events. With regard to benefit societies, Sir Alfred Watson's paper (J.I.A., vol. xliv) on this important branch of the subject may be taken as a text book.