Nearly twenty-five years have passed since Sir George Epps read his important paper at the Institute of Actuaries on the post-war problems affecting superannuation funds.

In the interval there have been many changes, great developments in the establishment of funds and another world war. Our victory in the war is now assured and although, at the time of writing, its concluding date is not known, it seems not inappropriate to invite actuaries to review the position of superannuation funds, and while I am very conscious of the inadequacy of the notes which I am privileged to submit to this meeting, I am confident that the ensuing discussion will not fail to be of profit to the profession.