PROVINCE OF BRITISH COLUMBIA
Seventh Annual Report
of the business done in pursuance of the
TEACHERS' PENSIONS
ACT
for the Period
JANUARY 1ST TO DECEMBER 31st
1947
VICTORIA, B.C. :
Printed by Don McDiarmid, Printer to the King's Most Excellent Majesty.
1949. To His Honour C. A. Banks,
Lieutenant-Governor of the Province of British Columbia.
May it please Your Honour :
The undersigned respectfully submits the Report of the business done in pursuance
of the " Teachers' Pensions Act" during the period January 1st, 1947, to December
31st, 1947.
GEO. S. PEARSON,
Provincial Secretary.
Provincial Secretary's Office,
Victoria, B.C. The Honourable G. S. Pearson,
Provincial Secretary, Victoria, B.C.
SIR,—I have the honour to lay before you the Report of the business done in
pursuance of the " Teachers' Pensions Act " during the period January 1st, 1947, to
December 31st, 1947.
In doing so, I have to record with great regret the death on September 20th, 1947,
of A. Norman Baker, who had been Commissioner of Teachers' Pensions since January
1st, 1941.
I have the honour to be,
Sir,
Your obedient servant,
R. A. PENNINGTON,
Commissioner of Teachers' Pensions. " TEACHERS' PENSIONS ACT."
ANNUAL REPORT.
REPORT OF THE BUSINESS DONE IN PURSUANCE OF THE "TEACHERS'
PENSIONS ACT " DURING THE PERIOD JANUARY 1st, 1947, TO DECEMBER 31st, 1947.
Section 6.—Contributions made by teachers pursuant to the provisions of this
section amounted to $634,431.44. This amount represents ordinary contributions of
$525,893.19 and special 1-per-cent. contributions of $108,538.25.
Section 6 (9).—An amount of $228.20 contributed by employers under this section
was transferred to Service Pensions Account.
Section 8.—Employer contributions made pursuant to the provisions of this section
amounted to $759,278.71.
Section 11.—Superannuation allowances were granted to 57 teachers.
Section 15.—Disability allowances were granted to 10 teachers who had become
totally and permanently disabled.
Section 16 (1).—A superannuation allowance was granted to the dependent in the
case of 1 teacher who died while in service.
Section 16 (U), (5).—Refunds amounting to $8,646.44 were made in the case of
14 teachers who died while still in service.
Section 18.—Refunds amounting to $117,290.65 were made to 608 teachers who
left the service of their employer.
Section 31.—Securities in the hands of the Trustees at this date are set out in
Schedule No. 1 of this report.
Section 36 (1).—In accordance with the provisions of this section, an actuarial
valuation of the assets and liabilities of the Fund as at December 31st, 1946, was made
by Messrs. Pipe and Eckler, consulting actuaries, and the actuarial balance-sheet
appears as Schedule No. 2 of this report.
During the year two meetings of the Teachers' Pensions Board were held.
R. A. PENNINGTON,
Commissioner of Teachers' Pensions. S 6 BRITISH COLUMBIA.
TEACHERS' PENSIONS FUND.
Statement of Revenue and Expenditure for the Period January 1st, 1947,
to December 31st, 1947.
Revenue.
Contributions as per requirements of the " Teachers' Pensions Act "—
Employees, section 6—
Contributions for retirement annuities $525,893.19
Contributions, special 1-per-cent 108,538.25
$634,431.44
Employers, section 8 $759,278.71
Employers, section 6 (9) 228.20
759,506.91
Minister of Finance, section 4 (as per contra) 109,796.25
Interest on investments and bank interest (includes
accrued interest) 264,104.31
$1,767,838.91
Expenditure.
Superannuation allowances—
Payable from Teachers' Pensions Fund—
Service pensions $117,165.26
Less amount refunded 146.81
$117,018.45
Retirement annuities $46,783.33
Less amount refunded 4.82
46,778.51
Payable by Minister of Finance, section 4—
Allowances paid $110,621.91
Less amount refunded t 825.66
Net amount (as per contra) 109,796.25
Refund of employees' contributions—
Section 16 (4) .' $7,971.18
Section 16 (5) 675.26
Section 18 117,290.65
125,937.09
Administration expenses, section 23 17,930.47
417,460.77
Net increase of ledger assets $1,350,378.14
Ledger Assets Account as at December 31st, 1947.
Ledger assets, January 1st, 1947 $7,103,080.49
Net increase of ledger assets for period January 1st, 1947, to December
31st, 1947 1,350,378.14 TEACHERS' PENSIONS ACT—ANNUAL REPORT. S 7
TEACHERS' PENSIONS FUND.
Balance-sheet as at December 31st, 1947.
Assets.
General Trustees'
Account. Account. Total.
Cash at Canadian Bank of Commerce $20,947.42 $226,587.74 $247,535.16
Accounts receivable—
Due from employees $46,547.56
Due from employers 238,417.32
284,964.88 284,964.88
Investments at cost, less amortization (Schedule No. 1) 7,893,790.26 7,893,790.26
(Valuation on Dominion Department of
Insurance basis or market value at
December 31st, 1947, $8,012,091.01.)
Accrued interest on investments 42,652.32 42,652.32
$305,912.30 $8,163,030.32 $8,468,942.62
Liabilities.
Employees' Retirement Annuity Account $4,849,367.73
Employers' Service Pensions Account 3,604,090.90
Accounts payable—
Administration expense $14,157.92
Sundry 1,326.07
15,483.99
$8,468,942.62
Comptroller-General's Certificate.
I certify that the accounts of the Commissioner and Trustees of the Teachers'
Pensions Fund for the year ended December 31st, 1947, have been examined under my
direction.
The liabilities in respect of Employees' Retirement Annuity Account and Employers' Service Pensions Account are stated at book value. Under the terms of section
36 (1) of the " Teachers' Pensions Act, 1940," an actuarial valuation of these liabilities
was made as at December 31st, 1946, and is attached hereto as Schedule 2.
Subject to the foregoing remarks, I certify that the above balance-sheet is in my
opinion properly drawn up so as to exhibit a true and correct statement of the affairs
of the Fund according to the best of my information and the explanations given to me
and as shown by the books of the Fund.
J. A. Craig, C.A.,
Comptroller-General, Province of British Columbia.
Victoria, B.C., November 5th, 19^8. BRITISH COLUMBIA.
Schedule No. 1.
Trustees of the Teachers' Pensions Fund and the Minister of Finance
for the Province of British Columbia.
Securities held as at December 31st, 194.7.
Description.
Date of
Maturity.
Par Value.
Cost Price.
Book Value.
Market Value.
Dominion of Canada—
3% Bonds
3% Bonds
3% Bonds
3% Bonds
3% Bonds
3% Bonds
Province of British Columbia—
3% Bonds
3y2% Bonds
4% Bonds
S%% Bonds
S%% Bonds
3%% Bonds
5% Bonds
Sty % Bonds
3y2% Bonds
3%% Bonds
3% Bonds
4V2% Bonds
3% Bonds
S%% Bonds
2%% Bonds
2%% Bonds
2%% Bonds
2%% Bonds
2%% Bonds
2%% Bonds
2%% Bonds
2%% Bonds
Guaranteed by the Province of British
Columbia—
Vancouver and Districts Joint Sewerage and Drainage Board—
4% Bonds
4% Bonds
5% Bonds
4% Bonds
5% Bonds
6%% Bonds
4% Bonds
4% Bonds
4%% Bonds
4%% Bonds
5% Bonds
4>/2% Bonds
West Nicomen Dyking District—
4% Bonds
Issued pursuant to section 4, " Teachers' Pensions Act "—
3%% Bonds
3%% Bonds
3 y2 % Bonds
3y2% Bonds
3%% Bonds
3%% Bonds
3y2% Bonds
Totals..
May
Jan.
June
Feb.
Oct.
Sept.
1, 1957
1, 1959
1, 1960
1, 1962
1, 1963
1, 1966
June 1,
June 1,
Nov. 1,
June 1,
June 1,
June 1,
Sept. 1,
June 1,
June 1,
June 1,
Feb. 1,
April 1,
Dec. 15,
Dec. 31,
Oct. 15,
April 15,
Jan. 15,
Feb. 1,
May 15,
July 2,
Oct. 1,
Sept. 26,
Oct. 1,
May 1,
Sept. 1,
May
Sept.
Sept.
May
May
Sept. 1,
March 1,
Sept. 1,
Sept. 1,
1948
1950
1950
1951
1952
1953
1953
1954
1955
1956
1958
1960
1960
1960
1963
1966
1967
1967
1967
1968
1971
1972
1952
1958
1959
1962
1962
1962
1963
1964
1965
1968
1969
1970
May 1, 1953
Dec. 31, 1962
June 30, 1963
Dec. 31, 1963
June 30, 1964
Dec. 31, 1964
June 30, 1965
Dec. 31, 1965
$108,400.00
575,000.00
400,000.00
300,000.00
350,000.00
350,000.00
50,000.00
5,000.00
89,000.00
5,000.00
14,000.00
24,000.00
81,000.00
15,500.00
56,000.00
171,000.00
18,000.00
500.00
207,000.00
2,325,000.00
100,000.00
75,000.00
190,000.00
400,000.00
310,000.00
200,000.00
750,000.00
200,000.00
1,000.00
4,000.00
11,000.00
3,000.00
3,000.00
2,000.00
2,000.00
5,000.00
7,000.00
3,000.00
18,000.00
1,000.00
2,500.00
67,181.39
65,428.44
65,065.97
63,710.86
62,639.46
60,701.69
60,603.20
$7,877,231.01
$108,400.00
575,000.00
400,000.00
300,000.00
350,000.00
350,000.00
,660.00
,075.00
,451.75
081.50
,767.60
,649.50
.926.40
,692.40
,939.00
,668.00
,758.80
558.13
,692.50
000.00
500.00
000.00
681.25
000.00
000.00
000.00
000.00
000.00
5
13
23
91
15
54
167
17
212
2,325:
99
75;
188
400;
310.
200,
750:
200,
1,042.10
4,260.00
12,650.00
3,195.00
3,521.70
2,505.00
2,140.20
5,389.00
8,202.50
3,475.00
22,390.25
1,157.90
2,672.25
67,181.39
65,428.44
65,065.97
63,710.86
62,639.46
60,701.69
60,603.20
$108,400.00
575,000.00
400,000.00
300,000.00
350,000.00
350,000.00
212
2,325
99
75
188
400;
310,
200.
750,
200,
896.44
036.65
673.58
,043.39
895.15
829.78
172,60
607.76
,377.72
46
,811.29
541.39
,603.54
,000.00
500.00
,000.00
682.96
000.00
000.00
000.00
000.00
000.00
1,021.72
4,175.39
12,151.85
3,144.66
3,391.42
2,376.10
2,107.24
5,305.99
8,015.79
3,395.04
21,596.84
1,129.35
2,607.15
67,181.39
65,428.44
65,065.97
63,710.86
62,639.46
60,701.69
60,603.20
$113,820.00
603,750.00
420,000.00
315,000.00
367,500.00
367,500.00
50,000.00
5,150.00
91,670.00
5,200.00
14,560.00
25,200.00
90,720.00
16,275.00
58,800.00
179,550.00
18,360.00
595.00
211,140.00
2,325,000.00
98,505.00
74,250.00
188,100.00
396,000.00
306,900.00
198,000.00
750,000.00
200,000.00
1,080.00
4,360.00
13,310.00
3,240.00
3,690.00
2,560.00
2,160.00
5,500.00
8,400.00
3,660.00
23,400.00
1,230.00
2,625.00
67,181.39
65,428.44
65,065.97
63,710.86
62,639.46
60,701.69
60,603.20
$7,897,433.74
$7,893,790.26
$8,012,091.01 TEACHERS' PENSIONS ACT—ANNUAL REPORT.
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S 11
TEACHERS' PENSIONS FUND.
Comparative Statistics, January 1st, 1946, to December 31st, 1947—Allowances
granted and in force, subdivided by type and plan of allowance.
In Force at
Beginning op Year.
Granted during
Year.
Expired during
Year.
In Force at End
of Year.
Fiscal Year.
0
«H
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•3
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S
1946—
Normal retirement
183
76
40
97
16
29
11
11
18
1
6
12
2
9
1
3
5
1
2
1
2
198
72
45
106
18
36
12
ll
Death
Totals
299
113
40
11
25
14
10
9
2
1
2
315
124
48
n
1947—
Normal retirement
198
72
45
106
18
36
12
11
21
5
1
14
4
9
1
2
7
4
1
1
1
....
212
73
45
118
22
45
13
13
Death
Totals
315
124
48
11
27
18
10
2
12
1
1
330
140
58
13
♦Guaranteed: (a) Superannuant died after expiration of guaranteed period; (6) guaranteed period expired,
superannuant having died previously.
Comparative Statistics, January 1st, 1946, to December 31st, 1947, subdivided
according to sex of contributor.
Number of
Contributors.
Number of
Refunds
GRANTED.
Allowances.
Fiscal Year.
d]
'ri
£
Eh
'w
IS
e
Number of
Allowances
granted.
Number of
Deaths and
Expirations.
Number of
Allowances in
Force at End
of Year.
£
ft
r5!
'a
3
E
0)
ft
13
E
j3
'rt
1
1946
1,742
227
2,100
169
3,387
666
3,842
438
97
118
511
504
29
26
20
31
5
4
9
10
200
222
298
1947
319
VICTORIA, B.C. :
Printed by Don McDiaumid, Printer to the King's Most Excellent Majesty.
1949.
460-149-6853
BC Sessional Papers
PROVINCE OF BRITISH COLUMBIA Seventh Annual Report of the business done in pursuance of the TEACHERS'… British Columbia. Legislative Assembly [1949]
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