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 PROVINCE OF BRITISH COLUMBIA
Thirteenth Annual Report
of the business done in pursuance of the
TEACHERS' PENSIONS
ACT
for the period
JANUARY 1st TO DECEMBER 31st
1953
VICTORIA, B.C.
Printed by Don McDiarmid, Printer to the Queen's Most Excellent Majesty
1955
  To His Honour Clarence Wallace, C.B.E.,      f
It       TJeuterwU-Governor of the Province of British Columbia.
May it please Your Honour:
'wrrs
&~fi.
The undersigned respectfully submits the Report of the business done in pursuance
of the I Teachers' Pensions Act" during the period January 1st, 1953, to December 31st,
1953.        W I    I---     f X:
WESLEY D. BLACK,
W   . • #' Provincial Secretary.
Provincial Secretary's Office,
Victoria, B.C., January 18th, 1955.
 The Honourable Wesley D. Black,
Provincial Secretary, Victoria, B.C.  i    1 M M
Sir,—I have the h^nc^ t^ % before you the Report of the business done in
pursuance of the "Teachers' Pensions Act" during the period January 1st, 1953,to
December 31st, 1953.      f I    1    l'/*f
I have the honour to be,   ■H^b1: I .>!fjf|   ^arill
Your obedient servant, ff
R. A. PENNINGTON,
Commissioner of Teachers' Pensions,
m<
January 18th, 1955.
 " TEACHERS' PENSIONS ACT 1
ANNUAL REPORT
REPORT OF THE BUSINESS DONE IN PURSUANCE OF THE " TEACHERS'
PENSIONS ACT'' DURING THE PERIOD JANUARY 1st, 1953, TO
DECEMBER 3 1st, 19S3/^Mp|g) j
Section 4.—Superannuation-allowance payments pursuant to this section amounted
to $107,637.35. The Minister of Finance reimbursed the Fund by the amount of
$77,029.41 in accordance with the provisions of subsection (4). The increases pursuant to subsection (5), amounting to $30,607.94, were paid from the Service Pensions
Account. As at December 31st, 1953, there were 152 persons in receipt of allowances
under this section. If
Section 6.—Contributions received from teachers amounted to $1,648,829.36,
consisting of ordinary contributions of $1,384,581.94, special 1-per-cent contributions
of $262,420.92, and individual contributions for service-pension credits pursuant to
subsection (6) of $1,826.50. As at December 31st, 1953, there were 8,644 active
contributors to the Fund.
Section 8.—Employer contributions received pursuant to this section amounted to
$1,573,606.55. J    |       '
Section 11.—Superannuation allowances were granted to thirty-three teachers who
attained retirement age. For analysis see statements of comparative statistics appended
hereto.
Section 15.—Superannuation allowances were granted to two teachers who had
become totally and permanently disabled.
Section 16 (1) and (2).—Superannuation allowances were granted to the dependent
in the case of four teachers who died while still in service.
Section 16 (4) and (5).—Refunds amounting to $9,724.59 were made in the case
of seven teachers who died while still in service. ft
Section 18 (1) and (2).—Refunds amounting to $156,149.61 were made to 521
teachers who left the service of their employers. Jj
Section 23.—Administration expenses paid from the Fund amounted to $37,614.01.
Section 26.—During the year two meetings of the Teachers' Pensions Board were
held, at which twenty-four individual cases were dealt with.
Section 31.—The securities held by the Trustees on December 31st, 1953, are set
out in Schedule No. 1 of this Report.
During the 1953 Session of the Legislature major amendments were made to the
| Teachers' Pensions Act," including the following:—
(1) Allowances granted prior to 1941 were increased by a further 25 per cent,
making a total of 40 per cent since 1941.
(2) Allowances granted since January 1st, 1941, were increased by recalculating them on the new service-pension formula of $30 per annum for each
of the first twenty years of service and $37.50 per annum for each year of
service over twenty years.
(3) All increases were made retroactive to July 1st, 1952.
(4) The employer contribution was reduced from 7 per cent of salaries to
6 per cent of salaries retroactive to April 1st, 1952.
 W 6
BRITISH COLUMBIA
if The minimum service requirement for superannuation allowances |
(5) The mmm ^    R was formerly ten yearSi
■ SfmSmum retirement age for male and female teachers was setatag
(6) S^dTnlimum retirement age was set at age 60. f
m The maximum allowance under the temporary annuity options n
(     increased to $40 per month to conform with the amount of the payniei
Ser the " Federal Old Age Security Act."
m riection of plan of superannuation allowance must now be madebyft,
teacher before the end of the school-year in which he or she attains m
IR. A. PENNINGTON,
•   ; Commissioner of Teachers' Pensions,
 TEACHERS' PENSIONS ACT—ANNUAL REPORT W 7
TEACHERS' PENSIONS FUND
Statement of Revenue and Expenditure for the Year Ended
||   ^December 31st, 1953
1} Revenue
Contributions as per requirements of the § Teachers' Pensions Act w—
IjPt Employees, section 6— #
Contributions for retirement ^
annuities   $1,384,581.94
Contributions, special 1-per-   J
;        " cent  .       262,420.92
Contributions for service pensions pursuant to subsec- Ifc
ft tion (6)   1,826.50 P
 —— $1,648,829.36
Wk    Employers, section 8 J     1,573,606.55
j|l;  Minister of Finance, section 4 (4) (as per contra)         77,029.41
Interest on investments and bank interest       599,729.15
f   Hr ?'" "      $3,899,194.47
Expenditure
Superannuation allowances— ||
Payable from Teachers' Pensions Fund— |c-
|f| Service pensions      $510,002,459 If
fjpi\ Section 4 (5) increases  30,607.94
-■Jt"-"j| ■     $540,610.63    :. ;    -:mi   ' if
Retirement annuities        134,493.59
^Payable by Minister of Finance— ||
It- Section 4 (4) (as per contra)-.        11,029Al
'$j£$->'^   :|      $752,133.63
Refund of employees' contributions— ff
Section 16 (4)  $5,065.63 Jb. i^B
Section 16 (5) .__._  4,658.96 §
Section 18(1)         155,584.81
Section 18 (2)  564.80
j|. ■ . I       .     _ .   .•- —— ■■-   165,874.20-, :
Administration expenses, section 23_____^ leiiii^         37,614.01
       955,621.84
Net increase of ledger assets * \ ! 5  $2,943,572.63
 W 8
BRITISH COLUMBIA
TEACHERS' PENSIONS FUND
Balance-sheet as at December 31st, 1953
Assets
General
Account
Trustees*
Account
Total
Cash in bank	
Accounts receivable—
Due from employees
Due from employers.
$21,909.38       $187,851.59       $209,760.97
$111,923.41
244,614.53
-   356,537.94
356,537.94
Investments at cost—net after amortization of premiums and discounts {see
Schedule No. 1) jfe   ,l?
(Par value, $21,468,000;   market
value, $19,946,021.)
Accrued interest on investments —-
21,206,833.15    21,206,833.15
215,360.44        215,360.44
$378,447.32 $21,610,045.18 $21,988,492.50
Liabilities
Employees'Retirement Annuity Account j  $10,250,559.49
Employers' Service Pensions Account —: ~~     11,702,367.94
Accounts payable-
Administration expense   —. $35,556.01
Sundry #       9.06
.     35,565.07
^'   7.'.:     ~|~  $21,988,492.50
Approved.
R. A. Pennington, G. S. Soutar,
Superannuation Commissioner. Accountant.
I certify that the accounts of the Commissioner and Trustees of the Teachers' Pensions Fund for the year ended December 31st, 1953, have been examined under my
direction.  •      ^fjf      "f|
The liabilities in respect of Employees' Retirement Annuity Account and Employers'
Service Pensions Account are stated at book value. Under the terms of sectibn 36 (1)
of the 44 Teachers' Pensions Act, 1940," chapter 334, R.S.B.C. 1948, an actuarial
valuation of these liabilities was made as at December 31st, 1952, showing a surplus of
$1,381,000 on Service Pensions Account, on the strength of which the formula was
increased retroactive to July 1st, 1952.
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. ¥
C. J. Ferber, C.A.,
Comptroller-General, Province of British Columbia.
Victoria, B.C., November 10th, 1954.
 TEACHERS' PENSIONS ACT—ANNUAL REPORT
W 9
SCHEDULE No. 1, TEACHERS' PENSIONS FUND
Trustees of the Teachers' Pensions Fund and the Minister of Finance
fr   for the Province of British Columbia      :  y
Securities Held as at December 31st, 1953
Description
Date of
Maturity
Par? Value
Cost Price
Book Value
Accrued
Interest as at
Dec. 31, 1953
Province of British Columbia—
3Y2 % bonds J.	
3Vi% bonds--—.	
VA% bonds ..	
-3% bonds .. \	
2%% bonds—, I	
AtVt.% bonds _
'^5% bonds ,___.— s .....„
2% % bonds — —.
3% bonds	
3 % bonds	
2%% bonds	
2%% bonds	
2%% bonds	
23A% bonds	
2%% bonds	
2%% bonds	
3% bonds	
3% bonds .	
2% % bonds	
3 % bonds	
3 % bonds	
3% bonds	
2% % bonds	
2%% bonds	
3% bonds.
Guaranteed by the Province of British
Columbia—
B.C. Power Commission—
3 % bonds	
3 % bonds	
3% % bonds	
4% bonds	
4% bonds	
4% bonds.
Vancouver and Districts Joint Sewerage and Drainage Board—
4% bonds	
5 % bonds	
4% bonds	
5% bonds	
5 Vi % bonds	
4% bonds	
4% bonds	
4Vi % bonds	
4Vi % bonds	
5% bonds	
4Vi % bonds	
School District No. 1 (Fernie)—
4Vk% serial bonds  	
School   District   No.   6   (Kootenay
Lake)—4lA% serial bonds	
School District No. 7 (Nelson)—
4%% serial bonds	
School District No. 39 (Vancouver)—
4lA% serial bonds	
School District No. 41 (Burnaby)—
4Va% serial bonds	
School District No. 61 (Victoria)—
4Va% serial bonds	
School District No. 62 (Sooke)—
4Va% serial bonds	
Corporation of the Village of Quali-
cum Beach—VA% serial bonds	
Carried forward-	
1,
1,
1,
|
15
1
June
June
June
Feb.
Oct.
Apr.
Dec. 15
Oct. 15
June 15
July 1
Apr. 15
Oct. 15
Jan.
Feb.
May 15
June 15
June 15
July 2
July 2
Dec. 15
July 31
Aug. 10
Oct. 1
Sept. 26
Feb. 1
15
1
1954
1955
1956
1958
1959
1960
1960
1963
1964
1964
1966
1966
1967
1967
1967
1968
1968
1968
1968
1969
1970
1970
1971
1972
1974
Oct. 1, 1967
Nov. 1, 1968
Sept. 15, 1991
May 21,1992
June 15, 1992
Sept. 15, 1992
May
Sept.
May
Sept.
Sept.
May
May
Sept.
Mar.
Sept.
Sept.
1, 1958
1, 1959
1, 1962
1, 1962
1, 1962
1, 1963
1, 1964
1, 1965
1, 1968
1, 1969
1, 1970
Sept. 15,1959-72
July 15, 1959-72
July 15, 1959-72
Aug. 1, 1962-65
Sept. 1, 1959-73
Sept. 15,1965-68
Oct. 15, 1964-68
Sept. 1, 1961-70
$15,500.00
56,000.00
171,000.00
18,000.00
5,000.00
500.00
327,000.00
100,000.00
552,000.00
700,000.00
228,000.00
56,000.00
489,000.00
400,000.00
310,000.00
184,000.00
658,000.00
300,000.00
200,000.00
1,468,500.00
2,075,000.00
410,000.00
750,000.00
200,000.00
725,000.00
513,000.00
919,500.00
1,779,000.00
563,000.00
428,000.00
693,000.00
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
246,000.00
160,000.00
1,486,000.00
100,000.00
150,000.00
65,000.00
121,000.00
63,000.00
$15,692.40
54,939.00
167,668.00
17,758.80
4,931.25
558.13
331,492.50
99,500.00
544,396.25
683,410.00
221,835.00
52,970.00
480,440.50
400,000.00
310,000.00
178,443.75
642,126.25
297,780.00
200,000.00
1,452,943.75
2,058,400.00
406,720.00
750,000.00
200,000.00
703,250.00
484,466.25
886,162.88
1,779,000.00
563,000.00
428,000.00
693,000.00
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
247,894.20
160,000.00
1,486,000.00
100,000.00
151,155.00
65,500.50
121,931.70
64,946.70
$17,744,000.00 J$17,575,199.36
$15,507.02
55,881.12
170,416.74
17,923.55
4,966.00
521.17
329,155.10
99,691.22
546,601.39
688,391.54
223,698.36
53,870.02
483,079.40
400,000.00
310,000.00
180,052.82
644,819.38
298,390.35
200,000.00
1,455,989.56
2,062,485.88
407,523.25
750,000.00
200,000.00
707,526.00
488,759.98
891,216.66
1,779,000.00
563,000.00
428,000.00
693,000.00
4,073.63
11,559.59
3,084.12
3,231.40
2,222.26
2,065.30
5,193.55
7,670.91
3,277.50
20,600.90
1,095.09
247,894.20
160,000.00
1,486,000.00
100,000.00
151,155.00
65,500.50
121,931.70
64,593.56
$44.59
161.10
491.92
224.88
29.01
5.61
430.04
580.14
725.93
10,500.00
1,322.72
324.88
6,226.39
4,580.84
1,074.40
221.81
865.34
4,487.67
2,742.46
1,931.22
26,093.73
4,818.89
5,142.15
1,446.58
9,057.57
3,836.98
4,534.51
19,556.81
2,467.94
750.46
8,126.14
26.30
182.33
19.73
49.73
36.47
13.15
32.88
104.42
44.75
298.36
14.92
3,064.89
3,148.49
29,241.63
1,769.86
2,113.36
809.83
1,084.86
730.97
$17,610,615.72 J  $165,589.64
 W 10
BRITISH COLUMBIA
SCHEDULE No. 1, TEACHERS' PENSIONS FUND—Continued
Description
Date of
Maturity
Brought forward.
Government of Canada—
3% bonds 	
3% bonds	
' 3% bonds .:„:: :     ..: .
3%% bondsJ	
Guaranteed by Government of Canada—
Canadian National Railways—
3% bonds    .,   .      ., • f- - ■
2-%% bonds ^p'|
2%% bonds..   ... _-._^
2%% bonds— ,_	
Totals	
Feb. 1,1962
Oct. 1,1963
Sept. 1,1966
Jan. d5,1978
Jan. 3, 1966
Jan. 2,1967
Sept. 15,1969
Jan. 16,1971
Par Value
Cost Price
Book Value
$17,744,000.00
430,000.00
444,000.00
487,000.00
1,630,000.00
130,000.00
128,000.00
425,000.00
50,000.00
$17,575,199.36
406,587.50
420,231.25
461,003.75
1,599,437.50
126,000.00
119,930.00
401,562.50
47,250.tX)
$21,468,000.00 |$21,157,201.86
$17,610,615.72
409,320.15
423,605.62
462,401.77
1,600,575.14
126,690.18
121,218.94
404,799.29
47,606.34
$21,206,833.15
T Accrued
Interest as at
Dec 31,1953
$165,589,64
3,372.05
3,320.88
4,843.32
28,301.71
1,933.97
1,755.29
3,58L$4
661.64
$215,360.44"
 TEACHERS' PENSIONS ACT—ANNUAL REPORT
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H    N    CO
 W 12
BRITISH COLUMBIA
SCHEDULE No. 3, TEACHERS' PENSIONS FUND
Comparative Statistics, January 1st, 1946, to December 31st, 1953-Allow-
ances Granted and in Force, Subdivided by Type and Plan of Allowance
Fiscal Year
In Force at Beginning
of Year
u
C
CO
1946—
Normal retirement-
Disability	
Death —
Totals—	
1947—
Normal retirement-
Disability —
Death	
Totals—	
1948—
Normal retirement-
Disability —
Death \	
Totals __'..
1949—
Normal retirement-
Disability-,—i	
Death  —-;
Totals-^ **|
1950—
Normal retirement..
Disability«L_-L4 ~j
Death ,:„_ :
Totals  —'
1951—
Normal retirements:
Disability— , $L
Death       — gj
Totals__i m\
1952—
Normal retirement-!
Disability             J
Death l_	
Totals	
1953—
Normal retirement-
Disability	
TteAth ;
Totals_J	
183
76
40
•o
q
a
u
a
3
o
I-I
o
•o
•4-«l
*o
o
97
16
29
11
11
367 187
65
299
113
40
11 _
198
106
36
11
72
18
12
__—
__
45
—r~.
—i
 1
—
315
124
48
11 __
212
1
118
45
13
73
| 22
13
B
,, ■
45
-
B
—
330
140
58'
13 __
219
133
44
12
72
24
13
 ,
....
-53
.„.„-
—
—
_^-
344
157
57
12 __
228
149
47
12
70
24
14
4
_
59
—
_.'
-
-
35Z
173.
-6L
.12	
1 |
239 |165
48
12
69 1 28
14;
—
59.1 .....
..,.
—»
367 193
62
12 __
239
163
48
12
40
67
28
15
60
—
._
—
—'
366
191
63
12 40
233
159
4SJ
12
87
69
28
16
65
"—'
1
—"
i—
12   87
Granted during
Year
•1-4
m
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CO
18
1
6
O
12
2
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u
60
a
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Guaranteed1
(«)
(b)
o
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O
(Pi
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04  K.
In Force at End
of Year
25
14
10 ~- _
21
14
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it _..
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27
18
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12
17
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23
19
2
— —
18
16
4
1
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7
—
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25
16
5 __. __
19
17
3
2
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2
6
1
1
48
5
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2
—
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3
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27
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5
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14
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9
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4
1
1
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3
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2
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4.—
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2
2 --
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I
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2
3
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.... j
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; 2
3
—
-
if
8-
4
4
1
—
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—
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—
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12
| 4
i
—
1
10
1
~3
, 4
i
1
' ' j—
11
"~m~"
"" -i-i' j
_i '
' -i~"
11
330 140   58   13
21^
72
53
228
70
59
239
69
59
239
67
60
225
68;
66i
133
24
44
13
149
24
47
14
165
28
48
14
163
28
48
15
233 1159
69 1 28
65
156
28
49
17
1
12
344 157   57   12
12
357 173   61   12
12
367  193   62   12
12
40
366 191   63   12 40
48 | 12
16|_
1   -
87
367|187| 65 | 12|J0
103
12
359j|184| 671 121103
1 Guaranteed:   (a) Superarmuant died after expiration of guaranteed period;   (b) guaranteed period expired, super-
annuant having died previously.
* Disability; recovery; returned to teaching service.
It
 TEACHERS' PENSIONS ACT—ANNUAL REPORT
W 13
SCHEDULE No. 4, TEACHERS' PENSIONS FUND
Comparative Statistics, January 1st, 1946, to December 31st, 1953
Subdivided According to Sex of Contributor
Fiscal Year
Number of
Contributors
Male
Female
Number of
Refunds Granted
Male
Female
Allowances
Number of
Allowances
Granted
Male
Female
Number of
Deaths and
Expirations
Male
Female
Number of
Allowances
in Force at
End of Year
Male
Female
1946	
Non-active—
1947	
Non-active...
1948	
Non-active...
1949	
Non-active...
1950	
Non-active...
1951	
Non-active...
1952	
Non-active...
1953	
Non-active...
1,742
227
2,100
169
2,135
170
2,385
129
2,724
105
2,976
148
3,159
174
3,384
93
3,387
666
3,842
438
4,012
532
4,260
711
4,561
630
4,605
898
4,856
972
5,260
622
97
118
111
71
52
85
T6
59
511
504
444
362
359
412
376
469
29
26
25
21
24
25
28
27
20
31
19
25
25
29
36
12
5
4
11
jjf
5
6
9
10
9
10
4
8
13
10
9
221
200
222
236
252
271
289
308
325
298
319
334
351
363
383
410
400
1 1953 expirations include thirteen female allowances rescinded.
VICTORIA, B.C.
Printed by Don McDiarmid, Printer to the Queen's Most Excellent Majesty
1955
260455-4225