Account Transaction
Statements
The Public Service Superannuation Account is used to record
all transactions (contributions, benefit payments, and interest
credits) with respect to pensionable service accrued by Plan
members up to March 31, 2000.
The Superannuation Account earns interest at rates that are
based on Government of Canada long-term bond rates. The interest
credited to this Account changes every three months.
All contributions made by Plan members, the government, and
participating employers in respect of service accrued on or after
April 1, 2000, are credited to the Public Service Pension Fund.
The contributions to the Pension Fund, net of benefits and other
payments, are transferred to the Public Sector Pension Investment
Board (PSPIB) to be invested in financial markets. The
contributions and benefits are recorded in an internal government
account - the Public Service Pension Fund Account. The
balance in this account at year-end represents impending amounts
to be transferred to the PSPIB.
Public Service Superannuation
Account Statement
(for the year ended March 31, 2002
with comparative figures for the year ended March 31,
2001)
|
| |
2001-02
|
2000-01
|
| |
(in dollars)
|
|
|
Opening Balance
|
81,574,680,376
|
86,494,731,024
|
|
Receipts and Other Credits
|
|
|
|
Contributions
|
|
|
|
Government employees
|
21,416,935
|
119,651,710
|
|
Retired employees
|
43,513,583
|
47,331,221
|
|
Public service corporation employees
|
1,645,455
|
21,138,121
|
|
Employer contributions
|
|
|
|
Government
|
51,145,083
|
207,710,680
|
|
Public service corporations
|
1,056,601
|
18,499,246
|
|
Transfers from other pension funds
|
30,199,675
|
11,545,247
|
|
Interest
|
6,887,142,785
|
7,652,287,530
|
|
|
|
Total
|
7,036,120,117
|
8,078,163,755
|
|
Payments and Other Charges
|
|
|
|
Annuities
|
3,433,214,119
|
3,273,397,466
|
|
Minimum benefits
|
12,258,850
|
12,948,394
|
|
Pension divisions payments
|
38,377,896
|
30,414,056
|
|
Transfer value and interest payments
|
139,493,717
|
161,881,563
|
|
Returns of contributions
|
|
|
|
Government employees
|
2,132,695
|
4,240,528
|
|
Public service corporation employees
|
701,138
|
1,697,027
|
|
Transfers to other pension funds
|
205,715,794
|
142,167,708
|
|
Transfers to CPC pension plan
|
4,181,784,000
|
1,235,000,000
|
|
Administrative expenses
|
46,748,738
|
36,467,661
|
|
|
|
Total
|
8,060,426,947
|
4,898,214,403
|
|
Receipt Less Payments
|
(1,024,306,830)
|
3,179,949,352
|
|
Actuarial Adjustment 1
|
|
8,100,000,000
|
|
Closing Balance
|
80,550,373,546
|
81,574,680,376
|
1. In accordance with legislation, a debit adjustment was made
to the account following the tabling in Parliament of a triennial
report in 2000-01. The adjustment reduces the account
surplus to 10% of account liabilities.
|
Public Service Pension Fund Account
Statement
(for the year ended March 31, 2002
with comparative figures for the year ended March 31, 2001)
|
| |
2001-02
|
2000-01
|
| |
(in dollars)
|
|
|
Opening Balance
|
96,391,625
|
0
|
|
Receipts and Other Credits
|
|
|
|
Contributions
|
|
|
|
Government employees
|
577,865,100
|
489,200,042
|
|
Retired employees
|
2,985,847
|
873,360
|
|
Public service corporation employees
|
51,959,786
|
89,030,944
|
|
Employer contributions
|
|
|
|
Government
|
1,499,118,490
|
1,287,810,313
|
|
Public service corporations
|
109,148,635
|
188,683,338
|
|
Transfers from other pension funds
|
1,967,666
|
3,426,756
|
|
|
|
Total
|
2,243,045,525
|
2,059,024,753
|
|
Payments and Other Charges
|
|
|
|
Annuities
|
5,275,333
|
804,321
|
|
Minimum benefits
|
333,339
|
84,566
|
|
Pension divisions payments
|
142,459
|
54,327
|
|
Transfer value and interest payments
|
10,116,112
|
1,947,267
|
|
Returns of contributions
|
|
|
|
Government employees
|
5,128,183
|
1,895,715
|
|
Public service corporation employees
|
1,196,630
|
469,406
|
|
Transfers to other pension funds
|
1,506,759
|
|
|
Transfers to CPC pension plan
|
160,000,000
|
|
|
Administrative expenses
|
1,978,318
|
3,661,932
|
|
|
|
Total
|
185,677,133
|
8,917,534
|
|
Receipt Less Payments
|
2,057,368,392
|
2,050,107,219
|
|
Transfers to Public Sector Pension Investment Board
|
2,086,331,862
|
1,953,715,594
|
|
Closing Balance
|
67,428,155
|
96,391,625
|
|
Supplementary benefits for public servants are provided under
the authority of RCA Regulations No. 1, parts I and II (Public
Service portion) and No. 2 (special Early Retirement Incentive
[ERI] Program). The Special Retirement Arrangements Act
provided the authority for those regulations and established the
RCA Account.
Retirement Compensation Arrangements
No. 1
Financial transactions for plan members who earned more than
$99,800 in 2002 are recorded separately. As at March 31, 2002,
there were 4,952 public servants in this category and 836 former
contributors receiving benefits.
Retirement Compensation Arrangements
(RCA) No. 1 Statement
(Public Service Portion)
(for the year ended March 31, 2002
with comparative figures for the year ended March 31,
2001)
|
| |
2001-02
|
2000-01
|
| |
(in dollars)
|
|
|
Opening Balance
|
158,940,085
|
102,689,332
|
|
Receipts and Other Credits
|
|
|
|
Contributions
|
|
|
|
Government employees
|
7,052,166
|
4,429,215
|
|
Retired employees
|
373,851
|
331,469
|
|
Public service corporation employees
|
1,298,485
|
1,537,277
|
|
Employer contributions
|
|
|
|
Government
|
106,719,013
|
58,993,384
|
|
Public service corporations
|
14,441,769
|
18,077,138
|
|
Interest
|
18,224,088
|
11,306,675
|
|
Actuarial liability adjustment
|
77,700,000
|
|
|
|
|
Total
|
225,809,372
|
94,675,158
|
|
Payments and Other Charges
|
|
|
|
Annuities
|
1,125,174
|
736,067
|
|
Minimum benefits
|
3,174
|
|
|
Pension divisions payments
|
325,472
|
437,592
|
|
Transfer value and interest payments
|
182,724
|
436,897
|
|
Returns of contributions
|
|
|
|
Government employees
|
7,662
|
4,065
|
|
Public service corporation employees
|
9,063
|
22,062
|
|
Refundable tax
|
72,721,689
|
36,787,722
|
|
|
|
Total
|
74,374,958
|
38,424,405
|
|
Receipt Less Payments
|
151,434,414
|
56,250,753
|
|
Closing Balance
|
310,374,499
|
158,940,085
|
Retirement Compensation
Arrangements No. 2
During the three-year period commencing on April 1, 1995, a
number of employees between the ages of 50 and 54 left the Public
Service under the Early Retirement Incentive Program, which
waived the normal pension reduction for employees of departments
and certain agencies who were declared surplus.
Retirement Compensation Arrangements
(RCA) No. 2 Statement
(for the year ended March 31, 2002
with comparative figures for the year ended March 31,
2001)
|
| |
2001-02
|
2000-01
|
| |
(in dollars)
|
|
|
Opening Balance
|
833,696,765
|
952,219,083
|
|
Receipts and Other Credits
|
|
|
|
Government contributions and interest
|
|
|
|
Contributions
|
|
|
|
Interest
|
70,593,558
|
83,126,279
|
|
Actuarial Liability Adjustment
|
4,700,000
|
|
|
|
|
Total
|
75,293,558
|
83,126,279
|
|
Payments and Other Charges
|
|
|
|
Annuities
|
75,375,028
|
70,548,170
|
|
Refundable tax
|
159, 451
|
131,100,427
|
|
|
|
Total
|
75,534,479
|
201,648,597
|
|
Receipt Less Payments
|
(240,921)
|
(118,522,318)
|
|
Closing Balance
|
833,455,844
|
833,696,765
|
As at March 31, 2002, there were 255,231 participants employed
in the Public Service and 119,778 retired elective participants
in the Supplementary Death Benefit Plan. During fiscal year
2001-02, 4,623 death benefits were paid.
Public Service Death Benefit
Account Statement
(for the year ended March 31, 2002
with comparative figures for the year ended March 31,
2001)
|
| |
2001-02
|
2000-01
|
| |
(in dollars)
|
|
|
Opening Balance
|
1,799,147,082
|
1,707,010,592
|
|
Receipts and Other Credits
|
|
|
|
Contributions
|
|
|
|
Employees (government and public service
corporations)
|
53,108,598
|
53,229,561
|
|
Government
|
|
|
|
One-twelfth of benefit payments
|
6,519,919
|
6,809,707
|
|
Single premium for $10,0001 benefit
|
1,150,570
|
1,282,817
|
|
Public service corporations
|
749,676
|
1,844,903
|
|
Interest
|
155,511,816
|
151,386,327
|
|
|
|
Total
|
217,040,579
|
214,553,315
|
|
Payments and Other Charges
|
|
|
|
Benefit payments
|
|
|
|
General2
|
77,978,543
|
81,499,261
|
|
$10,000 benefit3
|
40,746,080
|
40,700,342
|
|
Other
|
231,231
|
217,222
|
|
|
|
Total
|
118,955,854
|
122,416,825
|
|
Receipt Less Payments
|
98,084,725
|
92,136,490
|
|
Closing Balance
|
1,897,231,807
|
1,799,147,082
|
1. Single premium for a $5,000 benefit prior to September 14,
1999, and for a $10,000 benefit effective September 14, 1999.
2. Benefits paid in respect of participants who, at the time
of death, were employed in the Public Service or were in receipt
of an immediate pension under the Act.
3. Benefits of $10,000 ($5,000 prior to September 14, 1999) in
respect of participants who, at the time of death, were employed
in the Public Service, or were in receipt of an immediate annuity
under the Act, and on whose behalf a single premium for $10,000
($5,000 prior to September 14, 1999) death-benefit coverage for
life has been made.
|
Table 1
Annuities in Pay and Annuities That Became Payable
April 1, 2001 to March 31, 2002
| |
Annuities in Pay
as at March 31
|
New Annuities1
That Became Payable to Contributors
|
|
|
Fiscal
Year
|
Contributor Pensions
|
Survivor Allowances
|
Total
|
Men
Retired
|
Women Retired
|
Total Annual
Value2
|
Average Annuity2
|
|
|
2001-02
|
159,542
|
57,344
|
216,886
|
2,308
|
1,626
|
$93,776,578
|
$23,837
|
|
New Allowances
That Became Payable to Survivors
|
|
|
Females
|
Males
|
Children
|
Students
|
Total
Value2
|
Average Allowance
per Payee2
|
Average Allowance
per Family2
|
|
|
2,532
|
284
|
142
|
207
|
$19,133,929
|
$6,045
|
$6,440
|
1. Annuities include immediate annuities, deferred annuities
and annual allowances that became payable.
2. These amounts do not include indexation.
|
Table 2
Benefits Other Than Immediate Annuities to Which Contributors
Became Entitled
April 1, 2001 to
March 31, 2002
| |
Allowances1
That Became Payable
|
Deferred Annuities1
to Which Contributors
Became Entitled
|
|
|
Fiscal
Year
|
Number
|
Average
Allowance3
|
Number
|
Average
Annuity
|
| |
Men
|
Women
|
$
|
Men
|
Women
|
$
|
|
2001-02
|
454
|
498
|
20,344
|
8
|
10
|
13,669
|
|
| |
Deferred Annuities
That Became Payable
|
Lump Sum
Payments2
|
|
|
Fiscal
Year
|
Number
|
Average
Annuity3
|
Number
|
Amount
|
|
| |
Men
|
Women
|
$
|
|
|
|
2001-02
|
193
|
104
|
11,292
|
7,515
|
403,042,093
|
1. Includes deferred annual allowances. An annual allowance is
a deferred annuity reduced because of early payment.
2. Includes transfer values, returns of contributions to
contributors and employee/employer contributions transferred to
other pension plans, under the provisions of the Pension
Benefits Division Act.
3. These amounts include indexation where applicable.
|
Table 3
Retirements on Account of Age with
Immediate Annuities, by Age at Retirement
April 1, 2001 to
March 31, 2002
|
Fiscal
Year
|
Age at Retirement
|
|
| |
55
|
56
|
57
|
58
|
59
|
60
|
61
|
62
|
63
|
64
|
65
|
66 and
over
|
Total
|
Average Age
|
|
|
2001-02
|
447
|
154
|
119
|
115
|
101
|
508
|
190
|
143
|
107
|
93
|
170
|
161
|
2,308
|
60.14
|
Note
For the fiscal year 2001-02, the average retirement
age for men was 59.88 and for women 60.55.
|
Table 4
Contributor Pensions and Survivor Allowances in Pay
April 1, 2001 to
March 31, 2002
|
Fiscal Year
|
Description
|
Contributor Pensions
|
Survivor Allowances
|
| |
|
Men
|
Women
|
Total
|
Females
|
Males
|
Total
|
Children
|
Students
|
|
|
2001-02
|
Average annuity in pay
|
|
|
|
|
|
|
|
|
| |
- excluding indexing
|
$16,081
|
$9,198
|
$13,770
|
$4,423
|
$4,371
|
$4,420
|
$1,397
|
$1,779
|
| |
- including indexing
|
$21,609
|
$12,103
|
$18,418
|
$9,109
|
$6,107
|
$8,927
|
$1,558
|
$2,072
|
| |
Average age
|
69.80
|
69.17
|
69.59
|
76.14
|
68.82
|
75.69
|
|
|
| |
Average pensionable service of contributors
|
24.43
|
19.89
|
22.90
|
21.30
|
16.67
|
21.02
|
|
|
Table 5
Changes in the Number of Active Contributors
April 1, 2001 to
March 31, 2002
| |
Men
|
Women
|
Total
|
|
|
Number of Active Contributors, April 1, 2001
|
114,208
|
125,459
|
239,667
|
|
Additions
|
12,433
|
17,324
|
29,757
|
|
Deletions
|
|
|
|
|
Employees leaving the Public Service
|
|
|
|
|
Full return of contribution entitlements:
|
|
|
|
|
- 2 years and over of pensionable
service1
|
0
|
4
|
4
|
|
- Less than 2 years of pensionable
service1
|
1,631
|
2,588
|
4,219
|
|
Transfer value
|
499
|
580
|
1,079
|
|
Immediate annuities and annual allowances paid
|
1,882
|
1,361
|
3,243
|
|
Deferred annuities chosen
|
15
|
10
|
25
|
|
Deferred annuities locked in2
|
0
|
0
|
0
|
|
Options not yet made3
|
2,014
|
2,594
|
4,608
|
|
Transfers out
|
1
|
3
|
4
|
|
Reversions to a non-contributory status4
|
287
|
438
|
725
|
|
Deaths in the Public Service
|
|
|
|
|
Full return of contribution entitlements
|
11
|
5
|
16
|
|
Benefits paid to survivors
|
146
|
124
|
270
|
|
|
|
Total Deletions
|
6,486
|
7,707
|
14,193
|
|
Number of Active Contributors, March 31, 2002
|
120,155
|
135,076
|
255,231
|
1. This includes employees who transferred to other pension
arrangements.
2. Partial return of contributions and entitlement to an
annuity based on locked-in service.
3. Employees with a choice of benefits have until one year
after leaving the Public Service to make a decision as to the
type of benefit they wish to receive.
4. Describes contributors who ceased contributions temporarily
(e.g. part-time).
|
Table 6
Changes to the Number of Contributors on Pension
April 1, 2001 to
March 31, 2002
|
Number of Contributors on Pension, April 1, 2001
|
160,960
|
|
Additions
|
|
|
Retirements on pension
|
3,544
|
|
Deferred annuities payable at age 60
|
297
|
|
Deferred annuities payable due to disability
|
0
|
|
Deferred annual allowances
|
49
|
|
Locked-in deferred annuities - age 60
|
0
|
|
Locked-in deferred annuities - disabled
|
0
|
|
Annuities with normal reductions waived
|
|
|
- age 50-54
|
0
|
|
- age 55-59
|
44
|
|
|
|
|
Total Additions
|
3,934
|
|
Deletions
|
|
|
Death
|
5,196
|
|
Re-employment
|
156
|
|
|
|
|
Total Deletions
|
5,352
|
|
Number of Contributors on Pension, March 31, 2002
|
159,542
|
Table 7
Changes in the Number of Survivors on Pension
April 1, 2001 to
March 31, 2002
|
FEMALES
|
|
|
|
Number of Females on Pension, April 1, 2001
|
50,796
|
|
Additions
|
|
|
Members who died in service
|
117
|
|
Members who died after retirement
|
2,415
|
| |
|
|
| |
2,532
|
|
Deletions
|
|
|
Deaths
|
1,739
|
| |
|
|
|
Number of Females on Pension, March 31, 2002
|
51,589
|
|
|
MALES
|
|
|
|
Number of Males on Pension, April 1, 2001
|
3,153
|
|
Additions
|
|
|
Members who died in service
|
65
|
|
Members who died after retirement
|
219
|
| |
|
|
| |
284
|
|
Deletions
|
|
|
Deaths
|
106
|
| |
|
|
|
Number of Males on Pension, March 31, 2002
|
3,331
|
|
|
CHILDREN
|
|
|
|
Number of Children on Pension, April 1, 2001
|
1,350
|
|
Additions
|
|
|
Members who died in service
|
117
|
|
Members who died after retirement
|
25
|
| |
|
|
| |
142
|
|
Deletions
|
272
|
| |
|
|
|
Number of Children on Pension, March 31, 2002
|
1,220
|
|
|
STUDENTS
|
|
|
|
Number of Students on Pension, April 1, 2001
|
1,063
|
|
Additions - Age 18
|
207
|
|
Deletions
|
|
|
Ceased attending school or reached age 25
|
66
|
| |
|
|
|
Number of Students on Pension, March 31, 2002
|
1,204
|
Table 8
Types of Benefits to which Contributors Became Entitled
April 1, 2001 to March 31, 2002
|
Type of Benefits
|
Total
Number
|
Men
|
Women
|
Total Amount of New Benefits
$
|
Average Benefits
$
|
|
|
Annuities and Annual Allowances
|
|
|
|
|
|
|
Immediate annuities
|
|
|
|
|
|
|
Age (60 and over)
|
1,372
|
812
|
560
|
28,939,133
|
21,093
|
|
Early retirements1
|
936
|
684
|
252
|
37,017,012
|
39,548
|
|
Disability
|
377
|
165
|
212
|
5,098,845
|
13,525
|
|
Deferred annuities
|
|
|
|
|
|
|
Payable at age 60
|
297
|
193
|
104
|
3,353,703
|
11,292
|
|
Payable due to disability
|
0
|
0
|
0
|
0
|
0
|
|
Annual allowances
|
|
|
|
|
|
|
Normal allowances
|
908
|
424
|
484
|
18,196,671
|
20,040
|
|
Annuities with normal reductions waived2
|
|
|
|
|
|
|
- age 50-54
|
0
|
0
|
0
|
0
|
0
|
|
- age 55-59
|
44
|
30
|
14
|
1,171,214
|
26,619
|
|
Deferred benefits to which contributors became
entitled3
|
18
|
8
|
10
|
246,036
|
13,669
|
|
|
|
Total
|
3,952
|
2,316
|
1,636
|
94,022,614
|
23,791
|
|
Lump Sum Payments
|
|
|
|
|
|
|
Cash termination allowances
|
0
|
0
|
0
|
0
|
0
|
|
Returns of contributions
|
4,239
|
1,662
|
2,597
|
9,158,646
|
2,161
|
|
|
|
Total
|
4,239
|
1,662
|
2,597
|
9,158,646
|
2,161
|
1. These are employees age 55 with 30 or more years of
pensionable service.
2. These include annuities with normal reductions waived paid
out of the Public Service Superannuation Account.
3. These include deferred annuities and deferred annual
allowances.
|
Table 9
Supplementary Death Benefit Plan - Number of Participants
and Death Benefits Paid
April 1, 2001 to
March 31, 2002
|
Fiscal
Year
|
Active Participants
|
Retired Participants
|
Death Benefits Paid
|
Amount
Paid
|
| |
Total
|
Men
|
Women
|
Total
|
Men
|
Women
|
Total
|
Men
|
Women
|
$
|
|
|
2001-02
|
255,231
|
120,155
|
135,076
|
119,769
|
83,026
|
36,743
|
4,623
|
3,533
|
1,090
|
118,955,854
|
Table 10
Supplementary Death Benefit Plan - Changes in the Number of
Death Benefit Participants, April 1, 2001
to March 31, 2002
|
ACTIVE PARTICIPANTS
|
| |
Men
|
Women
|
Total
|
|
|
Number of Active Participants, April 1, 2001
|
114,208
|
125,459
|
239,667
|
|
Additions
|
12,433
|
17,324
|
29,757
|
|
Deletions
|
6,486
|
7,707
|
14,193
|
|
Number of Active Participants, March 31, 2002
|
120,155
|
135,076
|
255,231
|
|
|
RETIRED PARTICIPANTS
|
| |
Men
|
Women
|
Total
|
|
|
Number of Retired Participants, April 1, 2001
|
84,578
|
36,408
|
120,986
|
|
Additions
|
|
|
|
|
- On annuities
|
1,985
|
1,464
|
3,449
|
|
Total
|
1,985
|
1,464
|
3,449
|
|
Deletions
|
|
|
|
|
- Deaths
|
3,495
|
1,102
|
4,597
|
|
- Other
|
42
|
27
|
69
|
|
Total
|
3,537
|
1,129
|
4,666
|
|
Number of Retired Participants, March 31, 2002
|
83,026
|
36,743
|
119,769
|
1. This amount does not include contributions receivable.Return
|
