Volume 2 - ElectricCanadian.com

520 HISTORY OF THE BANKprovision that in the case of the older officers retirement shouldnot take place until sixty-five. During the late summer of1892 the general manager visited Scotland and discussed thewhole question personally with Mr. Hewat. In June, 1893,the matter was brought before the shareholders at the annualmeeting, and authority was obtained for the establishment of apension fund and for an annual contribution of $10,000 fromthe bank. The assistant general manager, Mr. Plummer,stated at the meeting, that while the management would haveliked very much to make provision for pensions to the widowsand orphans of officers, they saw clearly that the fund could notsupport such a burden at the outset and survive, and that anysuch provision must be deferred to some future time.The proposal to establish a pension fund was announcedto the branches in a circular dated November 2, 1893, but theplan did not come into operation until June 1, 1894. Theprincipal provisions were:1. Contributions were to commence at the age oftwenty-five, and to be at the rate of three per cent, of theofficer's salary. Each officer over twenty-five years ofage and under thirty-six on June 1, 1894, was to payone-half per cent, additional during twice the number ofyears that his age exceeded twenty-five, and each officerover thirty-six years of age one per cent, additionalduring as many years as his age exceeded twenty-five.These additional contributions were to cease at the end ofthe term of years mentioned, or on the granting of apensionbefore that date.2. Retirement might take place at the age of sixty,unless the officer should arrange to continue in activeservice, but he could retire at an earlier age if incapacitated.3. The rate of pension was to be one-fiftieth of thesalary at the date of retirement for each full year of serviceafter reaching the age of twenty-one; the maximum pensionto be $2,800 per annum, and the maximum amount ofsalary on which contributions were to be collected to be