A message from the chair of the Public Service Pension Board of Trustees: October 29, 2020
Your board of trustees is committed to keeping you updated on matters related to your pension.
Dear plan member,
The COVID-19 pandemic continues to affect our day-to-day life, and we are all adjusting to our “new normal.” During this time, we are committed to keeping you updated on matters related to your pension.
Your pension remains safe
In a tumultuous global environment, it’s reassuring to know your pension stands solid, sustainable and reliable.
The board invests in a broadly diversified portfolio and takes a long-term approach to investing. The early foundation laid to prepare the plan’s investment portfolio for a downturn has paid off, and your plan remains well funded.
We are starting to see encouraging but cautious signs of economic recovery. After a sharp decline earlier this year, global equities have experienced a substantial rebound. However, the pandemic is not over. Markets remain uncertain, and it will be some time before we can understand the full extent of the impact on the economy.
The board continues to maintain a thoughtful and disciplined investment approach, providing oversight of investments during these unpredictable times. We closely monitor the plan’s investment agent, British Columbia Investment Management Corporation (BCI), and ensure investment-related questions from members are addressed.
Whether you are already receiving your pension or still contributing toward your pension, the plan is in a strong financial position for you.
Improved online services are available to you
As always, pension services continue to be available, and we encourage you to take advantage of the services and resources you can find on the plan website, including through My Account. You can contact the plan’s administrative agent, BC Pension Corporation (Pension Corporation), anytime through My Account Message Centre, a secure channel for sending and receiving personal messages and attachments online.
For members looking to learn even more about the plan, Pension Corporation is now offering instructor-led webinars to replace in-person sessions. Webinars can offer you valuable information about your pension, and you can access them from anywhere.
A reminder that the health benefits premium reduction is ending
If you’re a retired member who participates in the plan’s retirement group health benefits, the temporary reduction on extended health care and dental premiums ends this month and full premiums are reinstated. We will continue to review premiums for the group health benefits annually.
Member survey on group health benefits opens November 2
We are reviewing the plan’s retirement group health benefits. If you are a retired member or you are an active member planning to retire within the next five years, we encourage you to participate in our live webinar and survey opening on November 2. Please visit the plan website to learn about health benefits funding, and take the survey so we can get your feedback. We will consider members’ feedback in our review.
We remain committed to you
Thank you for all that you are doing to help fellow British Columbians through this challenging time. The plan includes first responders, health care workers and many different public servants working hard to mitigate the effects of COVID-19 and support our province’s recovery. You are all vital to these efforts and we are sincerely grateful.
Public Service Pension Board of Trustees