Guide for new members
Welcome to BC's Public Service Pension Plan. As a plan member, you are eligible for a lifetime monthly pension when you retire.
Beyond the basic lifetime pension benefit
In addition to the guaranteed monthly lifetime pension benefit, the Public Service Pension Plan currently has two other components: inflation adjustments and non-pension retirement group health benefits.
During your retirement, your monthly pension payment may increase because of non-guaranteed annual inflation adjustments.
Each year, the Public Service Pension Board of Trustees reviews several economic factors to decide whether to grant an inflation adjustment. If the board grants an adjustment, it will take effect in January and is applied to your monthly pension payment, as well as the bridge benefit and temporary annuity portions of your pension, if applicable.
An inflation adjustment might not be granted each year. However, once granted, it becomes part of your basic lifetime pension.
Retirement group health benefits
Your health benefit plan in retirement is different from the health benefit plan you have while working.When you apply for your pension, you are eligible to apply for extended health care and dental coverage through the plan. The plan subsidizes a portion of the monthly premiums for retired members’ extended health care coverage based on their years of pensionable service . The plan does not subsidize dental premiums or extended health care premiums for spouses and dependants.
Subsidies for health benefits are funded by employer contributions and are not guaranteed; they can be changed or eliminated at any time.
With the growing number of retired members and inflation of prescription drugs costs, the board is reviewing the plan's retirement health benefits program to ensure it can be maintained for the long term.