Corrections

April 1, 2022 changes apply to correctional employees in BCGEU component 1.

Contribution rate changes

Your contribution rates have changed for service earned from April 1, 2022, onwards.

Correctional employees were moved to a flat contribution rate of 8.35 per cent on August 1, 2018, in anticipation of the plan partners giving further direction on a correctional employee plan design.

The plan partners have decided that correctional employees’ contribution rate structure will once again be tied to the year’s maximum pensionable earrings (YMPE).

YMPE is the salary limit set by the federal government each year to determine the maximum annual contributions workers make to the Canada Pension Plan. We use it as part of the pension formula to calculate your contributions and pension benefits.

The contribution rate for earnings up to the year’s maximum pensionable earrings (YMPE) is different than for earnings above YMPE.

Total contribution rate starting April 1, 2022:

• 8.25 per cent for earnings up to YMPE and 8.95 per cent for earnings above YMPE

Table of recent changes

The contribution rates and accrual rates in effect at the time you earn service remain tied to that service. This means you could have multiple service periods as part of your pension calculation. The table below summarizes the accrual rates and contributions since April 1, 2018.