April 1, 2022 changes apply to correctional employees in BCGEU component 1.
In December 2020, the Public Service Pension Board of Trustees approved its valuation report, which showed the plan’s funded ratio was 109.6 per cent with a surplus of $2.7 billion. We have made changes to your contribution rates and accrual rates to reflect this surplus.
The changes are effective as of April 1, 2022. You do not need to take any action; these changes will take place automatically. You can be assured your pension remains valuable and sustainable, and that your bridge benefit and early retirement provisions remain in place.
If you have a combination of correctional service and regular service, please read the information about regular service in Member News as well as this guide.