How we calculate your pension
We calculate your pension based on your years of pensionable service and the average of your five highest years of salary.
Factors that affect your monthly pension payment
In each of these examples, the formulas used to calculate your pension are based on a single life pension guaranteed for 10 years. However, the actual monthly pension payment you receive will depend on several factors, including:
- Your age when you retire, which may result in a reduced pension
- The pension option you choose
- The premiums you pay for health coverage through the post-retirement group benefit plan
- Any legally required deductions, such as income tax
Adjusting for inflation
After you retire, your monthly pension payment may increase if there is an annual inflation adjustment. Inflation adjustments are not guaranteed; they are based on changes in the Canadian consumer price index and the funds available in the inflation adjustment account of BC’s Public Service Pension Plan. Once an inflation adjustment has been granted, it becomes part of your lifetime pension for all subsequent years.