Understand your retired member pension statement

As a retired member of the plan, you will receive a pension statement in January each year showing the most current information about your pension.


Each pension statement from BC's Public Service Pension Plan shows your:

  • Gross monthly pension
  • Monthly pension payment
  • Beneficiary(ies)
  • Group benefit coverage
  • Tax credits and exemptions
  • Income-splitting opportunities

Gross monthly pension

This section shows:

  • The pension option you chose at retirement and, if applicable, how your pension will be paid to your beneficiary(ies) when you die
  • Total inflation adjustments   added to your pension
  • The value of your bridge benefit   if applicable, and any inflation adjustments added to your bridge benefit

Monthly pension payment

This section shows the deductions taken from your gross monthly pension payment, includingdeductions for income tax and your group benefit plan (such as monthly premiums for your extended health care and dental coverage, and group life).

Beneficiary or beneficiaries

This section names your beneficiary(ies)    and states if you are allowed to change your beneficiary.
 

Group benefits

This section shows the effective date(s) for your group health benefits for retired members, which could include:

  • Extended health care
  • Dental

Tax credits and exemptions

This section shows the federal and provincial tax credits and exemptions you qualify for. If you qualify for additional tax credits not shown on your pension statement, send us an updated federal and/or provincial TD1 form so we can make any required changes.

Income-splitting opportunities

This section summarizes income-splitting opportunities. You may be able to reduce your taxes by transferring part of your pension income to your spouse or common-law partner.


External link for pension statements

If you qualify for additional tax credits not shown on your pension statement, download a TD1 form from the Canada Revenue Agency website and submit it to us.