How pension contributions work
You contribute to your pension through automatic payroll deductions. Your employer also contributes to your pension.
Will my contribution rate increase?
It is possible that your contribution rate may increase.
At least once every three years, an independent actuary (a specialist in financial modelling, the laws of probability and risk management) assesses the financial position of BC's Public Service Pension Plan.
This assessment examines the plan’s ability to pay all current and future pensions. It also reviews the current contribution rates to see if they are sufficient to fund the plan.
Under the Public Service Pension Plan Joint Trust Agreement, trustees are required to adjust contribution rates when needed to meet the plan’s funding requirements.If the actuary’s assessment determines there is a funding shortfall, both your contribution rate and your employer's contribution rate may increase to bring the plan back to full funding. This ensures the Public Service Pension Plan maintains its fully funded status. Contribution rate increases are shared equally by members and employers.