Pension Life - Winter 2021

News for retired members

Welcome to the winter issue of Pension Life online. Here you can access your pension news and plan updates anytime. Plus you’ll find new online features, quick links to all your pension resources and more!

Watch the website for updates, and don’t forget to register for My Account so you can access all your information in one place.

Taxes: T4A available online

Your current and previous T4As are available through My Account. Sign in to My Account today to view and print your T4A.

View your tax slip

Green Shield Canada has you covered

Your health and dental coverage

Learn about Green Shield Canada’s new services and get helpful reminders about your coverage.

Read more

Retirees’ association

Join British Columbia Government Retired Employees’ Association (BCGREA) to connect with other retirees and their spouses about pension issues, meet former co-workers, make new friends and have a voice about your pension.

BCGREA represents the interests of retired Public Service Pension Plan members.

Learn more (opens external website)

Ready to go paper-free?

You can now choose to receive digital notifications when your latest pension information, like your tax slip and Annual Statement, is available online. Going paper-free is fast, secure and allows you to keep track of all your important pension information in one place.

If you're already registered for My Account, sign in, confirm your contact information and select “yes” to receive pension information digitally whenever possible. If you’re not already registered for My Account, register now to opt in.

Visit My Account

Pension Life is published twice a year. You may receive more than one copy of Pension Life if you receive a pension from more than one pension plan. Read your statement letter to determine which plan provides your group benefits. Any person entitled to a benefit, or their agent, has the right to examine plan documents, data and public information about the plan.

Woman smiling and looking up towards the sky while hiking

Strong valuation results

Pensions receive a 1.0 per cent inflation adjustment

The 2020 valuation results are complete and the plan is 109.6 per cent funded. You’ve received a full inflation adjustment for 2021.

Read more

Health care and dental rates

The new monthly rates are in effect from February 1, 2021, to January 31, 2022. The rates are reviewed annually and may change at any time.

Residents of Ontario and Quebec must pay provincial sales tax on voluntary extended health care and dental insurance premiums. If you live in one of these provinces, the tax will be added to your premiums each month.

Retirement health coverage premiums

Update on our review of group health benefits

Thank you to everyone who participated in the engagement process. Learn more about what comes next.

A review is underway of the plan’s retirement group health benefits program. Your feedback is important to us, so we conducted an engagement process with retired members (and members planning to retire within five years) to learn about their extended health care priorities and preferences. In the fall, we provided educational webinars, new website information, and a new video to help members complete a survey that will help inform our decision making.

A summary of the findings will be posted to the plan website this spring. We expect to announce our decision later in 2021. We thank everyone who participated in this engagement process for your feedback and assistance.

Learn more

The 2020 Annual Report is now available

Read the 2020 Annual Report for information about investment performance, governance and more.

Read the report

Tips and tools


Taxes

Six tips for tackling your tax return in retirement
Learn how receiving a pension affects your tax return, and how you can make filing your taxes easier.

Your tax questions answered
It’s that time again! Find out how to reduce your taxes through income splitting or additional deductions.


Payments

Your payment dates
Find out when to expect your next monthly pension payment.

How to manage your banking information
Learn how to easily update your banking information and sign up for direct deposit, wherever you live.


Health

Retirement health coverage premiums
Are you covered? Learn more about health care costs in retirement.