Pension Life - Winter 2022

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 online features, quick links to 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.

Tax slips available online

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

Questions about completing your tax return? Visit canada.ca or call Canada Revenue Agency at 1-800-959-8281.

Get your tax slip

Welcome to retirement online

The Public Service Pension Plan is here to support you throughout your retirement. Browse the resources available in our online version of Welcome to retirement and come back often during your retirement journey to stay connected.

Explore now

Ready to go paper-free?

You can choose to receive emails when your latest pension information, like your tax slips and annual pension statement, is available online in My Account. Going paper-free is fast, secure and lets you keep track of all your important pension information in one place. Register or sign in to My Account, confirm your contact information and select “yes” to go paper-free.

Visit My Account

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.

Member discounts are available for out-of-province medical coverage, house insurance and life insurance, hearing aids and travel packages.

Annual dues are only $20 (single) or $40 (member and spouse) and are deducted from your February pension payment. New members pay no dues for the calendar year that the application form is received.

Visit the BCGREA website to download an application.

Capture your retirement in action

Have fun showing off your retirement lifestyle by modelling in a professional photo shoot. Photos will be used to promote the Public Service Pension Plan, helping other members engage with their pension plan. To thank you for your participation, we’ll send you a digital photo from the shoot.

Sign up today

Smiling man with pharmacist

Your drug plan changed on January 1, 2022

Changes made to ensure sustainable health coverage

The board has completed a full review of retirement group health benefits, resulting in changes that ensure these benefits remain sustainable.

Read more

Smiling woman picking vegetables at grocery store

Pensions increase 2.7 per cent

Your inflation adjustment for 2022

Inflation adjustments help your pension keep pace with increases in the cost of living. Effective January 1, 2022, retired members received an inflation adjustment of 2.7 per cent to monthly pensions.

Read more

illustration: group of people examining charts and graphs

2020 valuation surplus

Great news: The latest valuation determined the inflation adjustment account is fully funded.

This means the board can remain confident in its ability to provide inflation adjustments to retired member pensions for the foreseeable future.

To support long-term sustainability of the plan, the board will use the surplus to improve accrual rates for active members and to fund the rate stabilization account. Stable contribution rates are part of what makes the plan a valuable tool for attracting and retaining new plan members and plan employers. This helps to ensure the long-term sustainability of the plan.

Valuation surplus is good news for retired members

An easier way to prove your income

Instantly access an income verification letter at any time through My Account. You can now easily download a PDF letter showing your gross monthly pension payment. Use this and other self-service options in My Account to get the pension information you need quickly and conveniently.

Visit My Account

Tips and tools


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.


Taxes

Tax information for retired members
Find out more information about the taxes that are deducted from your monthly pension payment.

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.


Do more in My Account

  • Sign up to go paper-free
  • View your annual pension statement and transaction statements.
  • View extended health care and dental enrolment and premiums.
  • View your payment history and payment schedule.

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.