Pension Life - Summer 2023
Plan members make a difference to BC
Message from the trustees
Are you taking any summer trips in BC this year? We share a beautiful province and there are unique communities throughout. You can take pride knowing your pension helps to support them.
How? The plan pays out approximately $114 million in pension payments every month. Retired members spend their pension dollars in their home communities, which helps to support their local economies. When retired members travel, they spend their pension dollars where they visit. This helps those communities and businesses as well.
In fact, recent research from the Canadian Centre for Economic Analysis discovered for every $10 of pension payments paid, about $16 of economic activity is supported in BC.
So, whether you camp in the Kootenays, sip wine in the Okanagan, or sample the crafts and cuisine at a Gulf Islands farmers’ market, your pension makes you a welcome visitor wherever you go.
Investing for all your summers to come
As your Public Service Pension Board of Trustees, we’re focused on our responsibilities to you. We’ve designed the plan with a long time horizon that anticipates and adapts to changing conditions.
Our investment strategy plays an important role in your pension. Did you know plan investments pay 75 cents of every pension dollar you receive? This is why we provide guidance to the plan’s investment manager, British Columbia Investment Management Corporation (BCI), to find investment opportunities that align with our goals and beliefs. We work together to make sure the pension fund remains strong and sustainable.
We closely monitor our progress and the plan’s financial health through regular valuations. The next valuation is underway now, and we’ll report the highlights in the winter 2024 issue of Pension Life.
Cool reads on hot topics
The summer reading list recommendations are out, and we have a few of our own! Take the time to learn a little bit more about your pension with our learning articles. These short articles offer tips and tricks that may help you with some of your important decisions about taxes, health care and even future work opportunities.
Having the right information can bring peace of mind.