Welcome to your Pension Life…online! We’ve adapted the Pension Life newsletter and added it to your plan website. Here you can access your pension news and plan updates anytime. Plus you’ll find new online features such as tax-time tips, quick links to all your pension resources and more!
In January 2021, pension news will only be available online, but we’ll continue to mail paper copies of all important plan updates, such as plan amendments and inflation adjustments.
Watch the website for updates, and don’t forget to register for My Account so you can access all your information in one place.
Looking to 2020 and beyond, we want to show you how the Public Service Pension Plan is an example of pension governance done right. Your plan is well funded, fair and sustainable, and you can have confidence it will be here for you now and into the future.
Inflation adjustments help to protect the value of your pension as the cost of living rises over time. While inflation adjustments are not guaranteed, once they are granted, they become part of your lifetime pension. All retired members will receive an inflation adjustment of 1.9 per cent to their monthly pensions effective January 1, 2020. This increase to your monthly pension payment is based on the annual change in the 12-month average of the Canadian consumer price index. If you retired partway through 2019, your adjustment will be pro-rated based on the number of months in 2019 you received a pension.
Starting October 1, 2019, retired members who earned service between April 1, 2006 and March 31, 2018, became eligible to receive a past service pension improvement. You will see an increase to your pension if
you earned service between April 1, 2006 and March 31, 2018,
and you are age 65 or older.
Lastly, the next valuation of the plan will be as at March 31, 2020. A valuation occurs at least once every three years to determine the financial position of the plan and the future contribution rates needed to ensure its long-term funding. The last valuation determined the plan was 108 per cent funded. The next valuation report will be posted on the plan website at the end of December 2020.
MSP premiums eliminated
BC Pension Corporation no longer administers Medical Services Plan (MSP) group coverage. Health Insurance BC (HIBC) automatically put you and any dependants on a self-administered MSP account. You will continue to have MSP coverage.