A message from the WorkSafeBC Pension Plan Pension Committee: May 14, 2020
Your Pension Committee wants to provide you continued reassurance about your pension.
Dear plan member,
In these rapidly changing times, there’s a lot we don’t know about the impacts of COVID-19. However, we want to provide you continued assurance about your pension plan and information on how our service providers are working to stay safe while keeping business as usual.
Your pension is safe
You can feel secure knowing your pension will be paid now and in the future. Your pension is calculated based on a formula that takes into account your years of service and highest average salary. It is not dependent on the performance of the financial markets.
The plan is well funded and has enjoyed strong performance over the past 10 years. It is protected against a market downturn through our long-term approach to investing. A correction in the decade-long market growth was anticipated, and British Columbia Investment Management Corporation, the plan’s investment agent, has been adjusting the portfolio holdings to reduce risk. Plan investments are broadly diversified, which cushions the overall portfolio against lower returns in any one asset category. In other words, we don’t have all your eggs in one basket. The plan is able to meet its commitments to plan members now and in the future.
Keeping you informed
BC Pension Corporation has been working hard to provide you with accurate and current information through the WorkSafeBC plan website. We encourage you to visit the COVID-19 updates FAQ section, where you’ll find answers to questions you may have on topics such as what you can do in My Account and the new COVID-19 leave of absence.
The corporation continues to serve you by working remotely and practising physical distancing, conducting services through its secure digital channels and by phone. As part of the efforts to protect staff, paper submissions are currently not accepted. You can request services and submit your documents and forms online using My Account Message Centre, a secure channel for sending and receiving messages and attachments. If you haven’t signed up for My Account yet, click the My Account logo at the top of the page and follow the steps to register.
For now, physical offices remain closed and workshops are postponed. We encourage you to use online services available through our plan website and My Account.
Recent weeks have been tough on everyone as we navigate the “new normal” amid this health crisis. The immediate future of this pandemic is uncertain. There will undoubtedly be further adjustments to make in the coming months, but we will learn and adapt together.
Our commitment to you
We want to thank you for continuing to provide outstanding services to the workers and employers of WorkSafeBC and for doing your part to follow public health guidelines.
The Pension Committee is dedicated to being both responsive and responsible, and you can count on us to look after your pension. We hope that knowing your pension is secure provides you with some peace of mind.
Your Pension Committee