How to transfer service between public sector plans
You may be able to transfer your eligible service if you are joining or leaving the plan.
Calculating the value of your service
The service you transfer from another plan may not have equal value in the WorkSafeBC Pension Plan, and vice versa. There are a number of reasons for this, including different pension benefit formulas in each plan and salary differences between your old and new jobs.
If the value of the service you transfer from your former plan is less than the cost to buy the same service in your new plan, there is a service shortfall.
If you are transferring service to the WorkSafeBC Pension Plan, you can pay for this service shortfall and be credited with full service. You must pay for a service shortfall in one lump sum, and within the deadline specified by the agreement.
If you decide to transfer your pension and not pay for the service shortfall, you will be credited with pro-rated pensionable and contributory service based on the amount of the shortfall.
If you transfer service to the WorkSafeBC Pension Plan, the amount of contributory service credited in the WorkSafeBC Pension Plan will match the amount of pensionable service from your former plan.
If you transfer your service from your former pension plan to the WorkSafeBC Pension Plan, your eventual pension will be calculated using:
- The combined eligible service from all plans (this may be adjusted if there is a shortfall)
- Your five-year highest average salary from the WorkSafeBC Pension Plan
- The retirement age specified by the WorkSafeBC Pension Plan
If you're leaving the WorkSafeBC Pension Plan and would like to transfer your service to another plan, please contact the new plan.
If a former spouse is entitled to a portion of your pension, the amount of service available for transfer will be reduced because a portion will be diverted to your spouse before the transfer.
There may be tax implications associated with transferring service. We suggest that you talk with an independent financial adviser before making your final decision to transfer eligible service between plans.