Guide for new members

Learn more about your WorkSafeBC Pension Plan, which provides you with a monthly lifetime pension when you retire.


How are my payments calculated?

We calculate your pension using a formula based on your pensionable service (to a maximum of 35 years), the average of your five highest salary years and your age at retirement.

If you retire before age 65, your pension will include a temporary monthly payment called a bridge benefit. The bridge benefit is designed to bridge the gap between your early retirement income and your income at or after age 65. For example, after age 65, you may also apply for Canada Pension Plan and old age security in addition to your pension benefit. The bridge benefit ends when you turn 65 or die, whichever occurs first.

If you retire at the age of 65 or later, you will not receive the bridge benefit.

Before age 65

The formula used to calculate your pension is:

2% × five-year highest average salary (HAS)   × total pensionable service
 

This formula includes the bridge benefit.

At age 65 and after

2% × HAS × total pensionable service

minus the bridge benefit, which is calculated at:

0.7% × (lesser of previous year's maximum pensionable earnings or HAS) x pensionable service
 

Other factors that affect your pension amount

The basic pension formula is based on a single life pension guaranteed for 10 years. You can also choose from other pension options.

The actual monthly pension payment you receive will depend on several other factors, including:

  • Your age when you retire
  • The pension option you choose

Your pension may be reduced if you decide to retire early and you do not meet the criteria for an unreduced pension.

Your monthly pension payment may increase because of annual cost-of-living (COLA). These adjustments are added to your pension to help it keep pace with increases in the cost of living. COLA is based on the Canadian consumer price index and is applied to your pension in January each year if there are sufficient funds in the plan's inflation adjustment account.

Although future COLAs are not guaranteed, once you have received the adjustment it becomes part of your basic lifetime pension for all subsequent years.


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