Pension Life - 2023
Feel good about your pension
Message from the Pension Committee
You worked hard for your pension, and your monthly payment helps provide you with financial security in retirement. But did you know there are many more reasons to feel good about your pension?
A solid foundation
Your pension is built on a solid foundation that benefits members now and in the future. At least every three years, your plan has an actuarial valuation (a financial health check) by an independent actuary. The most recent actuarial valuation as at December 31, 2021, shows your plan remains healthy and strong, with a funded ratio of 132.8 per cent. This demonstrates your plan is secure, with enough money available to pay for accrued pension benefits for all members.
Learn more about the plan’s latest valuation in Member news.
Cost-of-living adjustments (COLAs)
COLAs help maintain your buying power throughout retirement. Each year, your WorkSafeBC Pension Plan Pension Committee reviews the funds available in the plan’s inflation adjustment account to determine if a COLA can be granted.
While not guaranteed, COLAs help you keep up with inflation by increasing your monthly lifetime pension payment.
Basic pension plus COLA granted
Your pension supports BC communities
A recent commissioned report by the Canadian Centre for Economic Analysis shows that every $10.00 of a public sector pension paid to a retired member or beneficiary results in $15.77 of economic activity in BC. This money supports 110,600 jobs and more than 7,000 businesses throughout the province.
Read the commissioned research on the economic benefits of Canadian public sector pension plans on the Research page at the Canadian Public Pension Leadership Council website.
Staying connected is easy
It’s easier than ever to get your annual statement. Going paper-free is fast, secure and lets you keep track of all your important pension information in one place: My Account.
You can choose to receive email notifications when your latest pension information, like your tax slip and annual pension statement, is available digitally.
Ready to go paper-free? Register or sign in to My Account, confirm your contact information and select “yes” to go paper-free today.
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Member news: November 24, 2022