Understand your retired member pension statement

As a retired member of the plan, you will receive a pension statement in January each year showing the most current information about your pension.

The pension statement includes information about your:

• Gross monthly pension
• Monthly pension payment
• Beneficiary 
  The person(s), trustee(s) or organization(s) that are designated to receive your pension after you die.
  If you have a spouse, they automatically become your primary beneficiary (unless they waived that right).
• Group benefit coverage
• Tax credits and exemptions
• Income-splitting opportunities

Gross monthly pension

This section shows the:

• Pension option you chose at retirement and, if applicable, outlines how your pension benefit will be distributed to your beneficiary or beneficiaries when you die
• Total cost-of-living adjustments  
  A non-guaranteed increase to your monthly pension payment. 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. COLA is granted at the discretion of the WorkSafeBC pension committee.
  added to your pension
• Value of your bridge benefit  
  A temporary monthly amount paid in addition to the lifetime pension.
  It is payable from your retirement date until you turn 65 or die, whichever comes first.
  , if applicable, and any cost-of-living adjustments added to your bridge benefit

Pension payment

This section shows the deductions from your gross monthly pension payment, such as income tax and dental plan premiums.

Your beneficiary

The statement names your beneficiary(ies). It will also state whether you are able to change your beneficiary.

Group benefits

This section shows your coverage under the group benefit plan for retired members, which could include:

• BC Medical Services Plan
• Dental

Tax credits and exemptions

This section shows the federal and provincial tax credits and exemptions that you qualify for. If you qualify for additional tax credits not shown on this statement, you must send us an updated federal and/or provincial TD1 form so we can make any required changes.

Download a TD1 from the Canada Revenue Agency and submit it to us if you qualify for additional tax credits than those shown on your pension statement.

Income splitting

You may be able to transfer part of your pension income to your spouse or common-law partner. This section summarizes income-splitting opportunities.