How pension contributions work

You contribute to your plan through automatic payroll deductions, and WorkSafeBC also contributes to your pension.

Will my contribution rates increase?

It is possible that your contribution rates may increase.

At least once every three years, an independent actuary (a specialist in financial modelling, the law of probability and risk management) assesses the financial position of the plan.

This assessment examines the plan’s ability to pay all current and future pensions. The assessment also reviews the current contribution rates to see if they are sufficient to fund the plan.

The last assessment was completed on March 31, 2014, showing a funding ratio of 124 per cent. This means the plan is in a healthy position. The next assessment is scheduled for March 31, 2017.