Pension Life - 2020

Life happens

Life happens image

Keep your pension up to date in retirement

Change in income

Your pension is taxable income. The amount we deduct assumes your pension is your only source of income. Additional sources of income (e.g., part-time job) could put you in a higher tax bracket. To have more taxes deducted from your monthly payment, send us a request using My Account Message Centre specifying how you want the additional tax deducted. If you move outside BC, advise the plan through Message Centre—different tax laws may require different tax deductions or affect your group benefit coverage.

Change in marital status

Changing your marital status in retirement is complex, as a pension is family property. If you and your spouse separate or divorce, send us a copy of your separation agreement, court order or Form P9 Agreement to have benefits divided. This will determine how your pension will be divided.

Change of beneficiary

Not all pension options allow you to change a beneficiary in retirement, and pension guarantee periods are important to consider. If you chose a joint life pension with a guarantee, your spouse is automatically your beneficiary; however, if they die during the guarantee period, you can choose an alternate beneficiary.

For complex decisions, we recommend you seek advice from a lawyer or financial advisor.