Leaving WorkSafeBC and your pension plan
Learn how your age, contributory service and whether you are retiring or working for another employer affect your pension when you leave your job.
Options when you leave WorkSafeBC
If you are leaving your job at WorkSafeBC, you need to make some important decisions about your pension. You may want to talk with an independent financial advisor to help you decide on the best option for your situation.
When you leave your job, WorkSafeBC will notify us. We will then send you either a:
- Termination selection statement—if you are under the age of 55
- Retirement application package—if you are over 55
When you leave your job at WorkSafeBC, you have several options for your pension benefit, depending on your age, contributory service, if you are retiring or if you begin working for a new employer.
If you are under 55
You may either:
- Leave your pension benefit with the plan for a deferred pension
- Leave your pension benefit with the plan until you return to work and become eligible for a pension
- Transfer your pension's commuted value (a lump-sum payment that equals the current value of your future pension at retirement) to a locked-in retirement vehicle or another eligible retirement plan. Please note there are tax implications to this decision
- Transfer your service to another pension plan
If you are between 55 and 65
You may either:
- Receive your pension immediately (unreduced, if you’re age 60 with two or more years of contributory service, or your age plus contributory service equal 90 or more; or reduced, depending on your age and years of contributory service)
- Leave your pension benefit with the plan until you're ready to apply to receive it
If you are 65 or older
You may either:
- Receive your unreduced pension immediately
- Leave your pension benefit with the plan until you're ready to apply to receive it
If you take no action about your pension when you leave your job at WorkSafeBC, your pension will be deferred. This means that it will remain with the plan and be available once you are eligible for retirement and apply for your pension. You may wish to seek independent financial advice as it may not be to your advantage to defer your pension.
As required by the Income Tax Act you must apply for your pension no later than the end of the year you turn 71.
If you ended your employment at WorkSafeBC before September 30, 2015, contact the plan.
If you do not apply to start your unreduced pension when you are eligible, you will not be entitled to have your pension backdated to a previous date. You are responsible for choosing the date your pension will start and you must apply to start your pension.
You may want to talk to an independent financial advisor about which start date is best for you and your situation.