Pension options after leaving your job

Discover the many different options available to you for the contributions you've made into the plan.

1. Transfer your commuted value

3. Transfer your service to another plan

2. Tax implications of lump-sum pension payment options

Defer your pension until you retire

If you leave your current job and think you may work again at WorkSafeBC or for another employer with a pension plan, you may want to leave your pension benefit with the WorkSafeBC Pension Plan.

Leaving your pension benefit with the plan defers your pension until you apply to receive it in the future. The earliest age you can apply to receive your deferred pension is 55. After you turn 55 and before you turn 71, you may apply to receive a monthly pension that will continue for your lifetime and may include future cost-of-living increases.

To calculate a deferred pension, the plan takes the highest average salary you had before your employment ended at WorkSafeBC, and increases it by the same percentage increases that were paid to retired members during the same period (cost-of-living adjustments).

If you defer your pension and then return to work with WorkSafeBC, you will increase your service, which could lead to a larger pension.

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.