Welcome to your Pension Life…online! We’ve adapted the Pension Life newsletter and added it to your plan website. Here you can access your pension news and plan updates anytime. Plus you’ll find new online features such as tax-time tips, quick links to all your pension resources and more!
In January 2021, pension news will only be available online, but we’ll continue to mail paper copies of all important plan updates, such as plan amendments and inflation adjustments.
Watch the website for updates, and don’t forget to register for My Account so you can access all your information in one place.
BC Pension Corporation no longer administers Medical Services Plan (MSP) group coverage. Health Insurance BC (HIBC) automatically put you and any dependants on a self-administered MSP account. You will continue to have MSP coverage.
Your 2020 cost-of-living adjustment is 1.9 percent
Every three years, your plan has a financial health check by an independent actuary. The most recent actuarial valuation (completed March 31, 2017) shows your plan remains healthy and strong, with a surplus of $350 million—a funded ratio of 129 per cent. This demonstrates your plan is secure.
As a retired member of the WorkSafeBC Pension Plan, you received a 1.9 per cent cost-of-living adjustment (COLA) effective January 1, 2020. COLA helps the value of your pension keep up with the rising cost of living; the adjustment amount is based on changes in the Canadian consumer price index between September 2018 and September 2019. COLA (which is not guaranteed) is funded by member and employer contributions to the inflation adjustment account. As your Pension Committee for the WorkSafeBC Pension Plan, we monitor the plan’s ability to pay COLA.
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.