Pension Life - 2021
Your pension is secure
As COVID-19 continues to affect the world, you are probably concerned about your health and the health of your loved ones. You may also have concerns about the health of your pension. We want to assure you that your pension is secure.
You can feel confident knowing your pension will be paid now and in the future. Your pension is a defined benefit pension, and the amount of your pension payment is not dependent on the performance of the financial markets.
The plan is well funded and is protected against a market downturn through our long-term approach to investing. Plan investments are broadly diversified, which cushions the overall portfolio against lower returns in any one asset category. In other words, we haven’t put all your eggs in one basket. The plan is able to meet its commitments to you now and in the future.
We hope that knowing your pension is secure provides some peace of mind.
Next valuation report available in early 2021
Every three years, your plan undergoes a financial health checkup called a valuation, conducted by an independent actuary. The valuation examines different demographic and economic factors affecting the plan and measures the plan’s ability to pay all current and future pensions.
Valuation reports help WorkSafeBC make informed decisions about the future direction of the plan. Read the latest report in the Valuation report section of the website.