Guide for new members
Learn more about your WorkSafeBC Pension Plan, which provides you with a monthly lifetime pension when you retire.
What kind of plan is it?The plan is a defined benefit plan that will provide you with a lifetime pension when you retire. Your pension is based on:
- The number of years you were a plan member
- The average of your highest five years of salary
- Your age at retirement
Unlike defined contribution plans, your pension is not based on your contributions to the plan or the investment performance of plan assets.The advantage of a defined benefit pension plan like the WorkSafeBC Pension Plan is that the pension benefit is based on a formula that allows you to more accurately forecast your monthly income in retirement.
Your pension is paid each month for your lifetime. Depending on the option you choose when you retire, your pension may also continue for the lifetime of your spouse.
Once you have made your first contribution to the plan you are eligible to receive a pension benefit when you retire.