Ready for Retirement
Complete your retirement plan one year before your retirement date. Here's how:
- Contact AskMyHR to complete your Paid Absence Prior to Retirement (PAPR) form. The PAPR form is not available online. AskMyHR will complete and send it to you
- Apply for your pension. You can apply online or submit a paper retirement package to the Public Service Pension Plan. The earliest you can apply is 90 days before your retirement date. For more information please visit applying for your pension or contact the BC Pension Corporation if you have questions
- Plan how to use your remaining leave balances and allowances (see below)
- Give your supervisor notice of your upcoming retirement
Leaves & Allowances
Once you’re scheduled to retire, take your remaining leave banks as cash, time off, or a combination of both. The only leave bank you can't take as time off is archived vacation. Your archived vacation bank will be paid out at the rate at which it was earned.
Pre-retirement leave, or paid absence prior to retirement, is the leave you take immediately before retiring and starting your pension. You can use all your eligible remaining banked time as pre-retirement leave.
Check your leave balances in Employee Self Service.
Pre-1978 sick bank
If you have sick time banked from before Jan 1, 1978, you can use it as time, or have it paid out in cash or direct it to a Registered Retirement Savings Plan (RRSP). The value is equivalent to 50 percent of your accumulated sick time. This bank cannot be divided between cash and time.
The 50 percent sick bank accumulation is considered a retirement allowance for the purposes of the Income Tax Act. If taken as cash, payout follows the rules for retirement allowance. The amount you take as cash can be directed to an RRSP.
Long-serving BC Public Service employees with a minimum of cumulative 20 years in the BC Public Service are eligible for a retirement allowance.
Eligible employees can opt to use the allowance as pre-retirement leave or have it paid out.
- Direct payout with tax withheld
- Direct to an RRSP with no tax withheld, subject to RRSP limits
MyHR will confirm your retirement allowance eligibility.
Final year vacation entitlement
If you are scheduled to retire and proceed directly to pension, you will be granted full vacation entitlement for the final calendar year of service. Some exceptions apply such as being on short term illness and injury or working part time. Contact AskMyHR to confirm your vacation entitlement.
If you contribute to an RRSP, you can ask Revenue Canada to reduce taxes from your leave bank payout. Complete a Request to Reduce Tax Deductions at Source (PDF, 209KB) and submit it to Revenue Canada. Once you receive a letter approving the reduction, submit it to payroll through AskMyHR.
Once you receive your bank payouts, it is your responsibility to put the money into an RRSP. Consult with your financial advisor before making any decisions.
Extended Health Care & Dental Benefits
Plan members who are eligible for a pension from the Public Service Pension Plan and are permanent residents of Canada can have extended health care and dental benefits coverage through Green Shield Canada. For rates, see Retirement Health Benefit Premiums (PDF, 176KB).
Plan details are available through the Public Service Pension Plan. Confirm the effective date of your coverage and the new policy number prior to purchasing service.
MSP is not a benefit available to retirees under the Public Service Pension Plan. Health Insurance BC will contact you to arrange for coverage and payment of premiums after your benefits from work end.
Employee Basic Life Insurance for Pensioners Under Age 65
You may be eligible to continue your employee basic life insurance and if applicable, optional spouse and dependent life insurance. Retirees under 65 are given this option in their pension package.
You will need to complete a new Group Life Beneficiary Designation (PDF, 269KB) form to make sure your information is up to date.
To be eligible
- You must be covered under the BC Public Service Group Life Insurance Plan while still an employee
- You must choose this option on your pension application and plan to receive your pension the month following your retirement
You are not eligible for coverage if
- There has been a break in service from termination of employment to commencement of your pension payment
- You are 65 or over
Premiums are deducted from your pension payments and are subject to change. The amount of insurance is equal to the amount in effect on the day prior to your retirement and will continue until you are 65. You have the option to convert to an individual policy when your insurance ends at 65.