BC Pension Plan
The Public Service Pension Plan is a benefit you receive as a BC Public Service employee.
Make sure you understand your options and how to plan for retirement. You are strongly encouraged to seek independent financial advice as you plan and prepare for retirement.
Three pension plans provide funds when you retire:
If you are a new employee, take the Getting to Know Your Pension eLearning course.
You are automatically enrolled in the Public Service Pension Plan as soon as you are
- A regular employee (full- or part-time)
- A casual or auxiliary employee who earns a salary that exceeds 50 percent of the year's maximum pensionable earnings in a calendar year
- An assistant or associate deputy minister
- A person to whom an enactment or Order-in-Council specifies that the pension plan applies
Once enrolled, you will receive a member's benefit statement from the BC Public Service Pension Plan once a year. On September 30, 2015, all active members are immediately vested into the plan. This means you are entitled to a pension benefit when eligible, after you make your first contribution to the plan. If you terminated your employment before September 30, 2015, please contact the plan for information on your options.
Contributions to your pension come from
- You: Contributions are automatically deducted from your pay
- Your employer: As an employer-paid benefit
Determine contribution amounts by viewing your pay statement in Employee Self Service. Under Before-Tax Deductions, the Superannuation Plan shows the employee paid portion. Under Employer Paid Benefits, the Superannuation Plan shows the employer paid portion.
Nominating a Beneficiary
Note that your Public Service Pension Plan beneficiary is different from your Group Life Insurance beneficiary. Contact the Public Service Pension Plan directly to make sure there is a named beneficiary for your pension. Or, log into my account to view and make changes to your beneficiary. Visit the Public Service Pension Plan website for more information.
Purchase of Service
Once you are an active member of the Public Service Pension Plan, you can purchase pensionable service for previous periods of time when contributions were not made—for example, while you were an auxiliary or student employee or on a leave of absence without pay. This increases your future pension.