Understand your pension options

Understand your options as you prepare for life after work in the BC Public Service.

You're strongly encouraged to seek independent financial advice as you plan for retirement.

---

On this page

• Public Service Pension Plan
• Pension estimate
• Purchase of service
• Extended health care and dental benefits
• Employee Basic Life Insurance for pensioners under age 65

---

Public Service Pension Plan

The BC Pension Corporation administers your BC Public Service pension benefits.

They provide information about your pension plan from your first day on the job through to retirement.

Public Service Pension Plan seminars

The Public Service Pension Plan offers information seminars around the province.

If you're within 5 years of retirement, attend the Approaching Retirement webinar.

The Real Deal videos

The Real Deal videos answer questions about how to purchase service and retirement planning.

• Part I: Things to Think About Before Retiring (YouTube)
• Part II: Overall Retirement Strategy (YouTube)

---

Pension estimate

When you're within six months of your last day at work, request retirement information and a pension estimate from the Public Service Pension Plan.

You can also do your own pension estimate and apply for your pension through the pension plan's My Account.

The earliest you can finalize your pension is 90 days before your retirement date.

---

Purchase of service

Before you retire, you may be able to increase your future pension by purchasing service for periods when you weren't contributing to your pension plan. An example would be when you were on maternity leave or working as an auxiliary.

---

Extended health care and dental benefits

Plan members who are eligible for a pension from the Public Service Pension Plan (PSPP) and are permanent residents of Canada can have extended health care and dental benefits coverage through Green Shield Canada.

Plan details are available through the PSPP's Retirement health coverage and you.

For rates, visit PSPP's Retirement health coverage premiums.

Make sure you confirm the effective date of your coverage and your new policy number before accessing dental or extended health services.

---

Employee Basic Life Insurance for pensioners under age 65

You may be eligible to continue your Employee Basic Life Insurance and, if applicable, optional family funeral benefit.

Retirees under 65 are given this option in their pension package.

Complete a new Group Life Beneficiary Designation (PDF, 174KB) 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

Not eligible

• If there has been a break in service from termination of employment to commencement of your pension payment
• If you're 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.

Both excluded and bargaining unit employees have the option to convert to an individual policy when their insurance ends at 65.