Understand your retired member pension statement
As a retired member of the plan, you will receive a pension statement in January each year showing the most current information about your pension.
Each pension statement from BC's College Pension Plan shows your:
- Gross monthly pension
- Monthly pension payment
- Group benefit coverage
- Tax credits and exemptions
- Income-splitting opportunities
Gross monthly pension
This section shows:
- The pension option you chose at retirement and, if applicable, how your pension will be paid to your beneficiary(ies) when you die
- Total cost-of-living adjustments added to your pension
- The value of your bridge benefit and temporary annuity, if applicable, and any cost-of-living adjustments added to it
Monthly pension payment
This section shows the deductions taken from your gross monthly pension payment, including deductions for income tax and your retirement health coverage – extended health care and/or dental coverage, and Medical Services Plan (MSP).
Beneficiary or beneficiariesThis section names your beneficiary(ies) and states if you are allowed to change your beneficiary.
This section shows the effective date(s) for your retirement health coverage, which could include:
- Extended health care
Tax credits and exemptions
This section shows the federal and provincial tax credits and exemptions you qualify for. If you qualify for additional tax credits not shown on your pension statement, send us an updated federal and/or provincial TD1 form so we can make any required changes.
This section summarizes income-splitting opportunities. You may be able to reduce your taxes by transferring part of your pension income to your spouse or common-law partner.