Guide for new members
Welcome to BC's College Pension Plan. As a plan member, you are eligible for a lifetime monthly pension when you retire.
How does the plan work?
The College Pension Plan is a defined benefit pension plan. Each time you are paid your salary, both you and your employer contribute to the plan. These contributions are pooled and invested so that you receive a lifetime monthly pension when you retire. About 70 per cent of the average pension payment is currently paid by the plan's investment returns.
Your lifetime monthly pension will be based on a specific formula that includes:
- Your years of pensionable service
- The average of your five highest years of salary (not necessarily the last five years)
When you retire, you will receive a monthly pension for your lifetime.
After you die, depending on the pension option you chose at retirement, the plan may continue to pay:
- A pension to your spouse (if you have one) for their lifetime
- Pension benefits to another beneficiary(ies)
- A lump-sum payment to your estate or an organization you have named as your beneficiary
As a new member, once you've made your first contribution to the plan, you can receive a pension at your earliest retirement age. If you're an inactive member who joined the plan before September 30, 2015, other conditions may apply.