Pensions and marital breakdowns: information for lawyers
Lawyers are often asked to advise clients about dividing a pension benefit between a plan member and a former spouse. Learn more about the information and documents we need to administer a pension following a relationship breakdown.
Estimate the value of the plan member's pension
BC's College Pension Plan calculates pension benefits using a formula based on the member's salary, their age at retirement and the number of years they were a plan member. The value of the pension benefit is not based on the contributions made to the plan.
The following documents and tools may help estimate the value of the plan member's future pension benefit:
- Active and retired members: the Person Profile provides a complete history of the member's participation in the pension plan, including salary and years of service. It also identifies periods of purchased service and indicates whether the member has participated in any other pension plan administered by BC Pension Corporation. This information can be used by an actuary to determine the value of the pension. The Person Profile does not show the commuted value of the pension, and the member's contributions with interest shown on this report do not represent the value of the pension. The plan member can request a copy of their Person Profile from BC Pension Corporation.
- Active members only: the Member's benefit statement is delivered to active members by the end of February each year and is available online in My Account. The statement is an unofficial snapshot of the member's pension, showing their pensionable earnings, pensionable service and contributory service . It also shows up to four estimates of the lifetime monthly pension benefit the member may receive if they continue working as they have over the past year and retire on one of the dates shown.
- Retired members only: a pension statement is mailed out to retired members in January and July each year. This statement shows the member's selected pension option, any named beneficiaries, the amount of the monthly pension and information about cost-of-living adjustment and bridge benefits, if applicable.
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