Organizational structure of the plan
Learn how BC's College Pension Plan is structured and organized.
The College Pension Plan provides secure retirement income for about 31,000 plan members, including employees and senior administrators at 23 public post-secondary institutions across the province. There are:
- About 15,239 active members (working and contributing to the plan)
- About 8,936 retired members (receiving a pension)
- About 6,951 inactive members (no longer working for a plan employer but have left their contributions with the plan and may be eligible for a pension)
The above numbers include limited members (former spouses who are entitled to a portion of a member's pension).
As of August 31, 2017, the plan had investment assets of more than $4.6 billion.
The College Pension Board of Trustees is responsible for plan governance. Trustees are nominated and appointed by the four plan partners – the British Columbia Government and Service Employees' Union (BCGEU), the Federation of Post-Secondary Educators of BC (FPSE), the Post-Secondary Employers' Association (PSEA) and the provincial government.
The College Pension Plan Joint Trust Agreement sets out how the 10 trustees are appointed:
- The provincial government appoints four trustees (one nominated by PSEA)
- FPSE appoints three trustees
- BCGEU appoints one trustee
- The plan member partners appoint one trustee who must be retired and receiving a pension from the plan
- The plan employer partners appoint one trustee who must be an active member of the plan and not a member of either BCGEU or FPSE
Trustees are responsible for governing the plan and managing the pension fund, which includes pension plan administration and investment of assets. They do this by making decisions and providing direction to:
- British Columbia Pension Corporation (the plan's administrative agent) on administration of the plan, including services to members
- British Columbia Investment Management Corporation (the plan's investment agent) on management of the plan's assets
The following service providers also play an important role:
- Eckler Ltd. (an independent actuary) assesses the plan's financial health every three years
- KPMG (an independent auditor) audits the plan's financial statements each year per Canadian generally accepted auditing standards
- Green Shield Canada provides voluntary extended health care and dental coverage for eligible retired plan members
- Lawson Lundell provides legal counsel to the plan