Understand your member benefit statement
You will receive an annual statement showing useful information about your pension, including estimates of your future pension payments.
The annual Member's benefit statement shows:
Your personal information
- Your name
- Your Person ID number
- Your date of birth
- Your spouse's name
- Your spouse's date of birth
- The date you began contributing to your pension
This shows the beneficiary(ies) you have named for a pension benefit if you die before you retire.
Your estimated monthly pension benefit
This shows up to four estimates of your lifetime monthly pension if you retire at:
- Age 55 – the earliest date at which you can start to receive your pension
- Age 60 or when you have 35 years of contributory service (whichever occurs first)
- Age 65 – the normal retirement age for BC's College Pension Plan
- Age 71 – the age at which you must start receiving your pension
These estimates assume you continue to earn the same salary and service as the previous fiscal year until retirement.
This section also shows up to two estimates of your lifetime monthly pension if you stopped working as of August 31 of the previous year, left your money in the plan and retired on one of the dates shown. This section shows your highest average salary, as well.
Your pensionable earnings and service
- Your pensionable earnings – the portion of your salary used to determine your plan contributions
- Your pensionable service – your actual working time as a plan member over the plan's fiscal year and since you began contributing to the plan (you earn one month of pensionable service for each month of full-time work)
- Your contributory service – the number of months you and your employer contributed to the plan (you earn one month of contributory service for each month you contribute)
This shows the amount you have contributed:
- Over the plan's last fiscal year
- Since you began contributing to the plan (plus interest)
Your contributions do not reflect the value of your pension. The value of your lifetime monthly pension is based on a formula that uses:
- Your pensionable service
- The average of your five highest years of salary (not necessarily the last five years)