Understand your member benefit statement
Your statement is an annual snapshot of your pension information and includes estimates of your potential future pension.
As an active member of the BC College Pension Plan, you will receive a member’s benefit statement (MBS) every January. Your MBS can help you understand how much your future pension payments may be when you retire. It’s also your annual reminder to double-check that the information we have about you is up to date.
Three things to know about the pension estimates on your statement:
- The service and salary information is based on everything you have earned or accrued up to August 31.
- The service projected into the future presumes you will continue to work in your current job, at your current pay, uninterrupted, until you retire.
- The earliest unreduced pension age you see listed is when you are eligible for an unreduced pension on all your service. For most plan members, the normal retirement age is 65, and the earliest retirement age is 55.
The number of estimates in your MBS depends on your age now and is based on different retirement ages.
Use the personalized pension estimator in My Account to see how different retirement ages affect your pension. These estimates can help you plan for your future.
If you receive an MBS but do not have access to online services in My Account, you can rely on your MBS pension estimate to be equally accurate until your pensionable earnings and/or service information changes.
Your pensionable salary and service
This section shows:
- 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)
View an example of a Member’s Benefit Statement.
Getting your statement
Most members can view a digital version of their statements in My Account. If you haven't registered yet, or have not opted to go paper-free, then you will still receive a paper MBS. Paper statements will either arrive by mail or via your employer.
Switch to paper-free statements
To make the switch to paper-free statements, sign in to My Account and update your communication preferences in your Account settings.