Guide for new members
Welcome to BC's Teachers' Pension Plan. As a plan member, you are eligible for a lifetime monthly pension when you retire.
Beyond the lifetime pension
In addition to the guaranteed lifetime monthly pension payment, the Teachers' Pension Plan also includes a non-guaranteed annual cost-of-living adjustment (COLA).
During your retirement, your monthly pension payment may increase because of these COLAs.
Each year, the Teachers' Pension Board of Trustees carefully considers various factors to decide whether to approve a COLA – and if so, its value. If the board grants an adjustment, it will take effect in January and is applied to your monthly pension payment (and any bridge benefit and/or temporary annuity you may be receiving).
A COLA might not be granted each year. However, once granted, it becomes part of your lifetime pension.