The valuation report of BC's Teachers' Pension Plan examines the plan's assets and liabilities, as well as demographic, investment and economic factors that affect the plan. Read the valuation report prepared by the plan's actuary.
Every three years, an independent actuary (professional with specialized knowledge of finance, statistics and risk theory) assesses the long-term financial health of the Teachers' Pension Plan. The valuation is like a report card showing whether the plan is on track to meet its pension promise.
Working from a number of assumptions, the actuary compares the plan's assets (current financial holdings, future contributions and investment returns) against the money to be paid out in the future for pensions (liabilities). If the assets are the same as or more than the liabilities, the plan is fully funded. A shortfall in assets is an unfunded liability. The board must address an unfunded liability by adjusting contribution rates for members and employers.
Valuations help the Teachers' Pension Board of Trustees make decisions about funding the plan. The valuation determines the necessary contribution rate to ensure the plan is healthy and has the funds available to meet the pension promise for all active and retired plan members.
The most recent valuation report, completed as at December 31, 2014, showed that the plan had a surplus and was 102 per cent funded. The next valuation will be as at December 31, 2017, with results available in late 2018.
|Valuation funding ratio, 2008–2014|
Read our most recent valuation reports
Actuarial Valuation Report – December 31, 2014
Posted: January 07, 2016
Actuarial Valuation Report – December 31, 2011
Posted: October 29, 2012
Actuarial Valuation Report – December 31, 2008
Posted: October 16, 2009
Three reports are posted online. For archived reports, please contact the Teachers' Pension Plan.