Straight talk on retirement and pensions
March 17, 2018
I'll see you After class
This is the inaugural post for After class – a new blog addressing current issues relating to retirement and pensions. Check back often for the latest insights and tips to help maximize your pension experience. Make After class your go-to source for valuable pension information on issues that may affect your future.
Welcome to your new plan website
On behalf of the Teachers’ Pension Board of Trustees, welcome to your new website.
Your trustees have created a unique online space with tools and information to enhance your pension knowledge and experience. Plan member feedback guided their priorities for the new website, and what you see here is a direct result of that feedback.
That said, your website will not remain static. We welcome your ideas on how to make it more informative and useful.
Important news! Plan improvements coming in 2019
A trio of improvements is coming to the plan in 2019. If you are thinking of retiring shortly, you’ll want to understand what’s happening because the changes might influence your retirement plans.
So what’s happening?
- Your pension accrual rate (one of three variables used to calculate your lifetime pension) is increasing
- Your default (normal form) pension is changing from having no guarantee period to having a 10-year guarantee period
- The inflation adjustment account that supports cost-of-living adjustments for retired members is being fortified by additional contributions
You can learn more about these valuable improvements, and their corresponding effective date, by following the sidebar link to the board communiqué: A strong valuation means improvements to your Teachers’ Pension Plan.
Make your pension experience easy with My Account
There’s so much you can accomplish in My Account: update your personal information, select and adjust your beneficiary designations, and use a personalized pension estimator that allows you to review your pension details and save pension estimates. Sign in to My Account today to find the answers you need and explore your options. Want to know whether you’re better off retiring at 58 or 65? The personalized pension estimator can help you understand what’s best for your situation.
When you’re ready to retire, in most cases you can now use My Account to apply for your pension online. Gone are the days of sifting through stacks of paper to apply for your pension. My Account’s pension application process is user friendly and saves time, money and trees. Register today!
Your trustees want to make sure you have a positive online experience. They are proud of your new website and encourage you to explore its many new features.
Plan your retirement,
Claude Marchessault is the Executive Director of the Teachers' Pension Plan of British Columbia