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

This includes:

  • 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

Your beneficiary

This shows the beneficiary(ies)   you have named for a pension if you die before you retire.
 

Your estimated monthly pension

This shows up to four estimates of your lifetime monthly pension if you retire on the dates listed. These estimates assume you continue to earn the same salary and service as the previous year.

This section also shows up to two estimates of your lifetime monthly pension if you stopped working on the previous December 31, left your money in BC's Teachers' Pension Plan and retired on one of the dates listed. It also shows your highest average salary.

Your earliest unreduced age may be later than what’s displayed in previous statements. This is because the earliest unreduced age is affected by new reduction rules for service on and after the plan rule change effective January 1, 2018. When making your retirement planning decisions, please consider that the rule of 90 will continue to apply to service before January 1, 2018, and much of your service may be unreduced. However, there may be a reduction for service on and after January 1, 2018, which affects your overall earliest unreduced age.

Your pensionable earnings and service

This 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)

Your contributions

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)

  Print
Are you aware that improvements are coming to the Teachers’ Pension Plan on January 1, 2019? To find out more, read the Board Communique from March 19, 2018.

Related content for your member benefit statement

Taking time off work and buying service

Beneficiaries

Related documents for your member benefit statement

View an example of a member's benefit statement