Joining a pension plan is a big and exciting step for your organization. It's an investment in your future and there’s a lot to consider. This guide walks you through plan benefits, eligibility, responsibilities, and enrolment so you can decide if the plan is right for you and your employees.
Benefits of enrolment
The Public Service Pension Plan is a defined benefit plan, which means a member’s pension is based on a formula of highest average salary and pensionable service, and not the amount of contributions or the fund’s investment returns. Upon retirement, members are eligible to receive a pension benefit for life. With a proven track record of good governance and a focus on prudent, sustainable management, the plan is the ideal choice for employers wanting to attract and retain great employees. Here’s how the plan can help your organization:
- Retirement income security is a strong draw for job seekers
- Employer costs are stable and predictable
- Administration is made easy
- Resources are available to you
- British Columbia Investment Management Corporation (BCI) provides investment management services to the plan
The Public Service Pension Board of Trustees provides direction to BCI, the plan’s investment agent, regarding management of the plan’s assets. BC Pension Corporation provides professional pension services to the board and a range of services to plan members and employers. These services include providing plan information to members and employers, managing contributions and member records, paying pension benefits, and providing policy, financial and communication services to the board.
The plan has a joint trusteeship governance structure. This means that representatives of both plan members and employers share management of the plan. There are more than 85 employers in the plan. For a list of plan employers, see the current annual report.
For more information, check out the About us section of the plan website:
- For plan rules and governance - Who we are
- For value of the plan - Education and outreach