FAQs: Pension

How do I get in the plan?

Being in the pension plan is mandatory if instructors are initially hired as full-time regulars (rare at VCC) or once their salary reaches one-half of the Yearly Maximum Pensionable Earnings (YMPE). This is an amount set annually by the federal government and it currently sits at $42,100.

How much do I pay?

The premium is a percentage of salary, currently 7.95% up to YMPE and 8.7% above the YMPE. The College contributes a like amount.

Much more detailed information about the plan is available at www.pensionsbc.ca.

Who can I call about pensions?

For detailed information about your personal pension, we advise you to first check out the plan’s website and contacts.

We also advise you to contact the College’s Human Resources Department. For questions about union policies regarding Joint Trusteeship, plan administration and future directions, our rep to the FPSE Pension Advisory Committee is Brian Haugen, 7393.

PENSION INFORMATION

Some members may have accumulated pensionable service in other BC public sector pension plans that they want to transfer to the College Pension Plan. There is a new agreement regarding such transfers. The main difference with this new agreement is that transferred service will now be prorated based on the difference between the pension benefits payable from each plan. In most cases, members transferring services from other plans to the College Pension Plan will not be credited with the same amount of service because our plan pays relatively high benefits. For example, one year in another plan might be worth only 10 months in the Pension Plan. However, members will be able to have the same amount of service credited by paying the shortfall (in the example, 2 months). For more details take a look at the fact sheet on transferring service on the Pension Plan Website.

Also note that the Public Service Pension Plan (PSPP) and the ICBC Pension Plan have been added to the list of BC public sector pension plans covered by the transfer agreement. You may be eligible to transfer service from public sector plans in other provinces; contact the Pension Corporation at 1-888-440-0111.

Alison Woods – VCCFA Pension Representative 7218