Rights & Benefits: Pensions
Our rep to the FPSE Pension Advisory Committee is Alison Woods, local 7218. Please contact her if you have a general enquiry or a question about pension policies. For specific details of one’s own pension we advise that you start with the Pension Board’s website.
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.
Human Resources at VCC often puts on workshops on retirement planning. VCCFA members are encouraged to attend. Check with Alison Woods for more information.