The Teachers’ Pension Plan is governed through a Joint Trust Agreement between the plan partners—the provincial government and the BC Teachers’ Federation.
The Teachers’ Pension Board of Trustees is responsible for managing the pension plan. However, the Joint Trust Agreement sets out conditions for the board to follow in implementing certain changes. The board may change the plan rules if directed to do so by the plan partners and certain conditions are met. The board can also amend the plan rules as long as the changes can be funded by pension fund surpluses or are cost-neutral to the plan.
The British Columbia Pension Corporation is one of the largest benefit administrators in Canada, and the largest in British Columbia. Acting as an agent of the board, the corporation provides plan information to members and employers, manages contributions and member records, pays pension benefits and provides policy, financial and communication services to the trustees.
The British Columbia Investment Management Corporation (bcIMC) provides investment management services as the investment agent of the board. bcIMC is one of Canada’s largest investment managers, administering approximately $100 billion in gross assets on behalf of public sector pension plans, the province of British Columbia, publicly administered trust funds and public bodies as of December 31, 2013.
Eckler Ltd. serves as the actuary for the plan. The actuary conducts an actuarial valuation of the plan every three years.