Retirement. It’s just around the corner—and as you approach
this new stage in life, you’re probably excited about the new
opportunities that await you. Will you travel, take up new
hobbies or begin a new career? Perhaps you’re also a little
apprehensive about what this new phase will be like. You need to
be sure your financial situation allows you to take
this next step. In particular, you
need to be sure your money will last until the end of your life
and, if necessary, beyond.
This guide is best read in conjunction with your Member’s Benefit Statement, or a pension estimate.
You can do your own estimate on the plan’s website
with the Personalized Pension Estimator, available in
My Account at tpp.pensionsbc.ca or you can request
a pension estimate from the pension plan. You may
also wish to consult the website for information on
nominating beneficiaries when retiring.
You get your guaranteed basic pension for your life regardless
of any other decisions you make about it. Pension options are
meant to protect others—your spouse or other loved ones, or to leave a legacy to your community.
Which pension option you choose is one of the most
important decisions you’ll have to make. This decision will
affect your lifestyle for the rest of your life. While you will
receive your pension until you die, the option you choose will
make a difference in the amount paid to you each month, and
it will make a difference in the amount paid to your spouse,
beneficiary(ies) or estate after your death.
We have written this document to help you work through the
options available to you. You should also speak to a financial
advisor before making your decision—to make a change, you
have only 60 days from the date on your letter notifying you
that your pension benefit payment has been granted. You
must notify the plan, in writing, if you want to change your
pension option. After that period, your choice is irrevocable.
DID YOU KNOW: Can I change the pension option I originally selected?
You have 60 days from the date on
your letter notifying you that your
pension has been granted. After
that time your selection is final.
If you have a spouse, they have certain entitlements to your pension under provincial pension legislation.
Your spouse can waive the right to the minimum 60 per cent lifetime survivor’s benefit and remain as your beneficiary for any other pension option with a guarantee component, or waive all their rights as beneficiary to survivor benefits.
Your ability to change your pension option will be limited to the options that do not reduce your spouse’s entitlement as selected by your spouse on Form 2: Spouse’s Waiver of 60% Lifetime Survivor’s Benefit and/or Beneficiary Rights From A Pension Plan or Annuity After Payments Start.
If your spouse dies within 60 days
of your pension being granted,
you can change to any pension
option because there is no longer
a need to protect your spouse’s
entitlement to your pension.
If your spouse dies after the
60 days, you cannot change your