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Teachers' > Retired Member > Information


Health Care Information

This information has moved to our new Health & Dental Care page.

Your Pension

How and when will I receive my pension cheque?

Here are the dates in 2017 that pension payments are directly deposited to accounts.

First pension payments may be deposited on the last business day of the month. This is only for the first month in which you start collecting your pension. All future pension payments will be paid on the dates noted below.

2017 Payment datesCAD to USD Exchange rate
January 30 1.33570
February 27 1.33490
Mar 30 1.35620
April 27 1.37160
May 30 1.36400
June 29 1.34940
July 28 1.27310
August 30 1.27350
September 28 1.25500
October 30 1.29040
November 29 1.29410
December 21 

Cheques delivered by mail usually arrive by these dates, but we cannot account for disruptions or inconsistencies in postal services. To ensure you get your pension payment on time, every time, consider direct deposit.

Not signed up for direct deposit? Itís easy in My Account.
My Account provides a secure login area to view your pension information. Update your profile, banking and contact information any time in
My Account.
Log on to My Account today.

This option has been available for Canadian residents for some time, and continues to be available. As of January 1, 2013, we are able to offer direct deposit for our members residing in the U.S. If you are a retired member living in the U.S and would like to have your pension payments directly deposited into your account, please fill out the U.S. Direct Deposit Authorization form found in the forms section of this website. While we strive to have your payments available on the deposit dates listed, your actual deposit may vary depending on U.S. bank processing requirements. We cannot yet offer direct deposit for payments going outside Canada and the U.S.

What kinds of taxes are taken off my monthly pension payment?

We are required by law to deduct income tax from your monthly pension payments, based on information provided by you on the TD1 and TD1BC Personal Tax Credits Return forms. We will also deduct additional tax requested by you in writing. IMPORTANT: Return these completed forms to Pension Services NOT Canada Revenue Agency. If you reside outside of Canada, we use tax rates provided to us by Canada Revenue Agency for the appropriate country.

We will send you your income tax form by the end of February each year. If you have not received your tax form by that time, please contact us.

Can I transfer my pension income to a spouse or common-law partner to reduce total tax payable?

You may be able to reduce the total tax you pay by transferring part of your pension income to your spouse or common-law partner, under provisions of the federal Tax Fairness Act.

This process, known as income splitting, allows individuals to allocate a portion of their income to a spouse or common-law partner with lower earnings, potentially creating tax savings for married or common-law couples. As a general rule, individuals may transfer up to one-half (50 per cent) of their eligible pension income to their spouse or common-law partner. By doing this, couples may be able to reduce the total tax they must pay by transferring before-tax pension income from the partner with the higher income to the partner with the lower income. For tax purposes, the gross (i.e., before tax) income of each person will be reduced or increased by the amount of the transfer.

Every year, Pension Corporation sends a T4A slip to retired members, which reports pension income eligible and ineligible for income splitting.

Income splitting is only available to retired pension plan members who form part of a married or common-law couple. The partners must be living together, and both must agree to the transfer.

>Eligible retired members should talk to a financial advisor or accountant at tax time to find out if transferring pension income is to their advantage.

Please contact Canada Revenue Agency (CRA) for more information on income splitting. CRA can be reached at 1 800 959-8281, or you can consult their website at

How does my pension reflect cost of living increases?

Cost-of-living adjustments are not guaranteed. The Teachersí Pension Board of Trustees considers relevant factors to determine if an annual cost-of-living adjustment will be provided. Traditionally, cost-of-living adjustments have been for the full Consumer Price Index (CPI) increase each year; however there is always potential for a less-than-full CPI increase.

To receive a cost-of-living adjustment, you must be age 56 or older. If you are 55 when you retire, you will receive your first adjustment starting January of the year after you turn 56.

The additional amount starts with your January payment and becomes part of your regular guaranteed pension payment. If you retire part-way through the year, and are 56 or older, the adjustment will be pro-rated over the number of months in the year that you receive a pension.

Adjustments are applied to both the lifetime portion of your pension payment and the bridge benefit.

Each January the plan will send you an annual statement detailing the percentage and the cumulative amount of your cost-of-living adjustments, if any, over time. The statement will also detail your revised gross monthly pension payment, your deductions and your revised net payment amount. The plan also announces cost-of-living adjustments in the retiree newsletter, After Class.

For a history of cost of living increases for your plan, see the Cost-of-Living Adjustment History page.

How are cost-of-living adjustments calculated?

Each year, the Teachersí Pension Board of Trustees (board) decides whether to grant a cost-of-living adjustment based on analysis of the relevant factors, such as:

  • the funds available in the inflation adjustment account, and
  • whether the Consumer Price Index increased in the past year.

The inflation adjustment account holds funds dedicated to cost-of-living adjustments. Funds are made up of contributions from you and your employer while you were working and investment income earned on those assets.

The board compares the Consumer Price Index for September of the current year with September of the previous year. If there is a drop or no change (i.e., the cost of living decreased or remained the same), your pension payment will not change.

For further information on how the Consumer Price Index is calculated, and how it affects you as a consumer, see Statistics Canada's publication Your Guide to the Consumer Price Index, available on their website. Information is also available by contacting them directly at 1-800-263-1136.

Clicking on the link to the Statistics Canada website will open another window. To get back to this page you must close or minimize the new window.

What if I go back to work after retiring? How does that affect my pension?

If you are receiving a pension from the Teachersí Pension Plan and return to work for a Teachersí Pension Plan employer, your pension payments will continue. You may not re-start contributions to the plan. Be sure to confirm with your employer that you are a retired member, so contributions are not deducted from your pay.

If you have questions about your personal financial situation, you should seek independent financial advice.

Who do I contact if I have a question about my pension?

If you have questions as a retired plan member, you will speak with a plan representative at Teachers' Pension Services. Here's how to contact Teachers' Pension Services:

By Telephone:
Toll-Free in Canada and U.S.: 1 866 876-8877

By Fax:
250 953-0431

By Mail:
Teachers' Pension Services
PO Box 9460
Victoria, BC V8W 9V8

2995 Jutland Road, Victoria, British Columbia

When do I need to contact the plan?

You will need to contact us at various times during your retirement. Here is a list of important changes you need to report to us:

  • adding, deleting and changing your dependents' information for medical, extended health and dental benefits
  • changing your address
  • changing your banking information and tax arrangements
  • notifying us about dependent children over age 19 no longer attending school
  • moving in/out of BC, or in/out of Canada
  • changing a beneficiary
  • notifying us about a death (retired member, spouse or beneficiary)
  • advising us if you become divorced or separated (submit a copy of your legal separation agreement or divorce papers)
  • advising us if you are making a claim against your (ex) spouse's pension if there is a marital breakdown (only if you have an entitlement)
  • advising us if you draw up a power of attorney or representation agreement (if we don’t know someone else is representing you, we can’t get important information to them so they can act on your behalf)
Why is it important to keep my personal information up-to-date with the plan?

Changes to your personal information may affect your retirement benefits, so itís important to keep us up-to-date. See "When to I need to contact the plan?" for more information about when you should contact us and why itís important to do so.

Why is it important to let the plan know if I move?

By letting us know youíve moved, you can avoid interruptions to your monthly pension payment and your group health benefits. If mail is returned to us three times, we will stop your pension payment. You must then complete a Pension Declaration and return it to our office to reactivate your pension. If we donít hear from you within a further 60 days after suspending your pension, we also cancel your group benefits.

How can I advise the plan that Iíve moved?

You can contact us by regular mail, phone or e-mail ( Please provide the effective date of the move, your previous address, and your pension plan file identification number. Contact us only if you have moved, or you are certain you will be moving in the future.

Note: If you have extended health or dental benefits with Green Shield Canada, we will provide them with your new address.

Family Relations

My spouse and I are in the middle of a divorce. How does that affect my pension?

A pension is considered by law to be matrimonial property, just like a house, car or other asset. When a marriage ends, the pension belongs to both the former spouse and the plan member, and they may choose to divide the pension.

The How a separation or divorce affects your pension PensionFacts explains what can happen to your pension if you and your spouse separate or divorce.

My spouse has died. What do I do about the pension?

When a death occurs, you must settle important matters and make many decisions. The PensionFacts In the event of a death may help you with decisions relating to pension income and benefits.


I don't agree with a decision. How can I appeal it?

If the Pension Corporation makes a decision that you dispute, you may appeal this decision by following the step-by-step appeal process.

Complete instructions are contained in the Teachers' Pension Plan: Appeal Process brochure.

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