Your Pension

How and when will I receive my pension cheque?

Here are the dates that pension payments are directly deposited to accounts in 2010.

January 28
February 25
March 30
April 29
May 28
June 29
July 29
August 30
September 29
October 28
November 29
December 23

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. We cannot yet offer direct deposit for payments going outside Canada.

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 tax income 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 must 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 is known as income splitting. Please contact Canada Revenue Agency for more details. You can also talk to a financial advisor or accountant to find out if transferring your pension income is to your advantage.

How does my pension reflect cost-of-living increases?

In accordance with the indexing provisions of your pension plan, your pension payment may be eligible for annual cost of living increase each January 1, based on the Canadian Consumer Price Index (CPI). A cost-of-living adjustment to your pension is subject to:

• an upward movement in the CPI from September of one year to the next, and
• sufficient funds being available in your pension plan’s Inflation Adjustment Account.

The Inflation Adjustment Account is a separate account funded through a portion of employers' and active members' contributions, investment income earned on its assets and excess investment income earned by the basic account of the relevant plan.

Since the Inflation Adjustment Accounts were created in the early 1980s, full CPI increases have been granted each year. However, increases to your pension, based on full CPI increases, are not guaranteed. The amount of the annual cost of living increase you get, if any, depends on the amount of money in the Inflation Adjustment Account available to pay for an increase.

However, it is also true that if the cost of living goes down, your pension payment will not decrease. Rather, you will simply not receive an increase for that year. Increases are applied to both the lifetime portion of your pension plan and the bridge benefit.

Each January the plan will send you an annual statement detailing the percentage and the amount of the cost of living increase, if any, for the year. The statement will also detail your revised gross monthly pension payment, your deductions and your revised net payment amount. 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.

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

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

You may be able to continue to add to your pensionable service, depending on who your new employer is and what pension plan they contribute to. For more information read this Re-employment of a retired member PensionFacts.

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 WorkSafeBC Pension Services. Here's how to contact WorkSafeBC Pension Services:

By Telephone:
Victoria: 250 356-9669
Toll-Free in BC: 1 866 322-9277

By Fax:
250 953-0431

By Mail:
WorkSafeBC Pension Services
PO Box 9460
Victoria BC V8W 9V8

Location:
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)
• informing us if you become re-employed
• 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 it’s 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 it’s important to do so.

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

By letting us know you’ve 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 Reinstatement Declaration and return it to our office to reactivate your pension. If we don’t 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 I’ve moved?

You can contact us by regular mail, phone or e-mail (retired.members@pensionsbc.ca). 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.

Post-retirement Health Coverage

What health benefits are available to me?

WorkSafeBC provides MSP and extended health benefits to plan members who are granted a pension from WorkSafeBC, provided they meet the eligibility requirements. The information sheet Post-retirement Health Benefits explains these requirements.

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

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

When a death occurs, you must settle important matters and make many decisions. Please also note that in addition to contacting the Pension Corporation you will need to advise WorkSafeBC Human Resources in order to adjust the benefit enrollment and entitlement.