What does BC pension do?

What does BC pension do?

What does BC pension do?

BC Pension Corporation is one of the largest professional pension services providers in Canada. We serve over 560,000 active and retired plan members and more than 1,100 plan employers, paying out more than $349 million in benefits each month ($4.2 billion a year) to over 181,000 retirees.

Is there a BC pension plan?

The Public Service Pension Plan provides secure retirement income for plan members. The plan serves about 133,000 members and their employers in British Columbia. Members and employers work in a variety of sectors, including the provincial government, transportation, health care and others.

How are BC pensions calculated?

We calculate your pension based on your years of service and the average of your five highest years of salary.

  1. The accrual rate (multiplier) for your member group.
  2. The average of your five highest years of salary (not necessarily the last five years)
  3. Your years of pensionable service.

Is BC municipal pension plan good?

BC’s Municipal Pension Plan will provide you with a dependable and regular source of income for your lifetime. But how much income will it actually provide? A great advantage of the plan is that it’s based on a formula that gives you a good sense of your potential annual pension income.

What pensions do you get in BC?

Three pension plans provide funds when you retire:

  • Public Service Pension Plan.
  • Canada Pension Plan (CPP)
  • Old Age Security Pension (OAS)

How do I calculate my pension amount?

A typical multiplier is 2%. So, if you work 30 years, and your final average salary is $75,000, then your pension would be 30 x 2% x $75,000 = $45,000 a year. That $45,000 becomes your guaranteed lifetime income.

What is a good monthly income in retirement?

According to 2016 data from the Bureau of Labor Statistics, the average 65-plus household spends $48,885 per year, which works out to about $4,000 per month. But no two people are alike, so figuring out how much money you’ll need on a monthly basis will depend on your lifestyle, goals and unique retirement vision.