Pensions
The effects of the Teachers’ Pension Plan changes
As you may know, we have made some recent changes to the Teachers’ Pension Plan (TPP). The details may be found in the January/February 2019 Teacher magazine article, “Your Pension updated” (bctf.ca/publications/TeacherNewsmag.aspx?id=52399).
One way to explain the effects of the TPP changes, is to compare the pension amounts if there were no changes (pension amount calculated using Old Plan rules for all service) to the pension amounts with the changes (pension amount calculated using Old
Plan rules for service before 2018 and New Plan rules for service starting 2018). See this done for a few sample members here.
Further improvements to the New Teachers’ Pension Plan
The Teachers’ Pension Plan (TPP) started a new era on January 1, 2018. This New Plan is a modernization of the TPP that increases the lifetime pension and brings equity for all plan members regardless of working as a TTOC, part-time, or full-time teacher.
Based on actuarial information from the Teachers’ Pension Plan that indicates a surplus, the Plan Partners (BCTF and provincial government) have decided to implement a series of further improvements. Although the surplus and improvements are pending
formal confirmation with pension authorities in late August 2018, Partners have made the decision that the BCTF inform all Plan Members. The information was presented at the March 2018 Annual General Meeting and shared with other representative organizations
(British Columbia Retired Teachers’ Association (BCRTA), BC School Superintendents’ Association (BCSSA), BC Principals and Vice-Principals’ Association (BCPVPA), Plan Employer Partner, and the Teachers’ Pension Board of Trustees (TPBT).
Information may also be found here: https://tpp.pensionsbc.ca/web/teachers/board-communique-march-19-2018.
Starting May 2018, there will be eight regional Pension Information Outreach sessions explaining in detail these further improvements. Each session starts at 4:00 p.m. (unless otherwise noted) and is an hour long. The locations and dates are as follows:
May 7: Victoria, Richmond Elementary School—Gym, 2780 Richmond Road
May 8: Dawson Creek, Dawson Creek Secondary Central Campus—Coyote Café, 10701 - 10th Street
May 15: Cranbrook, College of the Rockies—Room 250, 2700 College Way
May 16: Prince George, Prince George Secondary—Vanier Hall**, 2901 Griffiths Ave.
May 23: Kelowna, Hollywood Road Education Centre―Gym, 1040 Hollywood Road
May 28: Langley, Langley Fine Arts School—Chief Sepass Theatre, 9096 Trattle Street
June 11: Burnaby, Burnaby Central Secondary School―Room A206, 6011 Deer Lake Pkwy
June 12: Smithers, Smithers Secondary School—Della Herman Theatre, 4408 Third Ave
** session to start at 5:00 p.m. to 6:00 p.m.
Pension Information Outreach handout
Pension Information Outreach Powerpoint
Pension Information
Outreach presentation video
2018 AGM Trustees' Pension Report
2018 AGM BCTF Pension Report
Pension seminars
Pension Seminars for members are available from these three presenters:
- BC Pension Corporation
Making the Most of
Your Pension (formerly Your Pension, Your Future)
New to the plan or mid-career? Learn how the decisions you make today can impact your future pension.
Pension Seminar Schedule and Registration
Approaching
Retirement (formerly Thinking About Retiring)
Within five years of retirement? Learn how your pension options can impact your retirement income.
Pension Seminar Schedule and Registration
- BC Retired Teachers' Association
Retirement Planning Workshop: "There's More to it than Money"
Members should contact their
local offices about the workshop.
- BCTF
Contact your local president to inquire about BCTF staff coming to your local to present a full pension seminar and provide a limited number of personal retirement consultations.
Teachers' Pension Plan (TPP)
Teachers' Pension Plan, toll-free 1-800-665-6770, does have your personal pension information, and will answer questions and assist you in teacher pensions related matters.
Please click for the
TPP website which has information on:
- Access your Pension Information Online
- Appeals
- Countdown to Retirement: A Checklist
- Joint Trusteeship
- Pensions & WCB/ICBC claims
- Purchasing general leave of absence
- Purchasing maternity and parental leave of absence
- Tax deducting purchase of service
- Transferring service from another province
Investments
Information related to investments and the Teachers’ Pension Plan can be found at the following links:
Financial Planning for Your Retirement Life
Updated February 2019