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New Teacher Pension Plan website available March 2018

In late March your teacher pension plan will have a new website. More searchable and easy to use, it will answer questions about your pension and your pension plan with extra layers of detail for those who want to know more.

Sign in to My Account
On the website, you sign in to My Account to view your service and salary information, name a beneficiary, calculate the cost of buying service for a leave you’ve taken and more.

Take a course
Sign up for a free two-hour workshop to learn more about your pension or take an eLearning course online.

Estimate your pension 
The site offers pension estimators that estimate what your pension will be on retirement.

Retire online
When you’re ready to retire, you may be eligible to apply for retirement online. All the information you need is available when you sign in to My Account. The online application walks you through step-by-step instructions, guiding you through each decision, and allowing you to pause and save your information along the way.

Visit your new plan website at tpp.pensionsbc.ca.

Information about the 2016 Teachers’ Pension Plan Annual Member’s Benefit Statement

In addition to the 2016 Teachers’ Pension Plan (TPP) Annual Member’s Benefit Statement, the Pension Board of Trustees have included an additional message which requires members to go to the TPP website and logon to My Account to view the message.

For your convenience, the Trustees message is as follows:

Important information about your earliest unreduced retirement age

Your 2016 Member’s Benefit Statement is based on two sets of rules covering the period before plan design changes take effect January 1, 2018, and afterwards. If you see a change in your earliest unreduced retirement age (from your 2015 Member’s Benefit Statement), consider using the pension estimator to calculate your pension benefit amount at various ages—your pension value may have increased as well.

Since the 2016 Member’s Benefit Statement is a Teachers’ Pension Plan document, they can be contacted at 1-800-665-6770 for further information. If your current statement shows a later date than in a previous statement for the Earliest Unreduced date, it means you were projected to have more pension service. Anytime you have more pension service, you have built up a greater pension amount. You are not forced to work any longer or any earlier. To get more accurate information on pension amounts for any possible retirement dates you have in mind, sign into the TPP portal MyAccount to generate pension estimates to compare these two dates (and any other dates). I recommend you use this resource in your retirement financial planning.

To aid in members’ understanding retirement, there are recommended support materials that do not require My Account logon:

Pension plan change

In June 2016, the Teachers’ Pension Plan Partners, BCTF and provincial government, agreed upon changes to modernize the pension plan for service starting on January 1, 2018 (the New Plan).  If a member retires after January 1, 2018, their pension amount will be made from two pension plan parts (the Old Plan and the New Plan) each with their respective calculation rules.  Please click below for additional information:  

2016 BCTF Annual General Meeting

In March 2016, at the BCTF Annual General Meeting the following motion was passed:  

That the Teachers’ Pension Plan design change of the pension formula include: 

1.    delinking from the Canada Pension Plan’s Year’s Maximum Pensionable Earnings (YMPE).
2.    a single accrual rate of 1.85% be applied to Pensionable Service.
3.    an Early-retirement Reduction Factor of 4.5% at age 61.
4     removal of the 35-year Pensionable Service cap.
5.    an unreduced pension for those with 35 years of Contributory Service.  

The Plan Member Partner (BCTF) and the Plan Employer Partner (BC Government) will draft language that will implement this decision.  This will be presented to the Teachers’ Pension Board of Trustees to direct Teachers’ Pension Plan (TPP) in its implementation. Along the way, there will be several levels of checking compliance to pension regulations and tax rules.  

The BCTF will continue to provide support to plan members who are in need of pension information.  You may contact the BCTF Income Security Division for assistance:   

BCTF, Income Security Division
100 – 550 West 6th Avenue
Vancouver, BC   V5Z 4P2
604-871-1949, toll free 1-800-663-9163, Local 1949, fax 604-871-2287
E-mail: vchoy@bctf.ca

2015 BCTF Pension Consultations

From September to December 2015, the BCTF visited Locals and School Districts seeking input on possible pension plan design changes with an online survey. Access to the survey closed on Monday, December 14, 2015. Based on the consultations, the BCTF Executive Committee (EC) made a recommendation to the 2016 AGM. For details on the proposed changes, EC recommendation, supplementary report, consultation presentation, and support materials, please click here.

Information about Teachers’ Pension Plan 2014 Member’s Benefit Statement

The Teachers’ Pension Plan (TPP) provides member benefit statements (MBS) annually.  For additional information of how job action affected your 2014 estimate and how to adjust details going forward click here.

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