Your Pension Plan Future Starts in 2018
Every plan member who is working in 2018 and onwards will be covered under the revised pension plan features.
Those already in the pension plan will have the new provisions begin in 2018, combined with the earned pre-2018 provisions remaining intact.
Those who are newly employed starting in 2018 will have all their service covered under the new provisions.
How have these changed for service starting in 2018?
• The plan will no longer be linked to the Canada Pension Plan. This will make the Teachers’ Pension Plan reflect the reality of teacher salary increases.
• The 35-year cap on Pensionable Service will be removed. If you continue to work after 35 years of service, you can continue to earn pension credit.
• Members with 35 years of Contributory Service will not have any pension reductions.
• The early-retirement reduction will be 4.5% for every year under age 61.
Plan Partners (the BCTF and Provincial Government) indicate that changes in the plan make it “more equitable for all members, regardless of retirement age, earnings or work experience, and will modernize the plan in response to a changing work environment.”
To get information on the details of the plan, go to the Teachers’ Pension Plan website at tpp.pensionsbc.ca.