Leaving your job
Leaving a job with an employer participating in the plan? Find out what you can do with your plan contributions.
Defer your pension until you retire
If you leave your job before your normal retirement age, you can keep your pension benefit on deposit in the plan. This is called a deferred pension.
If you think you may work again for an employer that participates in BC's Municipal Pension Plan, you may consider leaving your pension benefit on deposit in the plan. You can then restart contributions to the plan, which may increase your future pension benefit.
Even if you don’t plan to return to work for an employer that participates in the plan, leaving your pension benefit on deposit with the plan can be a good choice. A pension is a significant financial asset that will provide you with a lifetime monthly income. It may also provide your spouse with an income if you die before them, depending on the pension option you choose.
Your deferred pension may receive cost-of-living adjustments and may give you access to group extended health and dental benefits. Although cost-of-living adjustments and access to group benefits in retirement are not guaranteed, by deferring your pension you may be able to take advantage of these contingent benefits when you eventually apply for your pension.
Finally, you also benefit by having your pension contributions pooled with other plan member contributions and invested by the British Columbia Investment Management Corporation (BCI). BCI is one of the largest institutional investors in Canada, and provides the plan with investment opportunities and expertise at a cost no individual investor could access.
After you reach your earliest retirement age and before you turn 71 (the age when you have to start drawing your pension), you may apply to receive a monthly pension that will continue for your lifetime.