Enrolling in the pension plan
Learn how enrolment rules apply to you.
The value of enrolling
Your Municipal Pension Plan is a valuable asset—a lifetime income for you and your family that you can count on. As an active member, you and your employer contribute with every paycheque. These contributions are pooled with those of members and invested by BCI, one of Canada's largest institutional investors. Your pension grows through regular contributions and professional investment.
Your pension is based on a formula that takes into account your years of pensionable service and your five highest years of pensionable salary.
The advantage of this kind of plan is that your pension is paid for your lifetime and may continue to your spouse or beneficiary for their lifetime (depending on the option you choose at retirement).
How to enrol
If you are a full-time employee, your employer will automatically enrol you in BC's Municipal Pension Plan if you are either:
- A full-time permanent employee and you have completed your probationary period (your employer might waive this requirement or move it to an earlier date)
- An employee who has been employed on a continuous full-time basis for one year
If you are a part-time employee, you can join the plan if both of the following apply:
- You have completed two years of continuous employment (which can include breaks of up to 52 weeks)
- Your earnings, including overtime and other payments, is equal to at least 35 per cent of the year's maximum pensionable earnings (YMPE) for two calendar years in a row
As a part-time employee, you can also join the plan if your employer passes a resolution under the terms of a negotiated collective agreement.
If you are eligible to join the Municipal Pension Plan but choose not to, you must sign a waiver. You can get a waiver form from your employer. Your employer will keep this waiver on file.
Once you are a plan member, you contribute each pay period until you stop working for your employer.
If you move to another employer that participates in the plan with a break in employment of not more than one month, and you have not applied for a pension, you will continue to be a plan member and must keep contributing to the plan.