Guide for new members
Welcome to BC's Municipal Pension Plan. As a plan member, you are eligible for a lifetime monthly pension when you retire.
How does the plan work?
BC's Municipal Pension Plan is a defined benefit pension plan. Each time you are paid, both you and your employer contribute to the plan. These contributions are pooled and invested so that you receive a lifetime, monthly pension when you retire. In fact, about 75 per cent of the average pension payment is currently paid by the plan's investment returns.
Your lifetime monthly pension will be based on a specific formula. This formula includes:
- The number of years of pensionable service
- The average of your highest five years of salary
When you retire, you will receive a monthly pension for your lifetime.
After you die, depending on the pension option you chose at retirement, the plan may continue to pay:
- A pension to your spouse (if you have one) for their lifetime
- Pension benefits to another beneficiary(ies)
- A lump-sum payment to your estate or an organization that you have named as your beneficiary
As a new member, once you have made your first contribution to the plan, you can receive a pension at your earliest retirement age. If you're an inactive member who joined the plan before September 30, 2015, other conditions apply.
Take Getting to know your pensionAs you embark on a new and exciting part of your life, get answers to your questions about what it means to have a pension and be a member of the plan. Take the 15-minute online course.