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 is my pension calculated?
We calculate your pension using a formula based on:
- Your years of pensionable service (to a maximum of 35 years)
- The year’s maximum pensionable earnings
- Your highest average salary: average of your highest five years of salary for general members and average of your highest four years of salary for police and firefighters who are employed in group 2 or 5 on or after January 1, 2022
The actual monthly pension payment you receive will depend on other factors that include:
- Your age when you retire
- The pension option you choose
Depending on the age you retire, you will be eligible for either a reduced pension or unreduced pension.
Your pension may be reduced if you decide to retire early and do not meet the criteria for an unreduced pension.
Cost-of-living adjustments in retirement
During retirement, your monthly pension payment may increase because of an annual cost-of-living adjustment (COLA). The Municipal Pension Board of Trustees annually assesses relevant factors to decide whether COLA will be granted for the upcoming year. COLA granted by the board is applied in January.
COLA is applied to monthly pension payments, as well as the bridge benefit and temporary annuity portions of a pension if applicable.
COLA is not guaranteed. However, once COLA has been granted, it becomes part of your basic lifetime pension.