Understand your retired member pension statement
As a retired member of the plan, you will receive a pension statement in January each year showing the most current information about your pension.
Each pension statement shows information about your:
- Gross monthly pension
- Monthly pension payment
- Group benefit coverage
- Tax credits and exemptions
- Income-splitting opportunities
Gross monthly pension
This section shows the:
- Pension option you chose at retirement and, if applicable, describes how your pension will be paid to your beneficiary(ies) when you die
- Total cost-of-living adjustments added to your pension
- Value of your bridge benefit, if applicable, and any cost-of-living adjustments added to your bridge benefit
Monthly pension payment
This section shows the deductions taken from your gross monthly pension payment. These include deductions for income tax and your group benefit plan, such as the monthly cost of your extended health care or dental coverage.
The statement names your beneficiary(ies). It also states if you are allowed to change your beneficiary.
Group benefit deductions
This section shows your deductions under the group health care for retired members, which could include:
- Medical Services Plan of BC
- Extended health care
Tax credits and exemptions
This section shows the federal and provincial tax credits and exemptions that you qualify for. If you qualify for tax credits that are not shown on this statement, send us an updated federal and/or provincial TD1 form so we can make any required changes.
Income splitting opportunities
This section summarizes income-splitting opportunities. You may be able to reduce the tax you pay by transferring part of your pension income to your spouse or common-law partner.