Pension Life - Winter 2020

Less paper, all the news

Welcome to your Pension Life…online! We’ve adapted the Pension Life newsletter and added it to your plan website. Here you can access your pension news and plan updates anytime. Plus you’ll find new online features such as tax-time tips, quick links to all your pension resources and more!

In January 2021, pension news will only be available online, but we’ll continue to mail paper copies of all important plan updates, such as plan amendments and inflation adjustments.

Watch the website for updates, and don’t forget to register for My Account so you can access all your information in one place.

Group benefit review ongoing

Last fall we asked active and retired members about what’s most important when you think about group benefits. Thanks to all who participated. We’ll provide a summary of the results on the plan website in the coming months. Watch the homepage for more details.

MSP premiums eliminated

BC Pension Corporation no longer administers Medical Services Plan (MSP) group coverage. Health Insurance BC (HIBC) automatically put you and any dependants on a self-administered MSP account. You will continue to have MSP coverage.

For coverage information visit Health Insurance BC

Pacific Blue Cross

Find tips for saving time and money on your prescriptions, and a spotlight on blood pressure medications.

Stay connected with your benefits at pac.bluecross.ca/mpp.

Valuation report

Building for tomorrow

Valuation report

Your plan is fully funded and remains sustainable

You can continue to depend on a lifetime Municipal pension. The December 31, 2018, valuation shows the plan is on track to remain sustainable. The plan is fully funded at 105.1 per cent on the basis that current contributions continue.

Read more

Your 2020 cost-of-living adjustment is 1.9 per cent

As a retired member of the Municipal Pension Plan, effective January 1, 2020, you received a 1.9 per cent cost-of-living adjustment to your pension.

This COLA provides you with some inflation protection while the cap maintains the long-term sustainability of the inflation adjustment account (IAA), which funds these adjustments. COLAs are not guaranteed; however, once a COLA is granted, it is applied to your lifetime pension (and to your bridge benefit and temporary annuity, if applicable).

Read more

Tips and tools


Taxes

Six tips for tackling your tax return
How does your pension affect your tax return? Find out how to avoid headaches this tax season.

Your tax questions answered
It’s that time again! Find out how to reduce your taxes through income splitting or additional deductions.


Payments

Your payment dates
Find out when to expect your next monthly pension payment.

Cost of living adjustments
Learn how your pension can help you keep pace with the cost of living.


Health

Retirement health coverage premiums
Are you covered? Learn more about health care costs in retirement.