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  
  Your spouse is someone you are married to and have not been living separate and apart from for a continuous period longer than two years, or someone you have been living with in a marriage-like relationship for at least two years.
  (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.