What happens next?

Once we have received all required documentation, we will manage your pension benefits as selected. Payments are direct deposited to bank accounts within Canada.

Annually, you will also receive a Confirmation of Pension Information form, which is an audit requirement and must be completed and returned to us within required timelines.   

There are no health benefits associated with your pension. Please contact Human Resources (compensation and benefits) for information on other options available during retirement.

If you have selected the Variable Benefit

At least annually, you will be asked to submit a Variable Benefit payment election form, which provides us with your written direction to pay the specified amount from your account.  In addition, the British Columbia Pension Benefits Standards Act and Regulation require that you confirm the monthly amount you wish to receive, within 30 days of receipt of your annual statement.  This is required even if you are already receiving the minimum monthly amounts, and regardless of whether you wish to change to your payments for the following year.

If you have selected an Internal Variable Annuity

Your pension will be indexed for inflation annually. Please visit How we calculate your pension for more information.  Pension Services will provide you with a notice of those adjustments on an annual basis.

If you have selected a Variable Benefit, you will be asked to complete and return a Variable Benefit payment election form annually, after receipt of your annual statement.  This is a legislated requirement and is also required for auditing purposes.  Please ensure your form is returned to us promptly and within required timelines.

The Internal Variable Annuity is adjusted annually to reflect the investment performance of the fund and the longevity experience of the group of annuitants.  In addition, the defined benefit minimum is indexed for inflation annually. Please visit How we calculate your pension for more information. 

Pension Services will provide you with a notice of those adjustments and will require your signature on an annual basis.

Please ensure that Pension Services has the most current contact information to reach you when needed. Pension Services and Human Resources operate independently from each other and therefore such changes must be reported to us separately.  

Please also ensure significant life events such as moves, divorces or separations, and deaths are also reported to us. In addition, it is important to let us know if you have a Power of Attorney in place to handle your financial affairs, or if you would like to authorize a representative to receive information on your behalf. 

Please visit the Forms section of this website to access the forms and instructions to:
• update your beneficiary information
• update your authorized representative information
• update your banking information
• update your personal tax credit amounts