New Teacher Pension Plan website available March 2018
In late March your teacher pension plan will have a new website. More
searchable and easy to use, it will answer questions about your pension
and your pension plan with extra layers of detail for those who want to
Sign in to My Account
On the website, you sign in to My
Account to view your service and salary information, name a beneficiary,
calculate the cost of buying service for a leave you’ve taken and more.
Take a course
Sign up for a free two-hour workshop to learn more about your pension or take an eLearning course online.
Estimate your pension
The site offers pension estimators that estimate what your pension will be on retirement.
When you’re ready to retire, you may be
eligible to apply for retirement online. All the information you need is
available when you sign in to My Account. The online application walks
you through step-by-step instructions, guiding
you through each decision, and allowing you to pause and save your
information along the way.
your new plan website at tpp.pensionsbc.ca.
Information about the 2016 Teachers’ Pension Plan Annual Member’s Benefit Statement
In addition to the 2016 Teachers’ Pension Plan (TPP) Annual Member’s
Benefit Statement, the Pension Board of Trustees have included an
additional message which requires members to go to the TPP website and logon to My Account to view the message.
For your convenience, the Trustees message is as follows:
Important information about your
earliest unreduced retirement age
2016 Member’s Benefit Statement is based on two sets of rules covering the
period before plan design changes take effect January 1, 2018, and afterwards.
If you see a change in your earliest unreduced retirement age (from your 2015
Member’s Benefit Statement), consider using the pension estimator to calculate
your pension benefit amount at various ages—your pension value may have
increased as well.
Since the 2016 Member’s Benefit Statement is a Teachers’ Pension Plan
document, they can be contacted at 1-800-665-6770 for further
information. If your current statement shows a later date than in a
previous statement for the Earliest Unreduced date,
it means you were projected to have more pension service. Anytime
you have more pension service, you have built up a greater pension
amount. You are not forced to work any longer or any earlier. To get
more accurate information on pension amounts
for any possible retirement dates you have in mind, sign into the
TPP portal MyAccount to generate pension estimates to compare these two dates (and any other
dates). I recommend you use this resource in your retirement financial planning.
To aid in members’ understanding retirement, there are recommended support materials that do not require My Account logon:
Pension plan change
In June 2016, the Teachers’ Pension Plan Partners, BCTF and
provincial government, agreed upon changes to modernize the pension plan
for service starting on January 1, 2018 (the New Plan). If a member
retires after January 1, 2018, their pension amount
will be made from two pension plan parts (the Old Plan and the New
Plan) each with their respective calculation rules. Please click below
for additional information:
2016 BCTF Annual General Meeting
In March 2016, at the BCTF Annual General Meeting the following motion was passed:
That the Teachers’ Pension Plan design change of the pension formula include:
1. delinking from the Canada Pension Plan’s Year’s Maximum Pensionable Earnings (YMPE).
2. a single accrual rate of 1.85% be applied to Pensionable Service.
3. an Early-retirement Reduction Factor of 4.5% at age 61.
4 removal of the 35-year Pensionable Service cap.
5. an unreduced pension for those with 35 years of Contributory Service.
The Plan Member Partner (BCTF) and the Plan Employer Partner (BC
Government) will draft language that will implement this decision. This
will be presented to the Teachers’ Pension Board of Trustees to direct
Teachers’ Pension Plan (TPP) in its implementation.
Along the way, there will be several levels of checking compliance
to pension regulations and tax rules.
The BCTF will continue to provide support to plan members who are in
need of pension information. You may contact the BCTF Income Security
Division for assistance:
BCTF, Income Security Division
100 – 550 West 6th Avenue
Vancouver, BC V5Z 4P2
604-871-1949, toll free 1-800-663-9163, Local 1949, fax 604-871-2287
2015 BCTF Pension Consultations
From September to December 2015, the BCTF visited Locals and School
Districts seeking input on possible pension plan design changes with an
online survey. Access to the survey closed on Monday, December 14, 2015.
Based on the consultations, the BCTF Executive
Committee (EC) made a recommendation to the 2016 AGM. For details on
the proposed changes, EC recommendation, supplementary report,
consultation presentation, and support materials, please
Information about Teachers’ Pension Plan 2014 Member’s Benefit Statement
The Teachers’ Pension Plan (TPP) provides member benefit statements
(MBS) annually. For additional information of how job action affected
your 2014 estimate and how to adjust details going forward