Retirees

Things to Know

The Public Service Pension Plan (PSPP) is a defined benefit pension plan. Once you are eligible to become a member, each time you are paid, both you and BC Ferries contribute to the plan. These contributions are pooled and invested so that you receive a lifetime monthly pension when you retire.

Your lifetime monthly pension will be based on a specific formula that includes:

• Your years of pensionable service
• The average of your five highest years of salary (not necessarily the last five years)

For most employees participating in the plan, the normal retirement age is 65 and the earliest retirement age is 55.

The age at which you retire will affect your pension. For example, your pension may be reduced if you retire before age 60 and do not meet the criteria for an unreduced pension. After age 60, you may retire after two years of service with an unreduced pension.

According to the Income Tax Act, you must begin to receive your pension no later than the end of the year in which you turn 71. this is the age you must begin to receive your pension, even if you are still working. You can use the personalized pension estimator to get a sense of your potential annual pension income. Your annual Member’s benefit statement is also a good source of information.

Where can I learn more?

The Public Service Pension Plan offers an online course and two in-person workshops to answer your pension questions.

• Getting to Know Your Pension is a fifteen-minute online course. It’s a quick and easy way to discover the value and benefits of being a plan member.
• Making the Most of Your Pension is a two-hour interactive workshop. Discover how the decisions you make in your career can affect your pension: learn how having a child or separating from your spouse may affect the value of your pension.
• Approaching Retirement is a two-hour workshop for plan members nearing retirement. We’ll talk about choosing your best pension option, how to apply for your pension, your income needs throughout retirement and the implications of returning to work.

Your pension is a valuable and reliable source of retirement income. It is also a significant investment in your future. Contact PSPP directly for more information regarding your pension and the options available to you.

How to Apply

To determine your eligibility, please email payrollretirements@bcferries.com (Bargaining Unit) or stuart.wormsley@bcferries.com (Exempt).

Retirement Prints/Certificate

Send your retirement print/certificate request by email to hr@bcferries.com or by fax to 250-978-1225