Plan Features

Summarizing the most important and relevant details of Your Pension Plan. Click on your Division below to learn more!

In The Event Of Your Death print

If you die before retirement, the Plan provides a pre-retirement death benefit payable to your spouse. If you do not have a spouse or if your spouse has waived his/her right to a pre-retirement death benefit, the benefit is paid to your designated beneficiary or estate.  Death benefits after retirement are determined by the pension option you choose.

Before Retirement

If you are an active Plan member and die before retirement, the Plan provides a benefit to be paid to your spouse, beneficiary or estate equal to the commuted value of the pension earned to date. In accordance with the BC Pension Benefits Standards Act, the pre-retirement death benefit payable in the event of your death must be at least equal to:

  • 60% of the commuted value of the monthly pension you have earned up to your death and payable at age 65 plus a refund of your employee contributions with interest.

Settlement of Spouse's Pension

Your spouse may choose to receive the pre-retirement death benefit from the Plan in the form of a monthly pension benefit, or he or she may choose to transfer the commuted value of the pre-retirement death benefit to:

  • another registered pension plan
  • an RRSP or life income fund, or
  • purchase a deferred annuity from a Canadian life insurance company.

Who Receives Death Benefits

If you have a spouse when you die before retirement, your spouse receives the death benefit unless your spouse has waived the right to receive the benefit. If you do not have a spouse or your spouse waives the right to receive a death benefit, the death benefit is paid to your beneficiary. If you have no spouse and have not designated a beneficiary, a pre-retirement death benefit will be paid to your estate.

You should complete the Spousal Information/Beneficiary Designation Form so that the Plan records are accurate and up to date. Please note that your spouse can waive the right to receive your pension benefit by completing the waiver section of this form.

After Retirement

Any benefits payable from the Plan on your death after retirement are determined by the pension option you elected when you retired and started your pension. Please see pages 12-13 for descriptions of the different pension options.