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Pension Plan estimator now online, but doesn’t show the full picture - BCGEU

As of May 1, the Public Service Pension Plan's online pension estimator will be available to pension plan members.

However, the Pension Plan web site says that "the estimator will not yet calculate the past service enhancement that comes into effect October 1, 2019."

This means that when you log in to estimate your pension under the new rules, you won't be getting a complete estimate of your lifetime pension.

This is because the estimator is not yet able to calculate the retroactive benefit of your pension on service from 2006 to March 31, 2018, which will provide an increase to your pension.

The retroactive benefit will see your annual accrual rate on all earnings below the Yearly Maximum Pensionable Earnings (YMPE) during this time increase from 1.35 per cent to 1.65 per cent – representing a 22.2 per cent increase to your pension on earnings up to the YMPE.

At the request of the BCGEU, the Pension Board has included a Pension Illustrator tool on their web site, which allows you to input your age and years of service to provide a fuller view of your total lifetime pension.

You can download the Pension Illustrator tool here, and follow the instructions on the web page.