Factors that affect your pension as an employee that can be minimized
These basic pension formulas are based on a single life pension option with no guarantee. The actual monthly pension payment you receive will depend on several other factors, which may include:
- Your age when you retire, which may result in a reduced pension
- The pension option you choose
- The premiums you pay for voluntary retirement health coverage through the group benefit plan
- Any legally required deductions, such as income tax
- Your contributory service
After you retire, your monthly pension payment may increase if there is an annual cost-of-living adjustment (COLA). This adjustment may be added to your pension (and to your bridge benefit and temporary annuity, if applicable) to help them keep pace with increases in the cost of living over time.
COLAs are not guaranteed; they are based on changes in the Canadian consumer price index and the funds available in the inflation adjustment account of BC’s Teachers’ Pension Plan.
Once a COLA has been granted, it becomes part of your lifetime pension for all subsequent years. However, the portion of a COLA granted on a temporary annuity or bridge benefit will end when the annuity or bridge benefit ends.
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