Understand your retired member pension statement
As a retired member of the plan, you will receive a statement in January each year showing the most current information about your pension.
Each pension statement from BC's Public Service Pension Plan shows your:
- Gross monthly pension
- Monthly pension payment
- Group benefit coverage
- Tax credits and exemptions
- Income-splitting opportunities
Gross monthly pension
This section shows:
- The pension option you chose at retirement and, if applicable, how your pension will be paid to your beneficiary(ies) when you die
- Total inflation adjustments added to your pension
- The value of your bridge benefit, if applicable, and any inflation adjustments added to it
Monthly pension payment
This section shows the deductions taken from your gross monthly pension payment, including deductions for income tax and your group benefit plan (such as monthly premiums for your extended health care and dental coverage, and group life).
Group benefits
This section shows the effective date(s) for your group health benefits for retired members, which could include:
- Extended health care
- Dental
Tax credits and exemptions
This section shows the federal and provincial tax credits and exemptions you qualify for. If you qualify for additional tax credits not shown on your pension statement, send us an updated federal and/or provincial TD1 form so we can make any required changes. You can download TD1 forms on the Government of Canada website.
Income-splitting opportunities
This section summarizes income-splitting opportunities. You may be able to reduce your taxes by transferring part of your pension income to your spouse or common-law partner.
External link for understanding your retired member pension statement
Learn about personal taxes and the TD1 form on the Government of Canada website.
Related content for pension statements
Beneficiaries and your pension
Change your beneficiary after retirement
Tax information for retired members