Introduction to retirement




When you can start your pension

For most members of BC's College Pension Plan, the normal retirement age is 65 and the earliest retirement age is 55.

Your pension may be reduced if you retire before the plan's normal retirement age and do not meet the criteria for an unreduced pension.


A lifetime monthly pension



Choosing a pension option


All pension options include a guarantee period. The longer the guarantee period, the more the amount of your monthly pension payments will be reduced (to reflect the likelihood that your pension will be paid for a longer period).

Here are two examples illustrating different kinds of options:

  • Single life guaranteed 15-year option: if you die within the 15-year guarantee period, your spouse or beneficiary will receive a lump-sum payment or pension for the remainder of the 15-year guarantee period
  • Joint life option: if you die before your spouse, your spouse will receive a pension for their lifetime.

No matter which pension option you choose, you will receive a monthly pension payment for the rest of your life.

What happens after you die


  • Pension benefits to another beneficiary(ies)
  • A lump-sum payment to your estate, a named beneficiary(ies) or an organization named as your beneficiary