PSPP Member Benefit Statement – Earliest Unreduced Pension Ages
Re: PSPP 2020 Member’s Benefit Statement – Earliest Unreduced Pension Ages
The Public Service Pension Plan (PSPP) recently re-issued 2020 Member Benefit Statements to some paramedics who had previously received statements that incorrectly identified their earliest unreduced pension age as age 60. Some members believe their new statement is also incorrect because it is reporting an earliest unreduced retirement age higher than age 55.
The revised 2020 Member Benefit Statements are correct. Each member’s individual calculations are different, and your pension statement will reflect your earliest unreduced retirement age, using the later of the age you qualify for an unreduced pension under the new and old plan rules. The PSPP acknowledges the plan rules and pension formulas are complex and regrets any confusion. The Member News linked below is provided to help support your understanding.
Members are able to access their current and past member benefit statements through My Account on the plan website: pspp.pensionsbc.ca. My Account includes a Personalized Pension Estimator that allows members to calculate different pension estimates based on different retirement ages. For questions about your pension, contact BC Pension Corporation at 1-800-665-3554.
Please click https://tinyurl.com/y4ylep34 to view the Member News from the Public Service Pension Plan. It explains the plan rules regarding pension reductions and how to read your 2020 Member’s Benefit Statement.
Please click HERE to view a PDF version of this message.