General Members

The Municipal Pension Plan is comprised of three groups. Group 1, which is referred to as “general membership”, makes up 97% of all plan members. If you do not work in public safety as either a police officer or firefighter, you are a member of Group 1.

Play Video

For in-depth information about the proposed changes for active general members, please click the link below for the full presentation.

Know Your Options

For the majority of general members, the proposed changes will result in an improved lifetime pension (the amount you receive throughout retirement excluding the bridge benefit). In order to fund this improvement, it is being proposed for service after January 1, 2022 the bridge benefit be eliminated and early retirement subsidies be amended. For those members who were planning on maximizing early retirement options, a temporary annuity option is available to assist with those early retirement plans.

Temporary Annuity Options

A temporary annuity allows a member to take an advance on their lifetime pension if they want or need additional income before age 65. By taking a temporary annuity option, a member reduces their overall lifetime pension by taking that amount during early retirement (any time before age 65).

A temporary annuity is based on the maximum amount of old age security, currently $613.53 per month ($7,362.36 annually). The plan partners are working to add a ½ option or $306.76 per month ($3,681.18) and ¼ option or $153.38 per month ($1,840.50) so that members can manage negative short- term impacts while benefiting from the long-term improvement in their lifetime pension. To learn more on the existing options, please visit: https://mpp.pensionsbc.ca/buying-a-temporary-annuity

Calculator*

The calculator  will help general members gauge how the proposed changes will affect them. The calculator should be used for illustration purposes and not for financial planning.

In order to use the calculator, you will need to estimate your:

  • Years of pensionable service before January 1, 2022 (this is the planned implementation date for the proposed changes)
  • Years of pensionable service after December 31, 2021 (how long after this date do you plan on working?)
  • Years of contributory service (this is most important for part-time staff)
  • Five-year Highest Average Salary (HAS) (what do you anticipate your HAS to be?)
  • Age at retirement (we encourage you to run multiple scenarios)

If you need help finding this information, please view the video below or click on the detailed instructions to find your service and salary and highest average salary information on your Member’s Benefit Statement. Please note that calculator results are sufficient to illustrate the potential effects of the proposed changes.

Please note: When plan design changes are approved, MyAccount will be updated with the changes, allowing you to complete your own personalized estimates.

* The calculator shows the estimated effect of the proposed plan design changes. The purpose of the calculator is to provide a comparison between old (current plan) and new (proposed plan) rules. The calculator does not apply to retirees or members who will have no service earned after January 1, 2022. The calculator also does not apply to special groups, or group 2 and 5 members.

The pension amounts calculated are for illustrative purposes only to provide an estimate of projected future benefits to show how plan changes may affect a plan member. Many variables are used in calculating a pension and the actual benefit entitlement will depend on individual circumstances at retirement. The information and results provided by this pension calculator are not meant to provide in any way a binding statement of benefit entitlement and should not be considered accurate for the purpose of legal or financial advice that can be relied upon to make retirement decisions.

The Municipal Pension Plan Board of Trustees disclaim any liability for any use of this calculator and accept no responsibility for errors, omissions, inaccurate or misleading statements obtained through its use.

Fast Facts

Moving to Flat Accrual and Single Contribution Rates

Moving away from a two-tiered system for accrual and contribution rates.

Removing the Bridge Benefit on Future Service

One of the proposed changes by plan partners is to remove the bridge benefit on future service.

Removing the Bridge Benefit on Future Service

One of the proposed changes by plan partners is to remove the bridge benefit on future service.

Removing the Rule of 90 on Future Service

Removing the Rule of 90 for service after January 1, 2022

Changing reduction factors

Learn more about reduction factors that will affect early retirement.

Changing reduction factors

Learn more about reduction factors that will affect early retirement.

To view all proposed changes please view the full presentation.

FAQs

General Membership - General Questions

Time/Timing Questions

Engagement

Early Retirement, Bridge Benefit and Rule of 90 Questions

Contribution Rate Questions

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