If you receive a pension from the Teachers’ Pension Plan of BC, you will have noticed some changes to your pension payments in 2020.
MSP Premiums End
If you watched your bank account near the end of December you might have noticed an increase in your pension amount. Because premiums were eliminated in the BC Medical Services Plan (MSP) beginning in 2020, and most of us paid our MSP premiums directly from our pension, the deposit amount increased by $37.50 per person in December. In the past we paid ahead for MSP – and the January premium would have been deducted in December. But not anymore!
A cost-of-living increase to our pensions came into effect on our January payment. You will have noticed a 1.9% increase. This increase now becomes part of our guaranteed pension. BC and Ontario are the only provinces where the teachers’ pension plans have consistently provided full cost-of-living increases.
Pensions and Benefits Committee