The BC Teachers’ Pension Plan (TPP) has announced the cost of living adjustment (COLA) of teacher pensions for 2024. As long as the pension plan can afford the increase, the TPP provides this annual increase to address inflation. The benchmark rate is defined as the Canadian Consumer Price Index (CPI) as measured for the 12 months to the end of September 30th each year. As of September 30, 2023, the CPI was 3.8%.
On December 13th, 2023, the TPP posted the inflation adjustment that will take place as of January 1, 2024. With a healthy Inflation Adjustment Account, the TPP was once again able to cover the entire inflation amount of 3.8%.
BC retirees enjoy the most secure pension plan of Canadian educators, and have been fully covered for inflation for the past 20 years. An essential part of the mission of BCRTA is to advocate for pension security and the fair treatment of retirees. We are pleased to see the full coverage of inflation continue for our members.
Read more about the increase at: https://tpp.pensionsbc.ca/cost-of-living-adjustments
Cost-of-living adjustment history
| Year | Increase (%) |
|---|---|
| 2024 | 3.8 |
| 2023 | 6.9 |
| 2022 | 4.4 |
| 2021 | 0.5 |
| 2020 | 1.9 |
| 2019 | 2.2 |
| 2018 | 1.6 |
| 2017 | 1.3 |
| 2016 | 1.0 |
| 2015 | 2.0 |
| 2014 | 1.1 |
| 2013 | 1.2 |
| 2012 | 3.2 |
| 2011 | 1.0 |
| 2010 | 0.0 |
| 2009 | 3.4 |
| 2008 | 2.5 |
| 2007 | 0.7 |
| 2006 | 3.4 |
| 2005 | 1.8 |
| 2004 | 2.2 |
