Your continued connection to your plan
The Public Service Pension Plan Newsletter for Retired Members
Highlights
Prepare for the unexpected. . . . . . . . . . . . . . 2
Plan rule change. . . . . . . . . . . . . . . . . . . . . . . 2
MSP premium assistance. . . . . . . . . . . . . . . . 2
Your monthly deductions. . . . . . . . . . . . . . . . 3
Where you live matters. . . . . . . . . . . . . . . . . . 3
When to contact us. . . . . . . . . . . . . . . . . . . . . 3
Pacific Blue Cross updates. . . . . . . . . . . . . . . 4
Medical Service Plan
premium assistance help for
lower-income seniors
MSP premium assistance, page 2
Pension payments 2016
July . . . . . . . . . 28
September . . . 29
November. . . . 29
August. . . . . . 30
October. . . . . 28
December . . . . 22
Your pension payment is deposited
directly to your bank account on the
second-to-last business day each month—
except in December, when we deposit
your payment two business days before
Christmas. Don’t do direct deposit?
If you live in Canada, sign up online.
ɇɇ pspp.pensionsbc.ca > My Account
Although we process payments for
those living outside Canada on the
same schedule, arrival dates may vary.
ɇɇ Sign up for U.S. direct deposit by using
the Direct Deposit Authorization form
at pspp.pensionsbc.ca/retiredforms
Make Pension Life even better
What can we do to better communicate
about your pension and its advantages? We
regularly contract research companies to do
research on our behalf. You may be contacted
to complete a survey or participate in a focus
group. Your participation in this research is
voluntary and all responses are confidential.
Thank you in advance for your participation.
ɇɇ Questions or comments about
how research is conducted?
Email [email protected]
Summer 2016
Confidence in your pension
Trustees’ message
As a Public Service Pension Plan (plan)
member who has contributed to the plan,
you should know your contributions are
secure in the plan. This security is what
we trustees work to maintain for you. How
exactly do we do it?
Together with the plan’s actuary
(a specialist in financial modelling, the laws
of probability and risk management), we
regularly monitor the financial position of the
plan. At least once every three years, we also
complete a formal review called an actuarial
valuation. The last valuation showed the plan
had a surplus of $194 million, representing a
funding ratio of 101 per cent as at March 31,
2014. This surplus means the pension plan
is fully funded and able to cover current and
future basic pensions for all plan members.
We maintain a long-term investment
plan and aim to achieve consistent, reliable
investment performance with our diversified
portfolio and asset mix. This focus on longterm investing lets us weather economic ups
and downs and spread out risk over time.
As trustees, we oversee the prudent
investment of plan assets. This work is
done through British Columbia Investment
Management Corporation which provides
investment management services for the
plan. We have a fiduciary responsibility
to act in the best interest of all members.
We govern in a careful, collaborative and
responsible manner.
Focus on long-term
investing lets us weather
economic ups and downs
This includes reviewing inflation
adjustments and group benefits for retired
members. As you know, inflation adjustments
are not guaranteed. They are calculated annually and offered when funding is available.
(continued on page 3)
Overseeing the plan to serve you
Your pension plan is governed by a board of
trustees committed to maintaining the plan’s
financial health. Meet two trustees, your chair
and vice-chair, who do important work to
ensure your pension benefit remains secure.
David Vipond, ICD.D, Chair
Appointed by: BC Government and Service
Employees’ Union
“My 35 years of experience with the Public
Service Pension Plan
has positioned me
well to serve as chair.
I see my responsibility as an opportunity
to share my pension
insight and knowledge for the benefit of
plan members.”
David Vipond
Work experience and education
• Participated in negotiations leading to the
pension plan’s joint trusteeship in 2001
• Completed Directors Education
Program—jointly developed by the
Institute of Corporate Directors and
Rotman School of Management
• Completed Advanced Trustee
Management Standards courses
through the International Foundation of
Employee Benefit Plans; awarded certificates in group benefits management,
pension fund management and pension
fund leadership
• Received pension management training
and education through the University
of British Columbia’s Sauder School
of Business and the International
Labour Organization
(continued on page 3)
2
PSPP.pensionsbc.ca
You may qualify for Medical Services
Plan premium assistance
Depending on your income, you may qualify
for Medical Services Plan (MSP) premium
assistance. The provincial government offers
a premium-assistance program for many
British Columbians, including seniors, to help
cover all or part of their MSP premiums.
The program is based on net income
(or a couple’s net combined income) for
the preceding tax year, verified by Canada
Revenue Agency. You may claim allowable
msp deductions such as age, family size,
disability and any reported Universal Child
Care Benefit and Registered Disability Savings
Plan income.
ɇɇ To determine your eligibility,
visit health.gov.bc.ca and search
eligibility calculator
If you believe you may have qualified for
assistance in recent years but didn’t apply
for it, you may be eligible to receive premium
assistance retroactively up to six years from
the date your request is received.
The Public Service Pension Plan does not
administer MSP.
Note: recently announced changes to msp
premium assistance will help lower-income
seniors and will take effect January 1, 2017.
ɇɇ Visit health.gov.bc.ca to:
• learn more information
• see the monthly premium assistance rates
• apply for premium assistance—complete and return an Application for Regular
Premium Assistance form
Because the unexpected can happen
Prepare—two things you can do before you’re unable to make your own
health care and financial decisions
Just as preparing a will is important, planning
now for possible incapacity could help your
loved ones through a difficult time later. Two
common tools for giving legal authority to
others in case you are incapacitated are powers
of attorney and representation agreements.
Power of attorney
The power of attorney allows you to appoint a
person to act on your behalf in financial, legal
and property matters.
• General power of attorney—to look after
your affairs (often for a limited time)
when you’re not available.
• Enduring power of attorney (EPOA)—
to manage your legal and financial
affairs should you become mentally
incapable. The EPOA must state it
remains in effect when you are
incapable. It does not cover personal
or health care matters.
Representation agreements
Representation agreements can cover
personal or health care decisions, as well
as routine financial management. You can
appoint more than one representative. For
instance, you might want to give one person
authority to make personal and health care
decisions because they know your values
and wishes, and another authority over
your routine financial matters because they
understand money matters.
Routine financial management includes
paying bills, receiving and depositing income,
establishing a registered retirement savings
plan and changing bank accounts.
Personal or health care management
includes decisions about where you live,
who will care for you, and when or whether
you have surgery, therapy, routine medical
tests or dental treatment.
Send us copies of your
representation agreement or
power of attorney if it affects
your pension benefit
More information
Information and professional advice on
preparation and use of a power of attorney
or representation agreement can be obtained
from lawyers and notaries.
If your representation agreement or power
of attorney affects your pension benefit,
please mail a copy of the document to the
plan or fax it to 250-953-0431.
ɇɇ For a guide on representation agreements,
visit www.trustee.bc.ca ›
Personal Planning › It’s Your Choice –
Personal Planning Tools
ɇɇ For more about the Representation
Agreement Act and requirements, visit
gov.bc.ca and search Incapacity Planning
Summer 2016
Plan rule change
New beneficiary option
With the modernization of the Pension
Benefits Standards Act on September 30, 2015,
spouses of retired members may be able to
waive their beneficiary rights.
Spouses may be able to
waive beneficiary rights
Does this apply to me?
Yes, if you chose a single life pension option
with a guarantee period at retirement. The
change means your spouse can waive their
beneficiary rights and you can choose another
beneficiary to receive the remaining payments
in the guarantee period should you die.
Check your semi-annual statement
(included in this mailing) to find out which
pension option you chose. Your option is
listed on the first page of your statement
under the heading “Payment breakdown.”
Why would my spouse want to waive
their beneficiary rights?
Your spouse’s situation may have changed
since you chose them as your beneficiary.
As with any significant financial change, seek
appropriate advice before making a decision.
What do I need to do?
If you don’t want to change beneficiaries,
you don’t need to do anything.
Want more information?
ɇɇ Visit pspp.pensionsbc.ca ›
Retired Members › News and read
the April 7, 2016 Member News
ɇɇ Log on to pspp.pensionsbc.ca › My Account
ɇɇ Contact the plan (see back page)
Manage your account online
You can access your pension account online—
any time of day or night. New features put
you in control of your information and most
changes are effective immediately.
Visit My Account to:
• change your address if you’re moving
within the province or country
• add a temporary address
• update your Canadian bank account
information
• sign up for electronic deposit
• print your T4A
ɇɇ pspp.pensionsbc.ca › My Account
Summer 2016
Confidence in your pension,
continued from page 1
Once granted, they become part of the basic
lifetime pension.
Group benefits for retired members are
optional and not guaranteed. These nonpension benefits are premiums paid by plan
members and partially funded from employer
contributions that would have otherwise
gone into the inflation adjustment account.
To ensure the plan can continue offering
valuable, cost-effective group benefits, we are
reviewing the program.
Be proud of your pension
Your pension is a source of retirement
savings you can count on for the rest of your
life. You worked hard to create your pension.
Be proud of it and have confidence in it.
ɇɇ We encourage you to learn more about
your pension plan. Visit the plan website
at pspp.pensionsbc.ca
Do you live outside BC?
Here’s what you need to know
If you live outside BC, we may send you a
Pension Declaration form. If you receive this
form, you must sign it with a witness present.
If we do not receive the completed declaration
form within 90 days of your receipt, your
pension payment may be interrupted.
Why is it important?
This form helps us make sure your information with the plan is up to date. We require
a signed Pension Declaration form to ensure
we only pay eligible benefits and safeguard
the assets of the plan for all members. Don’t
forget to change your address with the plan
any time you move.
ɇɇ To learn more about the form, visit
pspp.pensionsbc.ca › My Account,
email [email protected]
or call 1-800-663-8823
PSPP.pensionsbc.ca
3
Overseeing the plan to serve you, continued from page 1
Ron McEachern, Vice-chair
Appointed by: Province of British Columbia
“Serving as vice-chair
is a privilege.”
“Serving as vice-chair is a privilege. I truly
enjoy working with my fellow trustees to
ensure the ongoing value of the pension
plan—something that is so important to a
person’s financial security in retirement.”
Work experience and education
• Served as chair of the Public Service
Pension Board of Trustees from
January 2011 to April 2016
• Employed more than 30 years in human
resources and labour relations
• Served on boards of directors for several
employer associations
• Obtained pension management
training through Humber College and
Your monthly deductions
Your pension is taxable income. We are
required to deduct the minimum amount of
tax allowable by Canada Revenue Agency
(CRA) unless you specify otherwise. Are we
taking off too much or too little tax? You can
send us a TD1/TD1BC Personal Tax Credits
Return form or advise us in writing if you
would like to change the amount of tax
we deduct from your pension.
Note: if you have additional forms of
income, including old age security and
Canada Pension Plan, this could put you
in a higher tax bracket and result in more
taxes owed to CRA.
If you move out of BC to another
province or territory, we will continue to
deduct income tax at the BC rate unless
you give us a TD1 from your new location.
ɇɇ Download TD1 forms or get more
information at cra-arc.gc.ca/forms
or call 1-800-959-8281
British Columbia Government Retired Employees’ Association — bcgrea.com
investment
training through
Wharton School
• Completed
Advanced
Trustee
Management
Standards
courses through
the International
Ron McEachern
Foundation
of Employee
Benefit Plans; awarded certificates
in group benefits management,
pension fund management and
pension fund leadership
When to contact us
Message us through My Account,
email, call or fax if you have changes
or questions about:
Beneficiaries and marital status
• If you have married, become common
law or are going through a separation
or divorce
• If you have changed your name
• If your spouse or beneficiary has died
• If your beneficiary has a new address
• If you want to change your beneficiary:
pspp.pensionsbc.ca/retiredforms >
Change of Beneficiary
Health and dental coverage
• If you need to change information
about yourself, your spouse or a
dependant covered by extended
health care or dental benefits
• If you have questions about your
eligibility, enrolment or premiums
• If you are leaving the province or country for an extended period (six months
or more) and need to find out if you can
maintain your coverage while away
Pension benefit payments, deductions
and tax slips
• If you have questions
• If you want to change the amount of
tax taken off your pension payment
• If you have changed your direct
deposit information
Toll free: 1-866-729-9299 Email: [email protected]
The British Columbia Government Retired Employees’ Association (BCGREA) represents
the interests of retired Public Service Pension Plan (PSPP) members.
Joining the BCGREA is an opportunity to talk to other retirees and their spouses about pension
issues, meet former co-workers, make new friends and have a voice about your PSPP pension.
To join now, please send 2015 dues for $20 (single) or $40 (member and spouse) for the current
calendar year. Please make cheques payable to the BCGREA.
Visit bcgrea.com to download an application.
British Columbia Government Retired Employees’ Association
PO Box 791, Station A, Nanaimo BC V9R 5M2
new mailing address
If you or your power of attorney move and
do not give us your new mailing address,
you risk having your pension suspended
until we receive your current details. For
your security, we will stop your payments
if Canada Post returns your mail to us
three times.
ɇɇ pspp.pensionsbc.ca/retiredforms >
Change of Address
4
PSPP.pensionsbc.ca
Summer 2016
Helpful contacts
Canada Benefits › canadabenefits.gc.ca Phone: 1-800-622-6232 TTY: 1-800-926-9105
An overview of all government benefit programs and services for individuals.
Canada Pension Plan, Old Age Security, Guaranteed Income Supplement › servicecanada.gc.ca
Phone: 1-800-277-9914 TTY: 1-800-255-4786
Canada Revenue Agency › cra-arc.gc.ca Phone: 1-800-959-8281
Medical Services Plan (MSP) › hibc.gov.bc.ca Phone: 1-800-663-7100
Pays for medically required services. All BC residents must enrol with MSP.
SeniorsBC › seniorsbc.ca
Provides resources and tips for planning and living a healthy life.
Aging Well › healthyfamiliesbc.ca/aging-well Email: [email protected]
Provides resources to help you think about and plan for a healthy and independent future.
Information, tools and videos about health and wellness, finance, housing and more.
Public Service Pension Plan works with
Pacific Blue Cross (PBC) to administer
group health benefits at a reduced rate
to members.
Please contact PBC directly with specific
questions about your coverage.
Phone: 1-888-275-4672, or
1-888-873-9200 for members
living outside of BC
Web:
pac.bluecross.ca/pspp
CARESnet
Access your benefit plan, anytime, anywhere
Use your PBC CARESnet account to:
• Submit claims online
• See instantly if your claim is approved
• View your claims statements
• Look up drugs to see if they are covered
• Register for direct deposit
• Check your plan coverage and limits
• Update your address
• Save your ID card to your mobile device
• View your dependantsʼ coverage
Sign up for CARESnet today
ȐȐ Step 1: Visit pac.bluecross.ca ›
Plan Member and Register for Access.
ȐȐ Step 2: Have your Pacific Blue Cross policy
and ID numbers ready. Find them on your
ID card. Follow the steps to register.
Pay direct drug benefit
What is the pay direct drug benefit?
With the pay direct drug benefit, you are able
to fill prescriptions without having to pay outof-pocket first and then send in your receipt
for reimbursement. You will know immediately
whether a particular drug is covered under
your plan and how much the plan pays.
How it works
When filling prescriptions, simply present your
PBC ID card to the pharmacist. The pharmacist
fills the prescription and electronically sends
the claim to us. Our systems adjudicate the
2015-127 PSPP PL 2016.06.10
claim immediately and notify the pharmacist
what portion of the cost the plan will pay.
The pharmacist charges you only for amounts
not covered. Built-in security features protect
member confidentiality at all times.
Convenient and environmentally-friendly
Pay direct drugs is convenient because
the pharmacies submit the claim to us
electronically. Pay direct drugs coupled with
our online claiming solution through CARESnet
and dental office direct claim submission
means that only a small percentage of claims
have to be submitted on paper.
My Good Health:
Helping you live better
Small changes in our lifestyle can have a big
impact on our health but many of us find it
hard to make the time or we do not know
where to start. With My Good Health from PBC,
it has never been easier for you to take control
of your health and well-being.
PBC members, including spouses, get free
access to My Good Health. This engaging and
interactive website contains everything you
need to start the journey to better health.
By building your personal health profile, you
will receive a report that shows where you may
be at risk and provides recommendations on
how to take action.
With My Good Health you can:
• Create personalized action plans to
reduce health risks
• Discover new prevention and treatment
options
• Learn how medication works and what
possible side effects are
• Find information on natural products
and remedies
• Use health calculators to measure
biometrics
Ready to get started?
ȐȐ Members › pac.bluecross.ca
• Sign into CARESnet using your policy
number, ID and password (or if this
is your first time click “register”)
• Click on the My Good Health badge
ȐȐ Members outside of BC › mygoodhealth.ca
• Click on the My Good Health badge and
follow the prompts to create an account
Ready when
you are.
your pension online.
anytime.
Get tax slips, change your address,
see pension payments and more.
Log on to My Account today.
pspp.pensionsbc.ca › my account
Fair PharmaCare
Have you registered for Fair PharmaCare?
Looking for financial assistance for eligible
prescription drugs and designated
medical supplies? Want to save money
on prescriptions? If you are a BC resident,
register for Fair PharmaCare to receive
full reimbursement for prescription drug
expenses under your extended health
care (EHC) plan.
ȐȐ Register at pharmacare.moh.hnet.bc.ca
or call 1-800-663-7100
If you have questions about how this
government program integrates with the
coverage under your EHC plan, contact
Pacific Blue Cross.
Contact information
Include your Person ID number (see your
pension statement) in all correspondence.
Mail:
Public Service Pension Services
PO Box 9460
Victoria BC V8W 9V8
Phone: 250-356-9617
Toll-free: 1-866-876-6777 (Canada & U.S.)
Hours: 8:00 a.m. to 4:30 p.m. weekdays
Fax:250-953-0431
Email:
[email protected]
Pension Life is published twice a year. You may receive more than
one copy of Pension Life if you receive a pension from more than
one pension plan. Read your statement letter to determine which
plan provides your group benefits.
Any person entitled to a benefit, or their agent, has the right
to examine plan documents, data and public information about
the plan.