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B.C. Pension Plans Remain Resilient in 2024
The Number of Pension Plans Declined Slightly in 2024, but Overall Membership Rose.
B.C. pension plans remained strong and well funded through 2024, according to data collected and summarized in BCFSA’s Annual Pensions Report.
The report shows that the 600 plus plans have been resilient in navigating the past several years’ economic challenges, including existing and emerging risks, while the accompanying Key Highlights fact sheet highlights some key trends versus the prior year.
“With British Columbians facing financial uncertainty, it’s important for pension plans to be robust and sustainable so that people can count on their pensions to meet their long-term financial goals,” said Nez Aquino, BCFSA’s Senior Vice President, Financial Institutions.
Highlights from the Report
- Plan Membership: Although mergers and windups led to a small decline in the number of pension plans to 610, membership rose four per cent, as of December 31, 2024, to almost 1.34 million.
- Contributions: In 2024, 28 per cent of Defined Benefit (DB) plans reported using excess assets to offset required employer contributions. Despite the use of contribution holidays, total contributions to plans in B.C. increased by nine per cent.
- Benefits Payments: DB plans paid over $7.6 billion in pensions and transfers to members in their most recent fiscal year while target benefit plans paid $694 million in pensions and transfers.
- Pension Funds Investment: In the year, pension plans added to fixed income portfolios and reduced holdings of real estate.
BCFSA supervises pension plans registered in B.C., working to ensure that plan administrators adhere to pension regulations, safeguard the assets and the rights of plan members, and maximize benefit security for current and future retirees.
Additional Information
About BCFSA
B.C. Financial Services Authority is the province’s regulator for the financial services sector that helps to protect British Columbians during some of the most important financial decisions of their lives. As a Crown agency of the Government of British Columbia, BCFSA oversees credit unions, trust companies, insurance companies, pension plans, mortgage services, real estate services, and real estate development marketing. BCFSA also administers the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC). BCFSA’s mission is to instill confidence in the financial services sector by focusing on the safety and soundness of regulated entities and consumer protection through effective market conduct monitoring.
Media Contact:
Lindsey Norris
Communications Manager, media@bcfsa.ca
Visit: www.bcfsa.ca
