Celebrate Pension Awareness Day on February 20

On February 20, BCFSA invites pension plan members to discover the value of their pensions.

This day is celebrated as Pension Awareness Day, a day to take the time to learn more about your pension plan and the benefits it will provide you and your family.

A pension plan is one of the most valuable savings vehicles available, and you should consider making the maximum contribution you can to it. If your employer matches your contributions, consider budgeting to contribute an amount that will maximize the amount of money your employer will put into your retirement savings. Consider also purchasing past service and making transfers from other employment to increase your pension, if that’s applicable.

Make sure your contact information is up to date. In Canada, billions of dollars in pension entitlements remain unclaimed. If you’ve changed jobs or moved, you may not be aware of your unclaimed benefits. If you think this may be you, it’s a good idea to contact your former employer or pension plan administrators to help you trace any benefits you may be entitled to. This is a good opportunity to review your benefits and engage with your pension plan. Consider attending any information sessions and updates that your employer, union, or plan administrator offers.

Your workplace pension is an important part of your retirement savings and supplements the pension income you receive through government programs (i.e., the Canada Pension Plan and Old Age Security) and your personal savings. Together, these income sources work together to provide financial security in retirement.

BCFSA regulates more than 600 pension plans in B.C., so that you can have confidence that your pension will be there when you retire.

Learn more at Pensions | BCFSA

About BCFSA

BC Financial Services Authority (“BCFSA”) is the province’s regulator for the financial services sector to help 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, real estate development and money services. BCFSA also administers the Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”). BCFSA has a mandate to instill confidence in the financial services sector by focusing on the safety and soundness of regulated entities and consumer protection.

Media Contact:
Kate Bilney
Communications Manager, media@bcfsa.ca
Visit: www.bcfsa.ca