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Pension Awareness Day: It’s Never Too Early to Save
This year’s national day encourages younger members of the workforce to discover the value of a workplace pension plan
Today is national Pension Awareness Day (PAD) and BCFSA is encouraging young people, new employees and those on a new career path to discover the value of a workplace pension plan.
Retirement may seem like a lifetime away—especially for recent graduates entering the workforce or those embarking on a new career—but it’s never too early to start saving for a secure financial future for you and your family.
A pension is one of the most valuable savings vehicles available and you should consider making the maximum contribution you can, especially if your employer matches your contributions.
You can learn more about minimum employer contributions and what kind of plan you have with BCFSA’s 2025 Report on Pension Plans Key Highlights fact sheet.
Understanding your workplace pension and options are the first steps to making informed decisions and planning now means more choices later in helping achieve the retirement you envision.
If you think you may be eligible to join your pension plan, contact your employer, pension plan administrator or your union. Learn more about your eligibility on BCFSA’s pension page.
“Retirement may seem far away, until it’s not. It’s never too early, or late, to start planning,” said Joy Tcheng, BCFSA’s vice president of Insurance, Trust & Pensions.
“Pension Awareness Day is the perfect opportunity to reflect on your retirement planning, stay informed, and talk to your employer about the workplace retirement options available to you.”
PAD tips to maximize your workplace pension plan:
- Attend information sessions: Updates from your employer, union, or pension plan administrator can be valuable.
- Start early: The earlier you start, the more time your money has to grow. Even small amounts can grow into significant savings over time.
- Contribute regularly: Automatic payroll deductions can help you maintain a disciplined savings schedule.
- Take advantage: If your employer offers matching contributions, make sure you’re contributing enough to take full advantage of that free money.
- Review your investment strategy: Regularly review your investments to ensure they stay aligned with your risk tolerance and retirement goals.
- Increase contributions over time: As your salary increases, consider increasing the percentage you contribute to your pension plan.
Now in its fourth year, PAD continues to grow, bringing together organizations from across Canada to engage in conversations and educate on how pensions play a vital role in supporting the long-term financial well-being of individuals and families.
BCFSA has also been promoting PAD via its various social media channels on X, Linkedin and Facebook.
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
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
