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Pension Plans in B.C. Remain Financially Strong
British Columbia pension plans remained strong and fully funded through 2022 according to data collected from over 600 plans and analyzed in BCFSA’s Annual Pensions Report.
Being fully funded enabled 24 pension plans to improve members’ benefits recently, for the first time in decades. Specifically, ten target benefit plans and 14 defined benefit plans improved benefits between December 2021 and December 2022.
Key Highlights from the Report
- Plan Membership: Pension plan membership increased by 26 per cent since 2014, although mergers and windup led to a decline in the number of pension plans. As of December 31, 2022, there were 631 pension plans registered in B.C. benefitting approximately 1,251,000 members including pensioners and inactive members.
- Member Contributions: In 2022, contributions to target benefit plans increased by 9.4 per cent while defined benefit and defined contribution plan contributions increased by 10 per cent.
- Benefits Payments: Defined benefit plans paid over $7.2 billion in pensions and transfers to members in their most recent fiscal year while target benefit plans paid $638 million in pensions and transfers.
- Pension Funds Investment: There is continued shift away from publicly traded assets towards private investments with real estate investment increasing by 12 percent year over year to $33.2 billion.
BCFSA supervises over 600 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.