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Pensions overview
The Superintendent of Pensions in our Pensions Division regulates pension plans registered in British Columbia under the Pension Benefits Standards Act (PBSA).
Information describing the PBSA in plain language is available online on the Information for Pension Plan Members section.
British Columbia members of pension plans registered in other provinces in Canada are also protected by the PBSA. The Superintendent´s role is to administer the PBSA in a manner consistent with the intent of the statute, balancing the security of the benefits promised with the limitations of plan sponsors.
Financial hardship unlocking
The PBSA allows members facing financial hardship to unlock funds held in a Locked-In Retirement Account (LIRA) or Life Income Fund (LIF) under specific qualifying circumstances such as low income or other financial pressures. If your pension funds are still held in a registered pension plan, the financial hardship rules do not apply. To apply, complete the Application to Unlock and Withdraw British Columbia Funds Due to Financial Hardship and submit it to the financial institution that holds your locked‑in funds.
The Superintendent of Pensions does not have authority to unlock funds; only your financial institution can process unlocking requests.
For more details on eligibility and the unlocking process, visit the section on Unlocking Pension Funds.
Risk-based regulation
In April 2025, BCFSA released the Supervisory Framework for Pension Plan Registered in British Columbia (2025 Framework). It provides an overview of BCFSA’s approach to pension supervision. The modernized 2025 Framework introduces a more forward-looking supervisory approach, focusing on the continuous monitoring of current and emerging risks, and proactive mitigation. This approach aims to safeguard the interests of plan members and enhance the overall stability and integrity of the pension system in British Columbia. The 2025 Framework applies to all pension plans registered in British Columbia and replaces the May 2014 regulatory framework.
Things we do not do:
The PBSA does not provide the authority for the Superintendent of Pensions to unlock pension funds.
BCFSA does not handle pension division enquiries related to relationship breakdown. These matters are governed by the Family Law Act. Please seek legal advice.
BCFSA does not have jurisdiction over pension plans covering federal public sector employees, or private sector employees working in federally regulated industries such as banks, airlines, broadcasting and telecommunications or jurisdictions such as Nunavut, Northwest Territories and Yukon.
Pensions are not guaranteed by the PBSA. The PBSA requires plan sponsors to adequately fund all benefits earned by members, and to make special payments to make up any funding shortfalls.
The Superintendent makes no decisions concerning the reduction of benefits. That responsibility lies with the board of trustees.
Before the trustees may reduce benefits, other than for plans including a target benefit provision, they must receive consent for the reduction from the Superintendent.
The Superintendent of Pensions is not responsible for programs administered by the federal government such as the Canada Pension Plan (CPP), Old Age Security (OAS), or Guaranteed Income Supplement (GIS). For enquiries related to these programs contact the CPP or OAS on (800) 277-9914 or (800) 343-8282 from outside Canada.