Each year, you will receive a pension statement showing the data being used to calculate your pension benefits, when you can retire, and estimates of your pension entitlement. More specifically, it includes:
The annual pension you have accumulated to the end of the last year
How much you have contributed throughout your plan membership
An estimate of your projected annual pension at retirement
Your Spouse and beneficiary information
Review your statement carefully and notify the FortisBC Pension Department if you find any discrepancies in your personal information. Complete the Beneficiary Change Form if you need to change your Spouse or beneficiary information and email it to the FortisBC Pension Department.
Historical statements can be accessed online using the Pension Web Portal hosted by our third-party administrator, TELUS Health.
Log in to the Pension Web Portal to find other useful retirement planning tools. You can run estimates for your pension at different retirement dates and explore your pension payment options using the Projection Tool. You can also use the Retirement Income Planner to forecast your retirement savings from various sources.
If you have trouble accessing the Pension Web Portal, contact TELUS Health for help or check out the log in instructions. The FortisBC Pension Department is also available to provide additional support if needed.
Each year, you will receive a pension statement showing the data being used to calculate your pension benefits, when you can retire, and estimates of your pension entitlement. More specifically, it includes:
The annual pension you have accumulated to the end of the last year
How much you have contributed throughout your plan membership
An estimate of your projected annual pension at retirement
Your Spouse and beneficiary information
Review your statement carefully and notify the FortisBC Pension Department if you find any discrepancies in your personal information. Complete the Beneficiary Change Form if you need to change your Spouse or beneficiary information and email it to the FortisBC Pension Department.
Historical statements can be accessed online using the Pension Web Portal hosted by our third-party administrator, TELUS Health.
Log in to the Pension Web Portal to find other useful retirement planning tools. You can run estimates for your pension at different retirement dates and explore your pension payment options using the Projection Tool. You can also use the Retirement Income Planner to forecast your retirement savings from various sources.
If you have trouble accessing the Pension Web Portal, contact TELUS Health for help or check out the log in instructions. The FortisBC Pension Department is also available to provide additional support if needed.
Different career and life changes can affect your pension benefits. Here’s what happens if you…
If you leave FortisBC prior to your 55th birthday, you will be given the option of a deferred monthly pension payable at age 65 or a transfer of the deemed (commuted) value of your deferred pension to a Locked-in Retirement Account, another pension plan, or an insurance company for the purchase of an annuity. You may commence payment of your deferred pension as early as age 55; however, a reduction for early retirement may apply.
The Commuted Value of your deferred pension will be calculated by the external third-party pension administrator in accordance with the Canadian Institute of Actuaries Standards of Practice for pension Commuted Values. It is the estimated amount of money as of your last day of employment with FortisBC that you would need to invest to pay the monthly pension you earned under the MoveUP Plan. The Commuted Value fluctuates with changes in factors such as your age and interest rates.
If you pass away prior to retiring, you have completed 10 years of continuous service and your age plus continuous service total 60 years, your surviving Spouse (if you have one) will receive a lifetime survivor pension equal to the pension you have earned up to the date of your death (adjusted as if you had elected the optional form of pension which provides your Spouse with a 100% continuance of your pension following your death).
If you pass away prior to retiring and do not qualify for the above benefits, the MoveUP Plan entitles your surviving Spouse (if you have one) to the greater of 100% of the Commuted Value of the benefit you have earned or a refund of your contributions up to the date of your death, plus applicable interest.
If you pass away while receiving a monthly pension from the MoveUP Plan, your Spouse or beneficiary may receive a pension depending on the form of payment you elected at the time of retirement.
If you elected a joint and survivor pension option at retirement and you predecease your Spouse, your Spouse will receive payments in accordance with the option you elected. If they passed away before you, there will be no more pension payable from the MoveUP Plan.
If you elected a pension option with guaranteed payments, your beneficiary will receive a monthly pension until the remaining guarantee has been paid. If your beneficiary is your estate, your estate will receive a lump sum payment equal to the Commuted Value of the remaining guaranteed payment. If you pass away after the guaranteed period has elapsed, there will be no more pension payable from the MoveUP Plan.
You may choose to continue contributing to the MoveUP Plan and accruing Credited Service while on your leave. You will receive a maternity/leave package from FortisBC, where you will indicate whether you want to continue or suspend your pension contributions.
If you elect to continue your contributions:
If you elect to suspend contributions while on leave, you will NOT be credited pensionable service for the period of your leave and a break in pensionable service will be tracked.
You will be set up as a deferred member in the MoveUP Plan. Your contributions to the MoveUP Plan will cease and you will join and contribute to the pension plan provided for management and exempt employees. You will continue to receive an annual pension statement for your MoveUP Plan benefit. On retirement, you will receive a pension from the MoveUP Plan, based on your pre-transfer service and pre-transfer Plan Earnings, in addition to whatever pension benefit you have earned as a M&E employee.
If you are re-hired into a MoveUP position and were previously a member of the MoveUP Plan, you will immediately be re-enrolled in the MoveUP Plan as of your re-hire date. If you elected a deferred pension in respect of that previous service period, your contributions and Credited Service will be automatically added to your current membership record. If you received a refund of employee contributions or Commuted Value transfer for the previous service period, you have the option within one year of your rehire date to repay the employee contributions or Commuted Value transfer with interest to the MoveUP Plan in order to have your previous service added to your current membership record.
If you are re-hired and were not previously a member of the MoveUP Plan, the eligibility rules will apply from your date of re-hire.
If you retire from the MoveUP Plan and are re-hired by the company before December 1st of the year you turn 71, your pension payments will be suspended, and you will be required to contribute to the MoveUP Plan and accrue service. On the earlier of your subsequent retirement date and December 1st of the year you turn 71, your pension will resume and an additional amount of pension for your new contributions will be calculated.
If your marital status changes from single to legally married, or if you have been living with someone in a marriage-like relationship for at least two years, please contact the FortisBC Pension Department to update your pension data. Depending on the circumstances, you may need to complete a pension Beneficiary Change form or a pension Name Change form.
If you separate from your legal spouse (through divorce or after living separate and apart for at least two years) or your common-law relationship ends (as soon as you stop living together in a marriage-like relationship), you need to contact the FortisBC Pension Department to update your pension data and complete the appropriate paperwork.
Provincial family law legislation may require that the pension benefits you have built up during your marriage be shared with your former spouse. The actual split of the benefits will be according to a court order or separation agreement. If this situation arises, your legal counsel can advise you of the steps to follow.
A former spouse of a plan member can be paid their share of the member’s pension directly by becoming a limited member.
To receive their share of your pension directly from the MoveUP Plan, your former spouse must apply to become a limited member. As a limited member of the MoveUP Plan, they will automatically receive a copy of your annual pension statement. Some information in the statement will be removed to protect your privacy. However, it will show your pensionable salary and estimates of your future pension benefit. If you have a former spouse with a right to your pension, the amounts in your annual statement will include their share. This means that your actual pension payment will be less than shown on the statement.
To become a limited member of the MoveUP Plan, your former spouse must submit the following to the plan administrator:
As a limited member of the MoveUP Plan, your former spouse will receive their proportionate share of your pension in the form of a lump-sum settlement or a monthly pension. Their proportionate share of your pension will be calculated at the relevant time.
As a limited member, your former spouse can name a beneficiary to receive any pension amounts still due to them after their death. To designate a beneficiary, your former spouse must submit a Limited Member Beneficiary Form to the plan administrator. If they need to amend the information previously submitted to the plan administrator, they can use Form P8 — Change of Information.
Your former spouse does not have to be a limited member to request a copy of your annual pension statement and other documents to help determine the value of your pension. They can get this information from the plan administrator by submitting a Form P1 — Claim and Request for Information and Notice.
More information about splitting a pension on the breakdown of a relationship can be found here.
Here are a couple of tax considerations to be aware of while you are working and participating in the MoveUP Plan:
The Income Tax Act (ITA) requires that you stop accruing Credited Service after December 1st of the calendar year in which you turn age 71 and that you start collecting your pension as of December 1st of the same year. Pension contributions will also cease on December 1st should you work past your 71st birthday.
You will receive paperwork to initiate your monthly pension if you continue working past your 71st birthday. This does not mean you have to stop working. You may continue to work while receiving your monthly pension.
When you do decide to resign from your position at FortisBC, you must submit a retirement request form. Please visit the Initiating Your Retirement page for more information.
