The British Columbia Financial Services Authority (BCFSA) issued a public message encouraging pension plan members to use Pension Awareness Day to learn more about their workplace pension and the benefits it may provide for them and their families. BCFSA highlighted pensions as a key savings vehicle and encouraged members to consider maximizing contributions, including where employer matching is available, and to explore options such as purchasing past service or transferring service from other employment where applicable. It also urged members to keep contact information current and to trace potential unclaimed benefits by contacting former employers or plan administrators, noting that billions of dollars in pension entitlements remain unclaimed in Canada. BCFSA framed workplace pensions as complementing government programs such as the Canada Pension Plan and Old Age Security and personal savings, and noted it regulates more than 600 pension plans in British Columbia.
British Columbia Financial Services Authority 2025-02-20
British Columbia Financial Services Authority marks February 20 Pension Awareness Day with guidance for pension plan members
The British Columbia Financial Services Authority (BCFSA) urged pension plan members to use Pension Awareness Day to understand their workplace pensions and maximize contributions, especially with employer matching. BCFSA emphasized updating contact information and tracing unclaimed benefits, noting billions remain unclaimed in Canada. It highlighted that workplace pensions complement government programs and personal savings, and that BCFSA regulates over 600 pension plans in British Columbia.