Pension Calculator
Click here for an Excel tool to calculate what happens to your pension with the proposed new BCTF Pension Plan design.
This is not my work -- it has been created by Prince George teacher Chris Sdoutz and is posted here with his permission.
Below is his pre-amble.
This is not my work -- it has been created by Prince George teacher Chris Sdoutz and is posted here with his permission.
Below is his pre-amble.
Now that the BCTF Exec has released their recommendation on pension change to the upcoming AGM (and that recommendation is different from the original A to E options we were presented) I decided to update my calculator. I have called the new recommendation plan F.
It is attached in Excel. There are several worksheets as described below:
Worksheets 1 & 3 projects what YMPE might be at time of retirement (based on how it has changed over the last 24 years).
Worksheets 2 & 4 allows the user to enter whatever YMPE they wish to predict.
Worksheets 1 & 2 have the new conditions (no Pensionable Service cap & no reduction at 35 years Contributory Service) applied ONLY to the new recommended plan (which I have labeled as plan F).
Worksheets 3 & 4 have the new conditions (no Pensionable Service cap & no reduction at 35 years Contributory Service) applied to ALL the plans (the original A to E options and the new recommended F). I did this out of curiousity in case the recommendation could be ammended at the AGM (and I do NOT know if it that could happen or not) to reflect the accrual %, earliest unreduced retirement age, or early retirement reduction % of one of the other (original) options.
This is purely a personal endeavour for me and has not been officially verified or endorsed by the PGDTA or the BCTF.
Obviously this is still just a rough guess, especially because of the need to project not just the YPME but also future HAS and years of pensionable service. So the numbers produced are a guideline, not a 100% fact :-)
That being said, I am confident it works. Feel free to challenge or point out mistakes I am not seeing.
If you wish to pass this on feel free but please include the above comments.
Chris Sdoutz
It is attached in Excel. There are several worksheets as described below:
Worksheets 1 & 3 projects what YMPE might be at time of retirement (based on how it has changed over the last 24 years).
Worksheets 2 & 4 allows the user to enter whatever YMPE they wish to predict.
Worksheets 1 & 2 have the new conditions (no Pensionable Service cap & no reduction at 35 years Contributory Service) applied ONLY to the new recommended plan (which I have labeled as plan F).
Worksheets 3 & 4 have the new conditions (no Pensionable Service cap & no reduction at 35 years Contributory Service) applied to ALL the plans (the original A to E options and the new recommended F). I did this out of curiousity in case the recommendation could be ammended at the AGM (and I do NOT know if it that could happen or not) to reflect the accrual %, earliest unreduced retirement age, or early retirement reduction % of one of the other (original) options.
This is purely a personal endeavour for me and has not been officially verified or endorsed by the PGDTA or the BCTF.
Obviously this is still just a rough guess, especially because of the need to project not just the YPME but also future HAS and years of pensionable service. So the numbers produced are a guideline, not a 100% fact :-)
That being said, I am confident it works. Feel free to challenge or point out mistakes I am not seeing.
If you wish to pass this on feel free but please include the above comments.
Chris Sdoutz