The formula that is being presented as the calculation for our pension under the new plan is: 2% X (average best 5 years salary) X (years of service). However, this is "based on a single life pension option with a 10-year guarantee". This is from BCCPP's website (https://college.pensionsbc.ca/how-we-calculate-your-pension). For those members with spouses we are automatically enrolled as joint-life, which means we will immediately be below the 2% rate right from the get-go.
I used a mock scenario using the BCCPP pension calculator and came up with these rates for the different options:
