Welcome to the Staff Pension Plan (SPP)
The Staff Pension Plan is an important part of your overall compensation and plays an important role in your future. The sooner you join the Plan, the greater your retirement income will be. For more information on how to join click here.
Latest News
SPP Update May Newsletter & Annual Statements
May 3, 2012
Members will start receiving their May 2012 issue of the Staff Pension Plan Update newsletter this week. Active and Deferred members of the Plan will also receive their annual statement with their newsletter.
In this issue of the SPP Update:
- 2011 Year in Summary
- Reading your SPP Annual Statement
- 2011 Investment Review
- Your invitation to the SPP Pension Fair
View the May Update Newsletter
Annual Statements coming soon
April 27, 2012
The 2011 Annual Statements for Active and Deferred members of the UBC Staff Pension Plan will be in the mail the week of April 30, 2012.
Please review your statement for any errors in beneficiary information, birth date, contributions, and pensionable service. If any personal information needs to be revised or updated, simply fax a copy of your statement with your comments to the Pension Administration Office at 604-822-9471, or mail a copy to the address provided. We will respond to member inquiries as quickly as possible.
Members who joined the Plan in 2012 will not receive their first statement until 2013, as statements are calculated as of Dec 31 of the prior year. However, you may view your benefit information by using your CWL account to log into myPension, which is available 24/7.
If you are a Deferred member who is under age 55 and you did not receive an annual statement there maybe several reasons. Please use the Feedback Form to make an enquiry as to why you did not receive one.
If you are a Deferred member who is age 55 and over, you will receive a retirement application package instead of an annual statement as you are eligible to start your pension immediately. If you are approaching retirement and have not received a retirement package within the last 12 months, please contact us by using the Feedback Form.
SPP Pension Fair - Tuesday, May 29
April 19, 2012
The SPP Pension Fair takes place on Tuesday, May 29 from 11:30 am to 1:15 pm. The fair will be held in the Arbutus Room, Ponderosa Centre, 2071 West Mall (at University Boulevard) [map]. No RSVP is required.
There will be information booths and several opportunities to learn more about the Staff Pension Plan as well as UBC HR’s Retirement and Survivor Benefits. We are also pleased to have the following groups in attendance:
- Service Canada
- Canada Revenue Agency
- UBC IMANT
- UBC Continuing Studies (Seniors and Community Programs, Life and Career Programs)
- CARP (New Vision of Aging for Canada)
See the SPP Pension Fair invitation.
New Pension Board Directors - Harry Satanove and Debbie Wilson
February 27, 2012
Harry Satanove has been appointed by the UBC Board of Governors as the Plan's first Independent Non-Voting Chair for a term running from February 2, 2012 to December 31, 2013. Debbie Wilson has been appointed as a director for a term running from February 2, 2012 to December 31, 2015. The SPP Board is pleased to welcome Mr. Satanove and Ms. Wilson as directors, and believe they will bring a wealth of knowledge and experience to the board. Read the February 2012 issue of the SPP Update, which will have details on recent changes to the SPP Board membership.
Pensioners - COLA (Cost of Living Adjustment)
December 15, 2011
UBC Staff Pension Plan retirees will receive a 1.4% cost of living increase (COLA) to their pension effective January 1, 2012. This adjustment is based on 50% of the increase in the Consumer Price Index in the last year, which was 2.8%, and reflects the change to indexing at 50% of inflation effective January 1, 2012. Details of this change may be read in the November 2011 Staff Pension Plan Update newsletter, or viewed at the COLA page. Pensioners who retired in 2011 will receive a prorated cost of living increase.
RBC Dexia Services will mail your T4A slip, for income tax purposes, by the end of February 2012. If you have not received your T4A by March 1, 2012, please contact one of the numbers listed below for a copy.
RBC Dexia - Pension Call Centre 1-800-668-1320
Pension Administration Office 604-822-8883 or 604-822-8646
If you have any questions regarding your pension payment, please feel free to telephone one of the numbers listed above for the Pension Administration Office or contact us via the Feedback page.
New Pension Board Director – Peter Smailes
December 9, 2011
Peter Smailes, Treasurer of the University, has been appointed as a director to the UBC Staff Pension Plan Pension Board. Mr. Smailes will serve on the Board from December 1, 2011 to December 31, 2014. We are pleased to welcome Mr. Smailes and look forward to his expertise and knowledge that he brings to the Pension Board.
SPP 2010 Financial Statements
August 16, 2011
The 2010 Financial Statements for the UBC Staff Pension Plan are now available.
Are You a Pensioner with a Sunlife Variable Annuity Payment?
June 7, 2011
Sunlife has advised the UBC Staff Pension Plan that pensioners who have a Variable Annuity Pensions with Sunlife received an increase effective May 1, 2011. Sunlife corresponded with these retirees directly on the details of the change to their CREF variable annuity. The reason for the increase, says Sunlife, was due primarily to improvements in global equity markets in the prior year.
As this year sees an increase in the Sunlife benefit, we would like to remind these retirees that we will be decreasing their UBC Staff Pension Plan payment by an amount equivalent to their Sunlife Annuity increase, effective January 1, 2012.
2010 SPP Board of Directors Election Results
We are pleased to advise that Brian Evans and George McLaughlin have been re-elected as members of the Board of Directors in the recent election. Their terms of office are from January 1, 2011 to December 31, 2014. We thank the candidates and all those members who cast their ballots in this election.
Info on Canada Pension Plan changes at Service Canada website
Further to the article, "CPP Changes now in Effect," published in the November 2010 issue of the Staff Pension Plan Update, there is specific information regarding these changes provided by Service Canada at their website. To view this information, please visit Service Canada's Changes to the Canada Pension Plan starting January 1, 2011 page.
Amendment of the Commuted Value (Lump Sum) option for members age 55 and older effective January 1, 2011
The UBC Board of Governors has approved the Pension Board's recommendation to remove the Commuted Value (lump sum) option for members age 55 and older. This change is effective for members who retire on or after January 1, 2011.
Given today’s low interest rate environment, providing the commuted value lump sum option has been a concern for the Pension Board as greatly overinflated lump sum amounts are being paid by the Plan, with the largest amounts to retiring members. The payment of these large lump sum amounts has a direct impact on the Plan’s liabilities, and by way of how the Plan is designed and because University contributions are fixed, the cost of these higher benefits is implicitly borne by the remaining members. As it is a mandate of the Pension Board to provide retirement security and income for all members, careful consideration was given to all cost reducing options, and on the advice of the Plan’s Actuary and Legal Counsel, the Pension Board decided it was appropriate to recommend the removal of an option that is affected by external factors beyond members’ control such as timing of interest rate changes. The remaining pension options will continue for members age 55 and older and there will be no changes for members under age 55.
Although the Plan’s assets have been recovering since the market downturn of 2008, $169.3 million was lost in that year. The Plan must ensure that there are greater assets (in terms of money) at a certain level than liabilities (pension benefits promises) in order to continue to pay indexed pensions. It is a condition of the Plan that if there are not sufficient assets to support benefits, then future indexing is reduced. As the next Actuarial Valuation commences on January 1, 2011, it was important to recommend the implementation of this change in time for this date as it is an evaluation of the Plan’s ability to pay benefits for the following three years.
We have prepared some Q & As (Questions and Answers) to help you understand what this change means to you. Click here to read the Q & As.
Changes to your Pension Plan as of July 1, 2009
In November 2008, the UBC Board of Governors approved the Pension Board’s recommended Plan changes. The new pension contribution and benefits formulas and other improvements are effective July 1, 2009.
General explanations of the changes can be found in the February 2009 newsletter. A postcard has also been mailed to members on July 3, 2009 in an effort to remind you of the new contribution rate that will be reflected on your pay cheques starting July 15, 2009.
Click here for more information.
Upcoming Events
Workshops
How much do you know about retirement income? The SPP Administration
Office offers informative workshops to help you understand
the Staff Pension Plan and learn about income in retirement.
There's a workshop for members under age 50 and a second
for members age 50 and over. Sign up now! You'll be glad
you did!
Important Notes
The information in this website summarizes the main features of the Staff Pension Plan as of January 2005. This website does not create or confer any rights to benefits. Pension plans and the legislation that governs them are complex, so not every detail can be contained in a website such as this. In the event of any discrepancy or misunderstanding, benefits will be administered according to the official Plan documents and the applicable legislation. The Plan may be amended from time to time to keep the benefits in line with the Plan's ability to pay for them.
QuickFind
- 2011 Actuarial Valuation Results and January 1, 2012 Plan Changes
- Amendment of the Commuted Value Lump Sum Option
- Changes to the Plan
- Important Terms
- Contribution Calculator
- myPension
- Cost of Living Adjustment (COLA)
- FAQs
- Forms
- Helpful Links
- How to Join
- Library
- Pensions 101
- Five-Year Bank Rate
- Rates of Return
- Workshops
