Leaving UBC?

Not all of our employees remain at UBC for their entire career. If you are moving on to other employers, or countries even, there are some decisions which must be made about the benefits you have accrued during your time at UBC. For ease, we have separated this section into those members who are over and under 55.

If You Are Under 55

Please inform the Pension Administration Office (PAO) as soon as you know you will be leaving the Plan. Four to six weeks after the month which you leave, you will receive an information package that details:

  • the options for receiving your earned pension benefit
  • your calculated pension benefit under each option, and
  • the forms you need to complete to indicate your choice.

Most members under age 55 will have a choice between a Monthly Lifetime Pension or a Lump Sum. The options that you are eligible for will depend on several factors such as your length of service and when you began making contributions to the Plan. 

Monthly Lifetime Pension
Leave your earned benefit in the Plan and receive a deferred pension starting as early as age 55 (earliest retirement age).

Lump Sum
Receive a lump sum equal to the greater of the value of your deferred pension or a minimum contribution refund of 1.5 times your contributions plus interest. All lump sum payments are subject to B.C. Pension Benefits Standards Act regulation and you may be required to transfer a portion or the entire amount into a Locked-in RRSP, which must be used to provide retirement income.

If you are/were a member of the Plan and made contributions prior to 1993, you may be eligible for an option called Monthly Lifetime Pension with Lump Sum, which is a combination of a deferred pension and lump sum.

Do I have to decide today?

If you are not able to make a decision on your option(s) today, you may decide to defer your decision to a later date. There are some things you should consider if you decide to defer your decision to a later date, such as:

  • The Lump Sum option is not available once you turn age 55, unless you have a Small Pension at the time of retirement, as legislated by the B.C. Pension Benefits Standards Act.

  • It is important that you keep your address up-to-date with the Pension Administration Office so that we are able to communicate with you any changes regarding your Plan benefit.

  • Once your turn age 55, and subsequently decide you would like to retire, you need to inform the Pension Administration Office, so that we can provide you with an updated calculation of your Retirement options based on your retirement date.

  • Your pension is subject to an indexing adjustment as approved by the Pension Board and the Plan's ability to finance it.

55 & Older

Contact the Pension Administration Office (PAO) as soon as you know your retirement date (or the date you will leave UBC after age 55). If you have not received a Pension Illustration/Estimate of your retirement benefit at the time of your call, please inform us and we will send you an information package.

If you have not attended a Retirement Information Session (RIS), you may wish to set up one when you call so that the staff can fully explain the options available to you at retirement.

For further information on retiring, please refer to the following links.

a place of mind, The University of British Columbia

 

UBC Pension Administration Office
235 - 2075 Wesbrook Mall, Vancouver, BC Canada V6T 1Z1
Tel: 604.822.8100
Fax: 604.822.9471

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