Governance of the UBC Staff Pension Plan refers to the system in which the roles and responsibilities of governing parties are clearly defined so that clear and timely decisions are made in respect to the Plan. Good governance puts the best interest of the Plan’s stakeholders first and ensures that fiduciary duties are met as well as ensuring the best practices and administration for all Plan members and their beneficiaries. This is important to ensure that members are receiving good value for their investment in the SPP in the form of a stable lifetime retirement pension.
What are Fiduciary Duties?
A fiduciary is essentially someone who holds something in trust for someone else. In pension plans, the parties involved in sponsoring and managing a pension plan act as fiduciaries for plan members and their beneficiaries. This means that they must act in the best interests of all plan members and beneficiaries.
For information on the Plan’s governance policy, please refer to the Governance Policy document.