The UBC Staff Pension Plan (SPP) is a target benefit plan. The day-to-day administration of the Plan and member services are provided by the UBC Pension Administration Office, under the direction of the SPP Board.
Your Plan newsletter, UBC SPP Update, is sent to your UBC work email address. You can continue to receive important updates about the Plan by keeping your email address current in the UBC Faculty and Staff Self-Service Portal.
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Saving For Your Future
The SPP is an integral part of saving for your retirement. The purpose of the Plan is to provide you with stable retirement income for your lifetime and your spouse’s lifetime. Your pension, at retirement, is a defined amount that is calculated according to a formula. This formula uses your pensionable service and your best average earnings (salary). The Plan is financed by fixed contributions made by you and UBC. The Plan may be amended from time to time to keep the benefits in line with the Plan’s ability to pay for them.
Your Rights & Responsibilities
Pension plans are closely regulated by federal and provincial legislation. The SPP is registered federally under the Income Tax Act (Registration No. 0572362) and provincially under the British Columbia Pension Benefits Standards Act (Registration No. P085439-1). As a member of a pension plan, you have certain rights including the right to receive an annual statement from the Plan and a right to examine official Plan documents.
You also have obligations – most importantly to inform yourself about your pension plan and the decisions you need to make as a member.
Contact Member Services with any questions you may have regarding the UBC Staff Pension Plan and your pension benefits and options. The UBC Pension Administration Office also offers a variety of pension workshops for new and mid-career members and for members approaching retirement at the Vancouver and Okanagan campuses.