The Pension Board monitors the financial status of the Staff Pension Plan (the “Plan”) based on information provided every quarter by the Plan’s advisors. Once every three years a more comprehensive review, called an actuarial valuation, must be conducted. The last such review was as at December 31, 2013. The December 31, 2016 actuarial valuation of the Plan is currently in progress. The actuarial valuation has four main purposes:
- Evaluate the present financial status of the Plan;
- Assess the ability of the Plan to pay pension benefits over the long term;
- Comply with regulatory requirements for actuarial valuations and filings with pension authorities; and
- Determine the level of indexing the Plan can afford to pay, if any.
The actuarial valuation will be completed in September 2017. There will be a full report in the November issue of UBC SPP Update on the results of the actuarial valuation.