When you retire, you will receive a monthly lifetime pension from the UBC SPP. This pension is paid for your lifetime and if applicable, your spouse’s lifetime. You will not outlive your pension. The amount you will receive and the form in which you receive it, depends on several factors including:
- Marital status;
- Your Best Average Earnings*; and
- Your years of pensionable service**.
Your pension benefit (otherwise known as your SPP basic benefit) is calculated using the following formula:
1.8% x Your Best Average Earnings* x Your years of pensionable service**
If you have pensionable service before July 1, 2009 your pension will be calculated using a combination of the Post-July 1, 2009 formula above and a pre-July 1, 2009 formula. Please refer to ‘The Pension Benefit’ section on the Overview page on our website for a description of these two formulas.
*Your Best Average Earnings is the average of your basic salary over any three, non-overlapping periods of twelve consecutive months of pensionable service that produces the highest figure.
**Pensionable service means the periods of continuous service in which you made required contributions to the Plan.
Did you know?
The money contributed to the SPP by UBC and plan members goes to fund the overall pension plan. Contributions are not used to determine your pension amount at retirement.