Last month, the Board of Governors approved changes to enrolment under the UBC Staff Pension Plan (SPP).
Currently, eligible staff have the option of delaying their enrolment in the UBC Staff Pension Plan for up to three years. After three years, enrolment becomes mandatory. Under the current rules, approximately 89% of eligible staff choose to join the UBC Staff Pension Plan immediately or within one year.
As of April 1, 2020, the following changes will take effect:
- There will no longer be a three-year optional enrolment period. New staff will be automatically enrolled in the UBC Staff Pension Plan based on eligibility criteria for their employment group. To view eligibility criteria visit: hr.ubc.ca/wellbeing-benefits/benefits/getting-started/eligibility.
- Part-time salaried staff and CUPE 116 hourly staff will join the UBC Staff Pension Plan much earlier under the new rules. They no longer have to wait at least 12 months and meet an earnings threshold to become eligible.
- Existing staff who are currently eligible to join the UBC Staff Pension Plan, but have chosen not to, will be directly notified that they will be enrolled on April 1, 2020.
The objective of this change is to assist staff in saving for their retirement by ensuring they do not miss out on pensionable service under the SPP. The SPP pension benefit is calculated based on a formula using pensionable earnings and years of pensionable service. The more pensionable service a staff member has, the greater their pension benefit will be.
If you have questions or require more information, please contact Orla Cousineau, Executive Director, Pensions, at firstname.lastname@example.org.