In the fall of last year, the UBC Board of Governors approved a change affecting enrolment in the SPP. This change affects staff who are not yet enrolled and does not affect staff who are already members of the SPP. Currently, eligible staff have the option of delaying enrolment in the SPP for up to three years. Beginning April 1, 2020, enrolment can no longer be delayed and staff who are eligible to join will be automatically enrolled. This change was made so that staff do not miss out on valuable pensionable service. Your SPP pension is calculated using your years of pensionable service (how long you have been contributing to the pension plan) and your salary. The more pensionable service you have, the greater your pension will be.
As a result of this change, approximately 1000 new members will join the SPP on April 1, 2020. Instead of hosting our annual Pension Fair in 2020, we will host a special invite-only event for this large group of new members as well as members who joined the SPP in 2019. We look forward to resuming the Pension Fair in 2021.
For more information regarding the change, please see the UBC Staff Pension Plan – Enrolment changes effective April 1, 2020 announcement on our website.
Want to know how much your pension could be?
myPension offers a pension estimator to calculate an illustration of what your pension could be in the future. You can access the pension estimator by logging into myPension at staff.pensions.ubc.ca/mypension and selecting Calculators > Pension Estimator.
