Welcome to the UBC Staff Pension Plan (SPP). The UBC SPP is among the most valued benefits offered by the university and it is designed to help you save for your future with the purpose of providing a stable lifetime retirement pension.
What are the benefits of being a member of the Staff Pension Plan? How can the SPP help you save for your retirement? Watch the video below to find out:
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Now that you are a member of the SPP, here are some tips to help you get started as well as to learn about your pension benefit and how your pension plan works.
The SPP is a Target Benefit Plan
Your pension plan is a target benefit plan. When you retire, your pension is calculated based on a formula using your basic salary and years of service. 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. Learn more about the SPP’s target benefit plan nature and its funding policy on our About the Plan page.
Designate your beneficiary
Naming a beneficiary for your pension is an important way to ensure peace of mind that your pre-retirement pension benefit will be paid to the recipients that you want, in the event of your death. Learn more about designating a beneficiary.
Attend a pension workshop
Our in-depth workshops are the best way to learn about the SPP and your pension benefits. Visit our Upcoming Pension Workshops page for more information and to register.
myPension is a secure member website where you can view your pension and beneficiary information, member statements, and use the myPension estimator to see what your pension could be in the future. myPension is typically available around the middle of the month after your first contributions are made to the Plan. For example, if you joined the SPP on April 1, your access to myPension will be available around mid-May.
While you are in myPension, we encourage you to review your Communication Preferences. On this page, you have the option to opt out of paper annual statements.
Plan newsletter, guides and information sheets
Your Plan newsletter, UBC SPP Update, is sent to your UBC work email address. You can continue to receive important updates about the SPP by keeping your email address current in the UBC Faculty and Staff Self-Service Portal
Review our comprehensive Plan Guides and Information Sheets to help you learn more about your pension plan and benefits.
Every year you will receive a member statement which provides a summary of information such as your contributions, benefits and personal pension data. These statements are typically mailed in May. We are required to send you a paper statement, unless you have opted out of receiving paper statements through the Communications Preferences page in myPension.
Please note that statements are calculated as of December 31 of the prior year. This means that if you joined the SPP in 2020, you will receive your first annual statement in May 2021.
Your Rights & Responsibilities
Pension plans are highly 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 our Member Services team with any questions you may have regarding the UBC Staff Pension Plan and your pension benefits and options.