UBC Pension Calculator (Canada)

UBC Pension Plans Overview:

• UBC Staff Pension Plan (SPP):
  • Type: Defined Benefit (DB) plan. This means your pension amount is pre-determined by a formula, not directly by investment returns.
  • Formula (General Principle): Your pension is typically calculated based on your years of pensionable service and your “highest average salary” (often the average of your five highest consecutive years of salary). The exact formula may involve different accrual rates for earnings below and above the Canada Pension Plan’s Yearly Maximum Pensionable Earnings (YMPE).
  • Normal Retirement Age: 65.
  • Earliest Retirement Age: 55, with potential reductions for early retirement.
  • Indexing: Pensions in payment may be indexed to inflation (e.g., CPI), often with a cap.
• UBC Faculty Pension Plan (FPP):
  • Type: Primarily a Defined Contribution (DC) or “money purchase” plan. Your pension at retirement depends on the total contributions made by you and UBC, plus the investment returns earned on those contributions.
  • Contributions: Both you and UBC contribute a percentage of your salary. These contributions are invested in funds you choose.
  • Retirement Income: At retirement, you use your accumulated account balance to purchase a retirement income product (e.g., an annuity or a LIF/RRIF). The amount is not guaranteed.
  • Retirement Age: Eligible to retire as early as age 55. Must begin receiving pension income by the end of the year you turn 71.

Important Note: This calculator provides an *illustrative estimate* for a Defined Benefit (DB) type pension, similar to the UBC Staff Pension Plan. It does not accurately model the UBC Faculty Pension Plan (FPP) due to its defined contribution nature, where investment performance and individual choices heavily influence the outcome.

For the most accurate and personalized pension estimate, it is crucial to consult your official UBC pension statements, use the pension estimator tools provided by UBC Pension Administration (e.g., on mysunlife.ca/ubcfpp for FPP members), or contact the UBC Pension Administration Office directly.

• UBC Staff Pension Plan Official Site →
• UBC Faculty Pension Plan Official Site →
• UBC HR Retirement Benefits →