July 2016 marked the one year anniversary of the UBC Faculty Pension Plan’s move to a recordkeeping and custodial platform under Sun Life Financial. Through the first year of our enhanced relationship, we have learned a great deal and continue to work with Sun Life on improving processes and administrative efficiencies. We thank our members for their continued feedback, which has helped us to evaluate and focus on areas where there is opportunity for improvement. One of these areas is to provide more clarity and communication on what the Plan’s co-administration model and governance looks like after the transition. The following sections provide information on what the Plan’s governance and administration entails:
UBC Faculty Pension Plan Board of Trustees – Role: Administrator
The role and responsibilities of the Plan’s Board of Trustees remain the same as before the transition. The Board is ultimately responsible for the management and oversight of the Plan including administration, financial reporting and investment activities. The following are key responsibilities of the Board:
- Selects the Plan’s investment fund options and monitors their appropriateness, including an annual formal review
- Selects the Plan’s retirement options and biennially reviews their design and appropriateness
- Sets the asset allocation policy for each of the investment fund options and the risk parameters for each of the funds
- Annually reviews and updates the Plan’s Statement of Investment Policies and Goals and monitors compliance
- Selects investment managers and monitors their investment performance as well as performance of the overall Plan
- Oversees and evaluates the activities of the UBC Pension Administration Office and Sun Life Financial
UBC Pension Administration Office – Role: Member services and communications
The UBC Pension Administration Office (PAO) performs the day-to-day management of the Plan and reports to the Board on all activities of the PAO related to the Plan. Under the new co-administration model, the UBC PAO works with Sun Life Financial to provide administration, member services and communication. The following are key responsibilities of the PAO:
- Determines eligibility for Plan membership and advises members who are eligible for optional membership
- Provides member services including assisting members with their inquiries and hosting pension seminars and one-on-one meetings
- Provides income option estimate packages for members approaching retirement
- Provides member education and communication including the Plan’s website and newsletters
- Organizes and presents the annual Pension Forum
- Assists the UBC Elections Office with the elections of elected trustees
Sun Life Financial – Role: Recordkeeper and custodian
Sun Life Financial has been appointed by the Plan’s Board of Trustees to work with the UBC PAO in the new co-administration model. The following are key responsibilities of Sun Life Financial:
- Maintains custody and daily valuation of the investment funds made available to Plan members
- Recordkeeping of all the accounts under the Plan, including maintaining member records and any updates or changes
- Administers the Plan in accordance with the Plan text, Pension Benefits Standards Act of British Columbia, Income Tax Act and other applicable legislation
- Prepares termination, retirement, and death benefits packages for members and processes benefit payments and transfers
- Provides online tools, education and financial transaction capability through a secured member website, including financial planning and retirement tools, webcasts, and an investment risk profiler
- Provides a Customer Care Call Centre to assist members with general inquiries, account and payment changes and financial transactions.
For more information on the Plan’s governance and a detailed description of roles and responsibilities of the Board of Trustees, UBC Pension Administration Office and Sun Life Financial, please review the Plan’s Governance Policy.