Prof. Joost Blom, chair and Dr. Robert Heinkel, vice-chair, celebrate the UBC FPP’s 50th anniversary at the 2017 Pension Forum.
The UBC Faculty Pension Plan (FPP) was established on April 1, 1967, making 2017 its 50th year of operation. The Plan has garnered respect as one of the largest defined contribution plans in Canada with over 6000 members and more than $2.1 billion in assets. The UBC FPP is one of the most valued benefits offered to UBC faculty and administrative executive staff.
The Plan is designed to help members save and invest for their future
Many improvements and enhancements have been made over the last 50 years to make the Plan valuable and unique. Members are offered a diverse selection of investment and guaranteed fund options to help them build their portfolios and benefit from the low management fees associated with these investment options. Members can also transfer funds into their UBC FPP account from external registered plans, and potentially reduce the amount of fees charged on those other registered funds.
Flexible retirement income options
The UBC FPP is one of the few defined contribution plans in Canada to offer retirement income options within the Plan, which means members can keep their money invested in the pension plan while also drawing their retirement income. Over the last 10 years, the number of members drawing retirement income from the Plan has more than doubled.
Cost-effective and well-managed pension plan
The UBC FPP is an independent trust and is governed by a Board of Trustees who is committed to supporting members with their retirement savings through their employment and beyond. As the Plan embarks on its next half-century, the Board of Trustees continues to focus on the goal of providing a cost-effective and well-managed pension plan.
The Trustees would like to thank all those who have been involved with the evolution, administration and management of the Plan over the last 50 years.
History of the Plan: 1967 to 2017
An in-depth history of the Plan from 1967 to 2017 has been written by Joost Blom, chair of the UBC FPP Board of Trustees and professor, Peter A. Allard School of Law. A copy of the history is available here.