Did you know that you are allowed to transfer registered funds into the Faculty Pension Plan from a Canadian financial institution or a previous employer’s Canadian pension plan? This includes funds from Registered Retirement Savings Plans (RRSPs), Locked-in Retirement Accounts, Registered Retirement Income Funds, Life Income Funds, and Registered Pension Plans. The Faculty Pension Plan accepts both non locked-in and locked-in transfers. Along with your other assets in the Faculty Pension Plan, you may then invest these funds in any of the Plan’s seven investment options. Transfers from spousal RRSPs, Tax Free Savings Accounts and non-registered assets are not allowed.
All active and deferred members of the Plan are eligible to transfer in Canadian registered funds. Former members who transferred out their funds to external registered plans are also eligible to transfer these funds back into the Plan.
Transfers into your UBC Faculty Pension Plan account from other registered plans are considered as tax-sheltered rollovers and so there are no tax consequences. You should check with your current provider about any transfer charges you may incur as a result of the transfer.
If you want to make a transfer from a financial institution, use the Application for Direct Transfer of Assets form. To transfer your funds from a previous employer’s Canadian registered pension plan, please contact us.