One of the unique features of the UBC Faculty Pension Plan (FPP) is the flexibility to structure your retirement income and tailor it to your needs. You have the option of leaving your funds in the FPP at retirement and accessing the same investment funds that you did as an active member. Alternatively, you can transfer your funds out of the FPP in order to access different investment options.
If you leave your funds in the FPP at retirement, you have the following options:
- Defer your decision
- Purchase a Variable Payment Life Annuity
- Receive Registered Retirement Income Fund (RRIF)-Type payments
- Receive Life Income Fund (LIF)-Type payments
If you choose to transfer your funds out of the FPP, you have the following options:
- Transfer to a Registered Retirement Savings Plan or Locked-in Retirement Account
- Transfer to a RRIF
- Transfer to a LIF
- Purchase an external life annuity
- Withdraw cash (non locked-in funds only)
Visit the Retiring section of our website for more information about the specific options.
The UBC Faculty Pension Plan offers members a lot of flexibility. You can use all or part of your account balance for any of the choices. You can elect to transfer all or part of your account balance to a financial institution. There are a number of considerations in deciding how to make your choice:
- Do you want control of the investment decision?
- What are the management fees for the investment option?
- How long will the money last?
- Can cash withdrawals be made?
- Can you change to a different option at a later date?
- What happens to the money on your death?
For a full description of the considerations for choosing among the retirement options available, please refer to the Retirement Options Matrix.
It may be helpful to see what your projected retirement income will be under the different options. Use the Retirement Income Estimator to obtain illustrations and retirement forecasts based on your account information and the customized information you provide. It is a good way to see if you are on track to meet your retirement goals.
The Retirement Income Estimator can be accessed by signing into your account at mysunlife.ca/ubcfpp and under the Resource Centre or Quick Links, select my money tools > Retirement Income Estimator. Also, the How to use the Retirement Income Estimator PDF provides detailed information on how to access and use the tool.
To explore all the retirement income options in detail, you may wish to attend an Understanding Your Retirement Income Options seminar. The Member Services team at the Pension Administration Office is also available to assist you. If you (and your spouse) prefer to meet one-on-one, please call us at 604-822-8100 to schedule an appointment.