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. You can use all or part of your account balance for any of the 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 (for non-locked-in funds only)
- Receive Life Income Fund (LIF)-Type payments (for locked-in funds only)
Alternatively, you can transfer your funds out of the FPP in order to access different investment options. Visit the Retiring section for in-depth information about the various internal and external retirement income options.
The Retirement Options Matrix provides a high-level summary of the retirement income options available within the FPP.
Retirement Income Estimator
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, then under Investments, select Manage plan > my plan > 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.
If you are retiring within a year
We encourage you 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 email Lorraine Heseltine at email@example.com to schedule an appointment. Meetings are available in person and online over Zoom.