Purchase a UBC FPP Variable Payment Life Annuity (VPLA)

You may exchange a portion of, or all of your account balance for a retirement income for your lifetime and, where applicable, the lifetime of your spouse.

The UBC FPP Variable Payment Life Annuity (VPLA) offers two choices – the 4% annuity or 7% annuity. Review the article The Variable Payment Life Annuity Explained and the VPLA fact sheet to gain a comprehensive understanding this retirement benefit option.

The Retirement Income Estimator tool can be used to produce estimates of the VPLA options, as well as the other options available from the UBC FPP. To access the Retirement Income Estimator, sign in to your account at mysunlife.ca/ubcfpp and then under Investments, select Manage Plan > my plan > Tools > Retirement Income Estimator.

Tax Implications

Pension income is considered taxable income in the year that they are received and taxes will be withheld at source.
Canadian residents are required to complete the CRA Personal Tax Credits Returns which will determine the withholding tax amount.

If you are not residing in Canada at the time of the benefit payment(s), tax withheld is based on your country of residence, at a fixed rate of 25% or lower if there is a tax treaty.

Consider All Your Options

Prior to selecting any retirement option, we recommend that your review additional information on your options.

If you are under age 55:

If you are over age 55:

Required Forms for VPLA

The following forms and documentation must be completed and submitted to the Pension Administration Office before your first annuity payment can be initiated. You may also use the Retiree Checklist to assist you in completing your application.

Variable Payment Life Annuity Enrolment Form

For payment method, complete:

A proof of age document for both you and your spouse (if applicable). Accepted documents include:

  • BC Driver’s License and Services Card* (combined)
  • BC Photo ID Card*
  • BC Services Card*
  • Birth Certificate
  • Canadian Citizenship Card (issued prior to February 2012)
  • Driver’s Licence* (regular or enhanced)
  • Nexus Card*
  • Passport*
  • Permanent Resident Card*
  • Secure Certificate of Indian Status*

*All asterisked documents must have a valid expiry date (not expired) at the time of submitting your documents.

If you are a resident of Canada, please complete BOTH Federal and Provincial TD1 Personal Tax Credit Return Forms.

If you are a non-resident of Canada, please complete a Form NR301, Declaration of Eligibility for Benefits (Reduced Tax) Under a Tax Treaty for a Non-Resident Person.

If you have a spouse and are electing a single life annuity, your spouse must waive their entitlement to the minimum 60% death benefit by completing the BC prescribed form Form 2 – Spouse’s Waiver of 60% Lifetime Survivor Benefit and/or Beneficiary Rights From a Pension Plan or Annuity After Payments Start. View detailed instructions on how to complete Form 2.

Submitting Your Forms

Please submit your forms to the Pension Administration Office 4 to 6 weeks prior to your first payment date. You will receive a Welcome Letter from Sun Life after your VPLA has been set up.

If you require assistance, please contact us.