The University of British Columbia (UBC) Faculty Pension Plan (FPP) is an independent trust and has served UBC faculty and administrative executive staff since the first contributions were received in 1967. The Plan is among the most valued benefits offered by the University and is designed to help you save and invest for your future.

About the Plan

The UBC FPP is a defined contribution pension plan, also known as a capital accumulation plan or money purchase plan. The income you receive at retirement is not pre-determined and is based on the assets within your account at the time of retirement. Contributions that you and the University make to the Plan are invested in one or more of the Plan’s investment options. The focus of your working years is to grow your account balance to help you achieve your retirement goals.

The Plan is co-administered by the UBC Pension Administration Office and Sun Life.


  • All faculty and administrative executive personnel and staff high earners who are appointed for one year or more, and whose appointment is 50% or more of the full time equivalent (FTE) may be eligible to join the pension plan effective the date of their appointment.
  • Sessional lecturers appointed for four months or more who meet the 50% appointment requirements are also eligible for Plan membership.
  • Post-Doctoral positions are not eligible.

Visit the Faculty Benefit Eligibility page for Plan eligibility information.


Your contributions are made by payroll deduction on a semi-monthly basis as follows:

Our Contributions Estimator can help you determine your required contributions.

The University, or a participating employer, contributes to your account on a semi-monthly basis as follows:

  • 10% of your basic salary up to the YBE, plus
  • 8.2% of your basic salary between the YBE and YMPE, plus
  • 10% of your salary above the YMPE

As the Canada Revenue Agency (CRA) limits the amount of total contributions to a pension plan, there is a Supplemental Arrangement available to accommodate excess contributions for members who have reached the CRA limits.

Immediate Vesting

As a member of the Plan, you are immediately vested in both your and the University’s contributions and your full account balance is transferable on termination of employment, retirement, or death.

Locked-In & Non Locked-In Funds

All post-1992 contributions and income are locked-in, subject to BC Pension legislation. Locked-in funds are not refundable as cash and must be used to provide a retirement income stream such as a life annuity or Life Income Fund.

Under certain circumstances, if you terminate your employment with UBC and your benefit falls under a small amount rule or you become a non-resident, your funds may qualify to be unlocked and the restrictions may be removed.

Only pre-1993 contributions and income are considered non locked-in funds, which can be withdrawn after termination or retirement without restrictions.

Plan Benefits

The FPP is an integral part of saving for your retirement. Below are some of the benefits of Plan membership.

Diverse Investment Options

The Plan’s seven investment options offer you a variety of asset classes enabling you to create your own portfolio from a list of specially constructed funds. The UBC FPP Balanced Fund is the default investment option. Review the Investment Options page to learn more about the Plan’s investment options.

Flexible Retirement Income Options

Retirement income options are offered within the Plan such as a Variable Payment Life Annuities and Registered Retirement Income Fund (RRIF) and Life Income Fund (LIF)-Type Payments. You can use all or part of your account balance for any combination of the options, providing flexibility in structuring your retirement income and tailoring it to your individual needs. You also have the option to transfer your assets out of the Plan at retirement. Visit the Retiring page for more information on the Plan’s retirement options.

Tax Advantages

Reduced tax deduction at source – you receive immediate tax savings when you contribute to the Plan. Your pension contributions are deducted from your gross income, which reduces your taxable income and the University’s contributions to the Plan are reported as a non-taxable benefit. Also, investment earnings earned in the Plan accumulate on a tax-deferred basis.

Low Management Fees

The FPP Trustees have negotiated fees that are typically lower than what you would pay if you invested in these funds at a Canadian retail financial institution or investment dealer. Fees have a significant impact on the value of your investments over time. Lower fees mean that more of your money stays invested and continues to grow.

Fund management fees include, but are not limited to, fund operating expenses and investment management fees plus applicable sales tax, and the UBC FPP administration/operating fee. The UBC FPP administration/operating fee covers administrative and consulting costs, and is reviewed on a calendar basis. You can view your fee information by visiting mysunlife.ca/ubcfpp, then under Investments, select Manage plan > my plan> Plan overview > Account fees.

Consolidation Options to Simplify Your Investing

Consolidating your registered plans can help you save time and money. You will reduce the number of accounts to monitor and manage, and potentially reduce the amount of fees charged. The Transfer-In From Other Registered Plans page has details on transfer eligibility and instructions.

Voluntary Contributions

You may make contributions above the required contributions. Although they do not attract University matching contributions, there are many benefits to making them if you have the contribution room available. For more information, visit the Voluntary Contributions page.


When you are hired or rehired by the University, you will receive an offer letter containing information about your eligibility for benefits and pension. If you did not receive an offer letter, please contact your Faculty Administrator or Faculty Relations.

Regardless of whether your enrolment is mandatory or optional in the FPP, you will need to complete your enrolment through Workday in order to join the Plan.  Once your enrolment has been submitted in Workday, your contributions will be deducted by payroll on a semi-monthly basis. Upon deposit of your first contribution to the Plan, Sun Life will send you an email within the next month detailing the steps to complete your enrolment. If you already have an access ID and password for the UBC group health and dental benefits plan, you do not need to register again. You can also review the New Members page for further information.

If you have changed your position, or recently become eligible to join the FPP, you will need to complete the same enrolment process in Workday as described above. You may elect to backdate your enrolment to your eligibility date, or to January 1 of the current calendar year, whichever is the later date. Enrolment cannot be backdated to a prior year.

For Workday resources and support, visit the Integrated Service Centre.

Leaving UBC & Retirement

If you leave UBC prior to retirement age, several options will be available to you. For further information, please refer to the Leaving UBC page.

When you retire, you have several retirement income options. See Retiring for more information.