Staff Pension Plan
About the plan
The following description of the University of Victoria Staff Pension Plan is a summary only. For a complete description of the plan, please see the Plan document. This document is also available from the Pension Office upon request.
Type of plan
The Staff Pension Plan is a defined benefit pension plan that covers primarily regular CUPE and exempt staff. In a defined benefit plan, benefits are determined by a formula that indicates the amount you will receive upon retirement, i.e., contributions and investment returns do not determine the final benefit, but are merely a funding mechanism. In the Staff Plan the benefit amount is based on a number of factors, including your average salary before retirement, age at retirement, credited service (years of contributions on a full-time equivalent basis), and the pension accrual rate.
Eligibility for membership
Regular employees of the university, as defined in the collective agreements between the university and Locals 917 and 951 of the Canadian Union of Public Employees, who are members of the Office, Technical and Child Care, or Maintenance and Food Services Staffs, and Exempt Staff, are required to join the plan on the date of appointment as regular employees.
Those term and continuing employees of the university as defined in the collective agreement between the university and CUPE Local 4163 for Components I and II may elect to become members as provided under the collective agreement.
For more information about whether you may be eligible for membership in the Staff Pension Plan, please contact the Human Resources Benefits Office.
The Staff Plan is funded by both the employee and university contributions plus investment returns earned on the contributions. The amount of required contributions necessary is determined by the actuary who carries out the plan’s actuarial valuation at least once every three years. Current contributions rates (in 2014) are as follows:
- Members contribute 4.53% of their basic salary up to the Canada Pension Plan Year's Maximum Pensionable Earnings (YMPE) ($52,500 in 2014), and 6.28% of their basic salary in excess of that amount to the Basic plan to fund basic pension benefits. Members contribute an additional 0.25% of salary to the Supplementary Retirement Benefit Account.
- The university contributes 11.75% of the members’ basic salary and an additional 0.25% of salary to the Supplementary Retirement Benefit Account.
Subject to Income Tax Act maximums, members may elect to make additional contributions to a voluntary contribution account through payroll deduction or by transfer from other registered vehicles. These contributions are invested with the plan’s other assets and investment returns match the rates earned by the other assets of the plan.
This publication is based on relevant plan documents. If there is a discrepancy between this publication and the plan documents, the plan documents apply.