If you continue to work past the age of 65 (also known as the "normal retirement age"), this will impact your pension and your eligibility for benefits.
Many UBC faculty and staff are enrolled in one of the following employer-sponsored pension plans: the UBC Faculty Pension Plan, the UBC Staff Pension Plan, and the BCGEU Vancouver (Child Care) Pension Plan.
These registered plans are governed by the Income Tax Act and the BC Pension Benefits Standards Act. This legislation states that if you work past your plan’s normal retirement date, you can choose to:
- Continue making contributions to your plan; or
- Stop making pension contributions to your plan.
The choice you make will have an impact on your eligibility for benefits. You can review the impact on your benefits in the sections below. If you need further advice or clarification, please contact the Benefits team.
What is your “normal retirement date"
When it comes to your pension and other UBC benefits, the term retirement doesn’t necessarily mean that you’ve stopped working; it means that you’ve started taking your UBC pension plan benefit.
You can retire as early as age 55 and as late as December 31 of the year in which you turn age 71, however, you can consider age 65 to be your “normal retirement age”. There are some variations in the normal retirement date for each of UBC's Pension Plans:
- UBC Faculty Pension Plan, the normal retirement date is either January 1 or July 1 after you turn 65, whichever date comes first.
- UBC Staff Pension Plan, the normal retirement date is the first day of the month after the month you turn 65.
If you are an active faculty member working beyond your “normal retirement date,” your benefits will change as per Article 7.12 of Part 2 of the Collective Agreement (salary and economic benefits).
This decision will affect your other UBC benefits. If you choose to continue contributions, no action is required on your part until the end of the calendar year in which you turn age 71
Other considerations
What happens to my benefits once I turn 71?
Your eligibility for UBC benefits is connected to whether or not you are making pension plan contributions. The latest that you may continue making contributions is November 30 of the year in which you turn 71. After that, you may continue working, but you are required to start taking your pension benefit and you may not continue making contributions. That means you will no longer be eligible for most UBC benefits and your coverage will end as described above in Table 2, under Stop making pension contributions.
You will continue to be eligible for sick leave, vacation and leaves and professional and personal development benefits.
withdrawing voluntary pension contributions or receiving Canada Pension Plan benefits after 65
Will these affect my eligibility for UBC benefits?
Members of the UBC Faculty Pension Plan and BCGEU Vancouver (Child Care) Pension Plan can access their voluntary contributions, as well as any amounts transferred in from another registered plan, without affecting their UBC benefit eligibility.
UBC Staff Pension Plan members do not make voluntary contributions or transfers in amounts from other plans.
Canada Pension Plan (CPP) benefits do not impact your eligibility for UBC benefits. If you decide to work past age 65 and begin receiving your CPP benefit, you will remain eligible for the same UBC benefits you currently receive, as long as you continue making UBC pension plan contributions.
More information
For more information about your UBC benefits while working past age 65 contact the Benefits team.