Retiring represents a significant life transition that requires planning and preparation. Here’s what you need to know:
- Visit the UBC Pensions website to learn more about the pension options available to you when you retire.
- You have 31 days from your retirement date to enrol in the optional Retirement and Survivor Benefit Program to receive extended health and dental coverage.
- You may want to convert your life insurance to an individual plan.
- The Employee and Family Assistance Program is available to offer counselling and support.
What is my normal retirement date?
Your normal retirement date depends on your employee group.
If you are a member of the Academic Executive or Faculty, your normal retirement date is June 30 or December 31 following (or on) the date you turn 65.
For all other employee groups, your normal retirement date is the last day of the month you turn 65.
You may be able to work past your normal retirement date.
Visit the UBC Pensions website to learn more about your pension options when you retire. UBC Pensions offers workshops and seminars to help you understand the options available to you.
When will my benefits end?
Visit the Leaving UBC website to learn when your benefits will end.
Health benefits after you retire
When you retire, you can no longer access the same benefits that were available to you as a UBC employee. However, if you are 55 or older when you retire, you can choose to sign up for the UBC Retirement and Survivor Benefits (RSB) Program, which offers three plans: Extended Health, Dental and the Employee and Family Assistance Program. The coverage is not the same as that offered to current UBC employees and you are responsible for paying the monthly premiums. If you’d like to enrol in the program, you must do so within 31 days of retiring. You cannot apply after this date.
Life insurance after you retire
Your life insurance coverage expires on your last day of employment at UBC. However, you can apply to convert your life insurance from the UBC group plan to an individual plan. After your last day of work at UBC, you have 31 days to convert your Basic Group Life, Optional Life or Accidental Death and Dismemberment insurance plans from a group to an individual policy without having to provide a Health Statement to Sun Life. You are responsible for arranging this coverage and paying the premiums associated with any individual policies directly to Sun Life.
For more information, visit the Life Insurance Conversion page.
Retirement planning and financial advice
UBC’s Employee and Family Assistance Program offers counselling, support and resources to help you plan for retirement and make better-informed spending, saving and debt management decisions. The combination of comprehensive assessments, personalized information packages and/or consultation with a Financial Counsellor can help you make more intelligent, informed and calculated decisions regarding how to best manage your money and debt. Visit the UBC EFAP page for more information and to make an appointment.
Retirement resources for faculty
Visit UBC Faculty Relations’ website for information on the retirement resources and benefits available to faculty members.