Leaving UBC

Faculty members planning to resign should provide notice well in advance of the intended resignation date. For faculty who are members of the Faculty Association, resignation will take effect on June 30, except upon agreement with the university.

Resignation should be made in writing to the responsible head, director, dean, associate-provost teaching and learning, or university librarian.

Student employees who are represented by CUPE 2278 (with marker or teaching assistant appointments) are required to give notice of 10 working days.

Other types of student employee appointments are governed by the BC Employment Standards Act.

If you're leaving and you're under 55, you'll likely have a choice between a monthly lifetime pension or a lump sum payment. You'll get an information package in the mail about four to six weeks after the month in which you leave. The information package will include:

• your options for receiving your accrued plan benefit.
• your calculated plan benefit under each option.
• the forms you need to complete to indicate your decision.

If you're leaving and you're 55 or over, contact the UBC pension administration office (by e-mail or by calling 604 822 8100) as soon as you know your retirement date, or the date you'll leave UBC.

If you haven't attended a retirement information session, you may wish to set up one when you call so that a member of the team can fully explain the options available to you at retirement.

For further information on retiring, please refer to the retiring page.

After your employment ends with UBC, you don't have to make an immediate decision about your pension account. The funds you accumulate are fully vested and belong to you.

Sun Life Financial will send you an information package, which will include your account balance and options available. You'll then decide what should be done with your funds.

If you're under the age of 55 and leaving UBC, you have the option to:

• defer your decision and leave your funds in the plan.
• transfer your funds to an external registered plan.

If you're age 55 or over and leaving UBC, you have the option to:

• keep your funds in the plan and elect one or more of the retirement income options.
• transfer your funds to an external registered plan.

When you leave UBC, there are steps you should follow to ensure that everything is wrapped up by the end of your time here.

Faculty and staff leaving UBC are encouraged to use the Departure Form (doc) to ensure an orderly transition.

1. Give adequate notice that you are leaving UBC.

2. Take care of any outstanding benefits claims and familiarize yourself with what happens to your benefits when you leave the university.

3. Look into your options with your pension plan.

4. Complete the online exit survey. The exit survey is available through Self-Service, in the mySurveys tab.

5. Return your keys to the Parking and Access Control Office.

6. Return any other university property in your possession.

7. Ensure your address is up-to-date in Self-Service for any T4/T4A forms and other paperwork.

8. Ensure all UBC credit cards in your name are cancelled and outstanding balances are cleared.

Note: Employees can now access their Record of Employment by visiting the Services Canada website.

When you retire, you have the option of converting your life insurance from UBC's group plan to an individual plan. For more information, visit the Life Insurance Conversion on Retirement page.

Your basic group life insurance, optional life insurance, and accidental death and dismemberment insurance plans expire on your last day of employment. You can convert one or more of these plans to individual policies so that you continue to hold insurance coverage.

Conversion process

After your last day of work at UBC (or once you have experienced a reduction in coverage), you have 31 days to convert your life insurance plans from a group to an individual policy without having to provide a health statement to Sun Life.

You'll be responsible for arranging this coverage and paying the premiums associated with any individual policies directly to Sun Life.

Other considerations

If you convert your current coverage to an individual policy through Sun Life, you don't need to submit a health statement as is required if you are purchasing an individual policy from another provider.

However, if you are in good health, you may want to talk to your financial advisor or insurance provider representative to investigate which insurance policy and insurance company will best suit your needs.

Maximum amounts and rates

The maximum amount you can convert from a group life policy (basic and optional life) to an individual policy is $200,000 for you as an employee, and $200,000 for your spouse. This conversion option is not available for dependent children.

Premium rates for individual life insurance policies depend on your age, your sex, whether you smoke, and the customary premium rate charged for the type of insurance you choose.

Questions about life insurance

For more information on rates, terms of individual life insurance policies and any general questions about converting your group life insurance coverage to an individual policy, contact Sun Life directly at 1 877 893 9893 to speak with a Sun Life insurance representative.

Contract/Plan Numbers

• Faculty: 050555-G-014
• Staff: 050555-G-013

If you are faculty, review the retirement resources available to you.

In January 2008, changes were made to B.C. legislation which has had an impact on mandatory retirement for B.C. employees. These changes have affected retirement options for faculty and staff.

If you plan to work past age 65, your benefits coverage may be impacted. Visit the benefits section of this website to learn more about your benefits while working past the normal retirement date.