Retirement planning

Your normal retirement date depends on your employee group.

If you're 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. 

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.

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.

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

Seminars are offered to UBC Faculty Association members aged 55 or older, and spouses and partners are welcome to attend.

The sessions provide a practical framework for retirement planning supplemented by information, perspectives and resources related to financial, legal, professional and lifestyle choices. Invitations are e-mailed from UBC's faculty relations department to association members in the fall and spring each year.

Questions regarding the seminars can be directed to faculty relations admin.

UBC will reimburse members for retirement counselling from a financial consultant up to a maximum of three hours ($750 limit) per member. The financial consultant must have a designation or degree as follows:

• Actuary
• Certified financial planner (CFP)
• Certified general accountant (CGA)
• Chartered accountant (CA)
• Lawyer
• Registered financial planner (RFP)

Please note that as this is a non-taxable benefit the counselling must be specific to retirement and retirement planning. For more information and to request reimbursement, please use the Retirement counselling reimbursement claim form (doc).

In addition, the faculty association offers a financial planning lecture series every spring. E-mail the faculty association for information about these lecture series.

Other courses, programs or resources for planning for retirement are offered by:

UBC Emeritus College Report of Preparation for Retirement Committee

UBC’s Employee and Family Assistance Program (EFAP) provider, Shepell, also provides retirement planning services and general financial counselling. Get details on EFAP counselling options. 

Faculty with a tenure or confirmed appointment can request a reduced appointment, or one of three gradual retirement options. Faculty with a term appointment can request a move to a part-time or reduced part-time status from their head of academic unit.

Retirement options are set out in the collective agreement, and are a decision between the faculty member and the head of their academic unit.

Faculty salary during a reduced appointment is commensurate with percentage of workload performed.

This option is provided for and details of which are in the Agreement on reduced appointments in the collective agreement. A reduced appointment may be approved on either a continuing (until retirement) basis or for a specific period.

Reduced appointment arrangements can range from full workload for part of the year in combination with no assigned duties in the balance, to partial workload (to a minimum of 50%) for all or part of the year.

To request a reduced appointment, please complete the Reduced appointment form [doc].

UBC and the Faculty Association have agreed to three options for retirement. The agreement is set out in the Letter of Understanding Re: Retirement Options appended to the Agreement on the Framework for Collective Bargaining. To request one of the options, you must:

1. Be a tenure stream faculty, program director or librarian, or a 12-month lecturer.
2. Be at least 60 years old and have at least 10 years of full-time continuous service to the university.
3. Understand that by entering into an option that it constitutes irrevocable notice to retire.

If you wish to elect or request a retirement option, you must give advance notice of their intention (the “notice period”). Eighteen months’ notice is preferred, but a minimum of 12 months is required, which may be waived by agreement between you and the head of you academic unit.

If you wish to elect or request a retirement option, you must complete the Retirement Option Election Form.

This option is for a maximum of four years in total, at your election (i.e. the notice period, plus the phased-in retirement). During a phased-in retirement appointment, you must continue to perform the full scope of your duties, which will decrease their workload percentage over three years to 75%, 50% and 33-1/3%. This can be modified by agreement between you and the head of your academic unit, provided the minimum level of workload is 33-1/3%.

Benefits provided during the phased-in retirement appointment are as provided for in the agreement on reduced appointments in the collective agreement, except that where the load, by agreement, is between 33-1/3% and 50%, benefits shall be maintained as if the appointment were 50% or higher. Salary during a phased-in retirement appointment is commensurate with percentage of workload performed.

This option is for a maximum of five years in total (i.e. the notice period, plus the part-time appointment). If you elect to take this option you must continue to perform the full scope of your duties at 50% of full-time workload.

You may, in consultation with the head of your academic unit, choose from a range of load-options, from full-time/partial-year to part-time/full-year. The head will make a reasonable effort to accommodate your request for load-options. Please note that a part-time appointment with a workload between 51% and 80% requires agreement between you and your head.

The maximum period for a part-time appointment is four years. The retirement date can be shortened with at least six months’ notice provided on either June 30 or December 31 but can only be extended by agreement between you and your head.

Salary during a part-time appointment is commensurate with percentage of workload performed.

This option is for a maximum of five years in total (i.e. the notice period, plus the reduced scope appointment). It provides for reduced scope of duties (to either a part-time appointment, or remaining as a full-time appointment) where you can request a reduction in your contribution in one area of your duties, and possibly increase it in others.

Approval of a reduced-scope appointment is at the sole discretion of the dean of the faculty (or equivalent), upon the recommendation of the head of your academic unit.

The maximum period for a reduced-scope appointment is four years. The retirement date can be shortened with at least six months’ notice provided on either December 31 or June 30, but can only be extended by agreement between you and your head.

Salary during a reduced-scope appointment is commensurate with percentage of workload performed.

You may wish to transition into retirement over an extended period of time. Whether you wish to move from full-time to part-time or you wish to reduce your current part-time status, please consult with your head of academic unit on the possibility.

Such a transition can begin before or after your normal retirement date and is at the sole discretion of the university. Please be aware of eligibility requirements for pension and benefits both before and after your normal retirement date.

To review all items that need to be considered when you leave UBC, please complete the faculty and staff departure check form [doc].

• Letter template for heads/directors to send to any tenure stream faculty member approaching their normal retirement date [doc]

If you to work past your normal retirement date (NRD) (the June 30th or December 31st following your 65th birthday), you should consider what health care and other economic benefits will be in place for you while you're still working. Please note that if you take your pension while still working past your NRD, your benefits and pension will cease.

For a quick overview, see Benefits Timeline Pre and Post 65 (PPT).

For more information on benefits eligibility see our Working past age 65 page.

If you're thinking about retirement, you should review the information and provisions of the Retirement and Survivor Benefits Program.