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.

Retirement & Survivor Benefits Program

UBC retirees may be eligible to continue benefits coverage (extended health, dental, employee and family assistance program) through UBC’s Retirement and Survivor Benefits Program.

Tuition Waivers for Retired Faculty Members

BC residents who are Canadian citizens or permanent residents aged 65 years or over are not assessed application, tuition or student fees. Some Distance Education and Technology and special fees may be assessed. If you are over age 65, apply directly to UBC Enrolment Services.

Library Card

UBC faculty retirees are entitled to retain library privileges. Cards for retired faculty can be obtained in person at the UBC Card office in the Bookstore or may be applied for online. Retired faculty who do not qualify for emeritus status may apply for a UBC Card for Retired Staff. For further information on obtaining an emeriti/retired library cards please call 604-822-6786.

Emeritus status is granted upon the recommendation of Senate to retiring faculty members and librarians who hold ongoing positions and whose combined age plus years of service to the University equal 70 or more at the time of retirement or resignation, provided their Dean is in support of the status.

If you retire from UBC, Faculty Relations will work with your Dean’s Office to arrange for your name to be forwarded Senate for consideration for emeritus status as long as your retirement has been recorded on the HRMS database. If you resign instead of retiring and wish to be considered for emeritus status, you should contact Faculty Relations at fr@exchange.ubc.ca to enquire about eligibility. Reviews for emeritus status are done twice per year and are normally forwarded to the May and December Senate meetings.

The list of UBC Emeriti is found in Appendix 3 of the current Academic Calendar. The policy on emeritus status is found on the Senate website.

Privileges for Emeriti

UBC Emeritus College

Emeriti faculty are eligible for membership in the UBC Emeritus College. The general objectives of the College are to sustain the relationships of professors emeriti and other emeritus faculty with UBC and promote their interests and welfare. Note that the fee is waived for the membership year in which you are granted emeritus/emerita status.

Further information can be found on the Emeritus College website, or by calling 604-822-1752 or emailing admin@emeriti.ubc.ca.

Parking

Emeriti faculty are eligible for free parking permits, which will provide the same parking privileges as active faculty and staff. To obtain your parking permit, apply in person at Parking Services. When you apply you must bring:

• your letter from Faculty Relations, or the letter from the AVP & Registrar
• vehicle insurance papers
• your valid driver’s license

Please note that all outstanding parking tickets must be paid before a permit will be issued. Questions regarding emeriti permits may be directed to Parking Services at 604.822.6786.

Email Service

Arrangements can be made with your department to continue email access on the UBC FAS mail system.  Information on FAS mail is found on the IT Services website.

Office / Research Space

Requests for use of university space should be made to the Head of the Department well ahead of your retirement date.

Tuition Waivers for Dependent Children

Dependent children of Emeriti (formerly holding ongoing appointments) continue to be eligible for tuition waivers for credit courses subject to the Tuition Waivers for Dependent Children guidelines.

Insurance Coverage

Upon retirement, Faculty Members may continue to engage with the University to further contribute to their disciplines, their departments and UBC as a whole. Often, these retired Faculty Members may be granted the status of Professors Emeriti if eligible. The conferral of emeritus status does not create nor govern the relationship between a retired Faculty Member and UBC. One of the implications of this being that without an actual appointment, the relationship would not be covered by UBC’s Liability Insurance Policy. This would create a risk exposure for both retired Faculty Members and UBC. Therefore, term appointments for Retired Faculty Members as Professor Emeriti will need to be processed by Departments if the emeriti will continue to perform work at UBC (paid or unpaid). As per Policy AP1 – Retired Faculty Appointments (formerly Policy #27), Emeriti may be appointed salaried or unsalaried appointments.

If a retired Faculty Member with a non-remunerated appointment is making voluntary contributions to UBC and on its behalf, they will fall within the scope of UBC’s Liability Insurance Policy as a Volunteer Worker. In the Policy a Volunteer Worker is defined as follows: “Volunteer Worker shall mean any person appointed by UBC to perform duties pertaining to student-related activities or to perform duties on behalf of UBC including participation on UBC committees. The Volunteer Worker must be non-salaried but may receive remuneration in the form of an honorarium, stipend or reimbursement of expenses.” As a Volunteer Worker, the retired Faculty Member would be covered by UBC’s Liability Insurance, both general (while performing duties on behalf of UBC) and professional (with respect to work performed under direct or indirect control of UBC). To ensure that UBC’s Insurer will classify a Faculty Member as a Volunteer Worker, it is important that a retired Faculty Member’s appointment letter expressly states that the position is without salary or benefit and identifies their expected duties. WorkSafeBC insurance is not available for volunteers, however UBC has an optional AD&D insurance policy that will provide coverage. For more information regarding the volunteer AD&D Insurance Policy, please connect with Risk Management Services. Note that coverage must be arranged through the volunteers’ department administrator.

If a retired Faculty Member has a remunerated appointment and is providing services and contributions that are in substance of an employment nature, then they are not characterized as Volunteer Workers but rather are UBC employees. As an employee, a retired Faculty Member would be covered by UBC’s Liability Insurance Policy and WorkSafeBC in the same manner as all other UBC employees. Learn more about UBC’s liability insurance policies and scope of coverage.

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. 

Retired faculty members (including tenure-stream faculty, librarians and program directors) can be re-hired as a new hire or into a post-retirement appointment under Policy AP1 – Retired Faculty Appointments (formerly Policy #27). Learn about Post-Retirement Appointments. 

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.