Staff Pension Plan
The Staff Pension Plan is a defined benefit pension plan, primarily covering regular CUPE and exempt staff.
This website is a summary only. For a complete description of the plan, please download the plan document (PDF).
If there is a discrepancy between this website and the plan documents, the plan documents apply.
The Staff Pension Plan is a defined benefit pension plan that covers primarily regular CUPE and exempt staff. Benefits are determined by a formula that indicates the amount you will receive upon retirement (i.e., contributions and investment returns do not determine the final benefit, but are merely a funding mechanism).
The benefit amount is based on a number of factors:
- your average salary before retirement
- age at retirement
- credited service (years of contributions on a full-time equivalent basis)
- the pension accrual rate
Regular employees of the university, as defined in the collective agreements between the university and Locals 917 and 951 of the Canadian Union of Public Employees, who are members of the Office, Technical and Child Care, or Maintenance and Food Services Staffs, and Exempt Staff, are required to join the plan on the date of appointment as regular employees.
Those term and continuing employees of the university as defined in the collective agreement between the university and CUPE Local 4163 for Components 1 and 2 may elect to become members as provided under the collective agreement.
For more information about whether you may be eligible for membership in the Staff Pension Plan, please contact the Human Resources Benefits Office.
The Staff Plan is funded by both the employee and university contributions plus investment returns earned on the contributions. The amount of required contributions necessary is determined by the actuary who carries out the plan’s actuarial valuation at least once every three years.
Current contributions rates (in 2014) are as follows:
- Members contribute 4.53 per cent of their basic salary up to the Canada Pension Plan Year's Maximum Pensionable Earnings (YMPE), which was $52,500 in 2014, and 6.28 per cent of their basic salary in excess of that amount to the Basic plan to fund basic pension benefits. Members contribute an additional 0.25 per cent of salary to the Supplementary Retirement Benefit Account.
- The university contributes 11.75 per cent of the members' basic salary and an additional 0.25 per cent of salary to the Supplementary Retirement Benefit Account.
Subject to Income Tax Act maximums, members may elect to make additional contributions to a voluntary contribution account through payroll deduction or by transfer from other registered vehicles. These contributions are invested with the plan's other assets and investment returns match the rates earned by the other assets of the plan.