Annual Variable Benefit payment changes

New process and payment changes effective January 2027

In accordance with pension legislation, variable benefit pension payments for members of the Combination Pension Plan and Money Purchase Pension Plan may require adjustments each year.

In past years, the annual adjustments were made effective May 1, if needed, with a confirmation letter sent in advance, and additional adjustments to reflect the lag from January 1.

Starting in 2027, annual adjustments will be made effective January 1 instead of May 1, and will occur automatically to improve efficiencies and timeliness. A second adjustment may be needed February 1, as described below.

If your standing instruction is for the legislated minimum or maximum amount to be paid

  • Your January 2027 payment will be based on your estimated minimum or maximum required amount for 2027 (using your November 30, 2026, balance).
  • Your February 2027 payment (and onwards) may change further based on your actual ‘minimum’ or ‘maximum’ required amount for 2027, once December 31, 2026, account balances are known.

If your standing instruction is for a fixed monthly pension amount to be paid

  • No changes will occur to your 2027 pension amount (if you do not request it), unless:
    • Your current payment amount is less than the minimum, your payment will be increased to the minimum legislated amount.
    • Your current payment amount is more than the maximum, your payment will be reduced to the maximum legislated amount (locked-in funds only).

If your payments are made at a frequency that is not monthly

  • Your payment adjustment will be made at your next scheduled payment date.

While we don’t have an estimate of your new minimum or maximum amount yet, you can view your standing instruction online at mysunlife.ca/uvic.

View the minimum and maximum withdrawal rates.

Note: You still have the option to adjust your payment at any time within the allowable range with a calendar month’s notice. For example, notification by November 30 for a January 1 payment.  

  • To change your payment amount, please contact UVic Pension Services via pensions@uvic.ca or 1-250-721-7030.
  • For questions concerning your payment amount or online account access please contact the Sun Life Customer Care Line at 1-888-888-1825.

 

Register for your online pension account

If you haven’t already, register for your online pension account to track your pension, keep your contact details up to date, and access important pension documents.

  • Visit mysunlife.ca/uvic or download the my Sun Life mobile app and select Register.
  • Use the email address you have on file with UVic's Pension Services when registering. If you already have a Sun Life account from a previous employer, you may be able to use the same sign-in and password.
  • Enter the required information and follow the prompts.
  • Check that your correct mailing address and preferred email is on your account.

Questions?

  • For questions about your pension plan, contact UVic Pension Services at or 1-250-721-7030.
  • For questions about your online account access and navigating the online tools, call Sun Life at 1-888-888-1825, Monday to Friday, 5 a.m. to 5 p.m. PT.

 

Stay safe online - your cybersecurity checklist

 

Follow these simple habits for a safer digital life:

  • Create strong, unique passwords for every online account.
  • Protect your online accounts with Multi-factor Authentication and never approve login notifications you didn’t initiate.
  • Only download apps from trusted sources and enable automatic updates.
  • Keep financial and personal information private.
  • Always verify suspicious links or emails before opening them.

Stay alert and check in with older loved ones to help protect them. Telemarketing and cyber scams are increasing.

Common scam signs:

  • Poor call quality or delay at the start of a call
  • Unsolicited offers, refunds, or financial opportunities
  • Requests for personal info via phone, email, or text
  • Pressure to act quickly

Remember: Legitimate organizations won’t ask for sensitive info through these channels. If something feels off, trust your instincts – contact the organization directly using a verified number.