Change of benefit payment service provider

This notice is distributed for your information only - no action is required at this time.

We are pleased to announce that the Northern Trust Company has recently been appointed to provide benefit payment services to all UVic pensioners, effective January 01, 2020. We believe this change will allow us to serve you better, and we are committed to making this transition seamless for you.

What does this mean for my pension payments?

As of January 2020, all payments will be issued by the Northern Trust Company. If you are currently receiving a direct deposit, your payments will continue to be deposited to your bank account. If you are currently receiving monthly cheques, these will be mailed to you five business days before the first of the month to ensure receipt by the payable date.

You will receive a transaction statement from the Northern Trust Company ahead of your first payment, providing the details of your payments, a reference number, and their contact information.

What does this mean for my tax statements?
In February 2020, you will receive your 2019 tax statements from our current service provider, RBC Investor and Treasury Services. If you have any questions or concerns regarding your 2019 tax statements, please contact RBC Investor and Treasury Services directly. Their contact information will be included with the tax statements.

Tax statements for 2020 and going forward will be issued by the Northern Trust Company.

What does it mean for my personal information?
As you are already aware, Pension Services collects, uses and discloses your personal information for the purposes of administering your pension benefit under the authority of the Pension Benefits Standards Act of British Columbia and the relevant Plan Document(s). We ensure controls are in place to limit access to your personal information and to protect it from unauthorized access, use, or disclosure. Similar controls are also required of Northern Trust and RBC Investor and Treasury Services.

When to contact Pension Services?
Our team is working diligently on this transition to help make this as easy as possible for you.
Please contact Pension Services if you have questions or to communicate any changes to your situation (address, account information, etc). We will ensure Northern Trust Company and RBC Investor Services receive all relevant information during the transition period.