News & Events

SPP: COLA update

The UVic Staff Pension Plan is indexed for inflation, which means that each year, pensions receive a Cost of Living Adjustment (COLA). This adjustment is calculated by determining the average Canadian Consumer Price Index (CPI) of the past 12 months (ie October 2021 to September 2022), compared to the average of the previous 12 months.

CPP Valuation Update

An actuarial valuation was completed earlier this year for the defined benefit component of the Combination Pension Plan. The valuation, which covered the three-year period from the beginning of 2019 through the end of 2021, shows that the Plan continues to have a solid foundation for providing financial security to its members.

IVA - COLA

With the current economic situation, inflation and changes to cost of living are top of mind. For pensioners who have elected an Internal Variable Annuity (IVA), such discussion may also raise questions about the calculation of Cost of Living Adjustments (COLA).

2022 CPP & MPP AGM

The Pension Board of Trustees will be holding its Annual General Meeting of the membership on Wednesday July 6, 2022, from 4:30 to 6:00pm. Join us for a report on Board activities and performance of Plan funds in 2021. This meeting will be virtual. Members of the plan will receive an invitation in the mail with directions for registering for the meeting. Members can also contact the Pension Services office for more details: pensionsAGM@uvic.ca

The War in the Ukraine: Pension Investments

As the University of Victoria has stated, we are deeply troubled about Russia’s military attacks in Ukraine, the impact on the country’s citizens and international stability, and the impact for university community members. The Combination Pension Plan, Money Purchase Pension Plan and Staff Pension Plan each have several investment managers. These managers are responsible for different types of assets. Two of these investment managers – BCI and PH&N – have indicated that a fraction of a percentage of their total assets under management are invested in Russia. The exposure of UVic pension plans to those investments is in itself quite limited. However, we have been assured by these managers that they are now addressing these investments through their internal processes, which are evolving as the situation changes. We are closely monitoring the situation in the Ukraine and its global impacts. Pension Services, the Pension Board of Trustees and Staff Pension Plan Committees are staying apprised of developments. We continue to work with the investment managers and investment consultants for each plan to monitor and assess the situation.

Combination Plan contribution rate change effective January 01 2020

As communicated to members earlier in 2019, the Pension Board recently decided that the Plan is sufficiently healthy to reduce the contribution rate for the Defined Retirement Benefit Account (DRBA), which funds the defined benefit component of the Combination Pension Plan. This contribution rate has been set at 5.05% of salary since 2011 and will now be reduced to 4% effective January 1, 2020.

Pension Board election update

In November 2019, Dr. Michael Miller and Ms. Susan Service we re-elected as Trustees on the Pension Board, for three year terms starting January 01, 2020. The next election for two positions on the Pension Board will be held in 2020, for terms beginning January 01, 2021. For more information, please visit the Governance section of the Combination Pension Plan webpage.

Women’s Halaqa (Islamic Lecture)

Women's Halaqa is a weekly program. Each week, a different principle will be explored and led by a Muslim Spiritual Care Provider of UVic.

Samosa sale for the World Partnership Walk

In support of the World Partnership Walk (Canada's largest event in support of fighting global poverty), UVic is coordinating the sale of delicious homemade samosas.

Samosas are sold by the dozen at $25 per dozen. Orders must be submitted and paid for by Tuesday, June 25 at 4:00 p.m.

Summer Reading Book Bingo

Love pizza? Love reading? Visit the Ask Us desk this summer and pick up a Book Bingo Card.

How does it work? When you finish reading a book, see us to receive a stamp on your bingo card. For every bingo line you get, you will be entered in a draw for a free large pizza at the end of thesummer!

So happy reading and happy eating!

Contest rules

Irena’s Vow

See the full schedule of movies at c inecenta.com!

Irena’s Vow

See the full schedule of movies at c inecenta.com!

Samosa sale for the World Partnership Walk

In support of the World Partnership Walk (Canada's largest event in support of fighting global poverty), UVic is coordinating the sale of delicious homemade samosas.

Samosas are sold by the dozen at $25 per dozen. Orders must be submitted and paid for by Tuesday, June 25 at 4:00 p.m.

Summer Reading Book Bingo

Love pizza? Love reading? Visit the Ask Us desk this summer and pick up a Book Bingo Card.

How does it work? When you finish reading a book, see us to receive a stamp on your bingo card. For every bingo line you get, you will be entered in a draw for a free large pizza at the end of thesummer!

So happy reading and happy eating!

Contest rules