Staff Pension Plan Rate Increases

Effective October 1, the contribution rates for the Staff Pension Plan will be increasing.

An actuarial valuation was carried out in 2020 for the Staff Pension Plan, covering the three year period ending December 31, 2019. Actuarial valuations are a legislative requirement for pension plans every three years, providing information on the financial health of a plan over the long term.

This valuation, conducted by an external actuary, determined that while the Staff Pension Plan is in a strong financial position, a modest increase in contribution rates is required to maintain the plan.

This is the first contribution rate increase in many years, and results from several factors, including: the increased life expectancy of plan members; plan members retiring earlier than expected; and, members working longer at UVic, leading to more years of service in the plan. 

As per the collective agreements the required contribution rate increase will be shared equally by the University and employees. The resulting 0.33% increase to both employee and employer contributions to the plan is required to take effect October 1.