News & Events

The rate of return for September 2025 is now available.

Canada Post is experiencing a service disruption affecting mail delivery across the country.

We are pleased to share that, following the recent completion of anew valuation of the University of Victoria Combination Pension Plan (the “Plan”), Plan members will see a decrease to their required contribution rates effective September 1, 2025.

Effective September 1, 2025, full-time teaching-stream faculty will transition from the Money Purchase Pension Plan to the Combination Pension Plan.

We are excited to announce that the 2024 Annual Report is now available online.

Financial Statements 2024

Staff Pension Plan: 2025 COLA Update

Financial Statements 2023

We are excited to announce that the 2023 Annual Reports are now available online.

We are pleased to share that University of Victoria Combination Pension Plan members will see a decrease to the required contribution rates for the Combination Pension Plan (the “Plan”) effective January 1, 2024.

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, compared to the average of the previous 12 months.

Response to the Pension Communications survey earlier this year was tremendous.

Effective August 1, the University’s contributions will decrease from 12.33% to 11.09%. Employee contributions will decrease as follows: • Salary Below YMPE Current: 5.11% New: 4.78% • Salary Above YMPE Current: 6.86% New: 6.53%

Annual statements for UVic Combination Pension Plan Internal Variable Annuity (IVA) accounts have been mailed to members.

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.

Thank you to all members who registered for and attended the Annual General Meeting of the Combination Pension Plan (CPP) and Money Purchase Pension Plan (MPP) on July 6, 2022.

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).

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.

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

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 Services provides personalized Annual Statements to all pension plan members on an annual basis. Find out about the timelines for these statements and when you can expect to receive yours!