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Leaving UVic

Please inform Pension Services of any changes to your address, contact information, or marital status. Pension Services and Human Resources operate independently from each other and therefore such changes must be reported to us separately.  

In the world of pensions, leaving your employment means terminating your active membership in the pension plan. In British Columbia, all pension plan benefits are immediately vested, which means you are entitled to the benefits the moment you earn them. While termination of employment affects your ability to add future contributions into the plan, it does not affect your entitlement to the benefits earned to date.

Pension Services will receive notice that you have left your employment at UVic, along with your final pay and payroll adjustments, which are normally available 6 to 8 weeks after your final paid date. Once we have this, we will provide you with a “Statement of Termination Benefit Options”, which include information regarding your benefits, any options that are available to you, and instructions for the next steps.

 

At or after 55 years of age

If you have attained 55 years of age, you are eligible for an immediate pension.  Please see the Retiring from UVic section of this website for more information.

Before 55 years of age

In the Money Purchase Pension Plan, there is no minimum service requirement to qualify for your pension. However, there are age requirements, and 55 is the earliest retirement age. 

Therefore, if you leave the employ of the University before early retirement age, you are eligible for one of the following options regarding the funds accumulated in your Money Purchase Contribution Account: 

1. Leave the funds on deposit for a future pension (default option). 

At or after reaching 55 years of age, you can then select an option described in the Retiring from UVic section of this website; or

2. Transfer out:

There are two types of pension funds: locked-in and non-locked in.  Any portion of your account that is attributable to contributions made after 1992 and that is above the small benefit threshold set by BC Pension Benefit Standard Act (PBSA) is subject to lock-in conditions. 

For locked-in funds, the following options are available:

For non-locked-in funds, the following options are available:

  • Direct transfer to another registered pension plan, a registered retirement savings plan (RRSP); or registered retirement income fund (RRIF);
  • Purchase annuity from life insurance company (conditions may apply); or
  • Cash, less applicable withholding tax.

You must select an option by October 31 of the year in which you reach 71 years of age. 

Please note:

  • Restrictions may apply for transfers to another registered pension plan.
  • If you have funds in a Voluntary Contribution Account, please refer to the Retiring from UVic section of this website.
  • If the benefit qualifies as a small benefit under the Pension Benefits Standards Act, you may transfer the portion that is within the Income Tax Act limit to an RRSP, another registered pension plan, or receive it as cash payment (or a combination of these options). 
  • If you are moving out of country, additional non-resident rules under the Income Tax Act may apply.  Please visit the  website for more information.

To find out more:

Understanding your pension plan

The Money Purchase Plan Document provides a complete description of the plan and its provisions.

Disclaimer: We make every effort to ensure that all information on this website is accurate and complete. Should any discrepancy exist, the Plan Documents, statutes, or regulations shall apply.