BC College Pension Plan
The Faculty Association and the University have agreed to pursue membership in the BC College Pension Plan (BCCPP), a jointly-trusteed defined-benefit plan that covers BC’s public colleges and several BC public universities. While an exact date of entry cannot be assured, the current target date for transition to the BCCPP is July 1, 2021.
Details on the BCCPP and the background to the planned transition can be found on our Pensions Resources page.
Until such time as the transition is complete, pension contributions will continued to be made under and according to the SFU Pension Plan, as described below. The SFU Plan will continue to hold and manage existing pension funds for the foreseeable future, though new contributions from SFUFA members will cease with the transition to the BCCPP.
SFU Pension Plan
The SFU Academic Staff Pension Plan is a defined-contribution plan – that is, rather than providing a pre-determined benefit upon returning, each member’s pension is based on the amount s/he paid into the plan over the course of her/ his career. The basic benefit is the equivalent of 10% of salary contributed by the University. Members are not required to contribute additionally, but are able to do so should they wish to increase the benefit.
For information on the Academic Staff Pension plan, including a list of the trustees should you wish to contact them, please see: http://www.sfu.ca/human-resources/faculty/pensions.html
For a summary and a link to the full text of the plan, please see: http://www.sfu.ca/human-resources/faculty/pensions/academic-staff-pension-plan-summary.html
If you have questions about the Pension Plan, a good place to start is by contacting Pierre Etienne Banville, Interim Director of Pensions and Benefits, at firstname.lastname@example.org.
Canada Pension Plan
The Canada Pension Plan is a government plan into which all Canadian workers pay. Information on CPP is available here.