In 2014 SFUFA began to explore pension options for faculty. Effective July 1, 2021, SFUFA and SFU have made arrangements to transition to the BC College Pension Plan (BCCPP).
As part of the transition, members may choose to leave all existing pension funds in the current SFU Academic Pension Plan or convert those funds into “years of service” in the BCCPP.
Members should note:
a) SFU’s defined contribution plan mandates only an employer contribution of 10% of salary;
b) the BCCPP mandates that both employers AND employees contribute approximately 10% each:
c) given that the BCCPP pays a guaranteed pension per “year of service” (based on approximately 20% total contribution over SFU’s required 10%), members may find that the years of service they can purchase is lower than their years of actual employment, and are encouraged to consult independent financial advice regarding the purchase of “years of service”.
The latest estimates from from the BCCPP are found at the link here. Actual costs per individual may vary, but this ought to provide a reasonable estimate for planning purposes.
If you are uncertain as to whether you have been moved to the new plan, please contact [email protected]
Preparations are now being made for members who wish to purchase ‘years of service’ in the College Plan. This is entirely voluntary, and the default is for existing pension contributions in the old SFU plan to stay in that plan. But those who do want to transfer funds to the BCCPP have now been asked to complete a form to indicate possible interest in buying years of service. We will stress that filling out this form is not a commitment to purchase years of service or to move one’s funds – rather it indicates to the BCCPP that a member would like to know what their individualized cost of years of service will be so that they may then decide how to proceed.
The form and information on past years of service can be found at:
https://college.pensionsbc.ca/submit-a-form-to-buy-service
If you have questions or require assistance, please contact SFUFA’s Chief Negotiator, David Broun, at [email protected]