51社区黑料

Following the 51社区黑料Faculty Association's request to join the BC College Pension Plan (BCCPP), the University moved current academic staff to the BCCPP in July 2021. The University committed to allowing existing members to keep their accumulated balances in the APP for an initial period of five years after the transition, at which point the APP鈥檚 future would be reassessed.

Over the past five years, membership in the APP has declined as many members have moved their funds to other providers. Managing two separate faculty pension plans at 51社区黑料requires significant resources across multiple departments.

With rising costs and declining membership, the University has decided to close the APP and focus its resources on managing the BCCPP and administering the 51社区黑料voluntary savings plans (Group Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA), Non-Registered Account (NREG), Registered Retirement Income Fund (RIF), and Life Income Fund (LIF)).

Closing the plan means the APP will stop operating: no new contributions will be made by plan members or the University and the money in each member鈥檚 pension account will be transferred or paid out according to pension rules. Each member is entitled to take the full value of their account, including all contributions and investment returns earned up to the time their account is transferred or paid out.

If you are an inactive member (i.e., you have an account balance in the APP, but neither you nor the University are currently making contributions to the APP):

• The plan closure does not affect your pension account balance. Your pension remains invested until your account balance is transferred or paid out. For details about your transfer options, please see Options for transferring your account balance out of the APP.

If you are an active member (i.e., you have an account balance in the APP and either you, the University, or both are currently making contributions to the APP):

• Please see Information for active members currently contributing to the APP.

Closing a pension plan is a multi-phase process and can take up to a year or more to complete. Here is an overview of what you can expect:

Phase 1: Pension regulator approves the plan closure
Expected timing: Between September 2026 and late 2026

• The plan closure must be reviewed and approved by the pension regulator, which can take a few months. There are no actions required during that time, unless you are an active member for whom contributions are currently being remitted to the APP (in which case, please see Information for active members currently contributing to the APP)
• Once the regulator approves the plan closure, the University will provide you with confirmation of the approval by mail.

Phase 2: Options packages distributed
Expected timing: Between late 2026 and early 2027

• Within 30 days of the pension regulator鈥檚 approval, you will receive a package from Sun Life explaining your options for moving your pension account balance out of the APP.
• Within 90 days of receiving your options package, you must complete a set of forms and return them to Sun Life to confirm your chosen option.

Phase 3: Transfers out of the plan
Expected timing: Between late 2026 and early 2027

• Once Sun Life receives your completed forms, your account balance will be transferred to your chosen retirement account or income option.
• If you do not choose an option within 90 days of receiving your options package, your account balance will be transferred to the 51社区黑料Locked-In Retirement Account (51社区黑料LIRA), which is the default plan selected by the University.
   

The plan closure must be approved by the pension regulator to ensure that the closure is carried out according to pension legislation, and to protect members鈥� rights and benefits.

The regulator will review the information provided by the University to confirm that members are given the required information and options, and that all assets will be distributed properly. In practice, the APP cannot close and account balances cannot be transferred until the regulator is satisfied that all legal and administrative requirements have been met.

The plan closure will be approved by the pension regulator; however, the timing of approval, which is typically a few months, will depend on the regulator鈥檚 review process and may vary.

If the pension regulator takes longer than expected to approve the plan closure, the process will simply take more time to complete. During the approval period, your account balance will remain invested with Sun Life and will continue to experience investment gains or losses based on the performance of the funds you have selected.

While we wait for regulator鈥檚 approval, your account balance will remain invested with Sun Life, and you can continue to review and make changes to your investment instructions. Your account will also continue to experience investment gains or losses based on the performance of those funds.

Yes. Once the pension regulator has approved the plan closure, we will be in touch with an update in writing. Shortly afterwards, you will also receive a package from Sun Life explaining your options for transferring or using your account balance. The package will include a set of forms that you will need to complete and return to Sun Life within 90 days to confirm your transfer choice.

At this time, no action is required from you unless you are an active member for whom contributions are currently being remitted to the APP (in which case, please see Information for active members currently contributing to the APP).

Your account will remain invested in your current investment options with Sun Life while the plan closure is being reviewed by the pension regulator. You can update your investment instructions at any time.

Once the closure is approved, Sun Life will send your options package and a set of forms that you will need to complete to confirm your transfer choice.

If you leave the University before the plan closure is approved by the regulator, you will receive an options package from Sun Life as part of the standard process for retired or terminated members.

Once you receive the package, you can either:

• Wait and keep your account balance in the APP until the plan closure is approved (at which point Sun Life will send you the official plan closure options package with all choices for transferring your balance); or
• Request a transfer immediately using the options available to you at that time.

If you are an active member and both you and/or the University are currently making contributions to the APP, the plan closure means that these contributions will stop under the APP as of June 30, 2026.

Starting July 1, 2026, you and the University will instead contribute to a Registered Retirement Savings Plan (RRSP). You can choose to direct your contributions to either the University鈥檚 Group RRSP administered by Sun Life or to a personal RRSP with another financial institution.

A member of the 51社区黑料pension and benefits team will contact you by the end of April 2026 to review your options and help you with the transition.

Your pension account balance will remain in the APP until the pension regulator approves the plan closure and your transfer choice is processed.

Once the plan closure is approved, Sun Life will send your options package and a set of forms that you will need to complete to confirm your transfer choice. Your account balance will then be transferred according to your instructions on your options forms. If you have not returned your forms, your account balance will be transferred to the 51社区黑料Locked-In Retirement Account (51社区黑料LIRA), which is the default plan selected by the University.

For more details, see Options for transferring your account balance out of the APP.

Within 30 days of the regulator鈥檚 approval of the plan closure, Sun Life will send you an options package that you will need to review. The package will include:

1. Your pension statement, summarizing the balance you have accumulated as a member of the APP.
2. A list of the options available for transferring your pension account balance out of the APP.
3. The forms you need to complete (sign, date, and return) to begin the transfer of your account balance.

You must choose a transfer option and return your completed forms within 90 days of receiving your options package. Once Sun Life receives your completed forms, your pension account balance will be transferred out of the APP according to your instructions.

Your options for transferring your pension account balance out of the APP depend on your age, your account balance, and whether you are a member of the BC College Pension Plan (BCCPP).

If you are under age 71, and you are not ready to draw retirement income:

• You can transfer your account balance to the 51社区黑料Locked-In Retirement Account (LIRA), or to a personal LIRA;
• You can use your account balance to purchase a deferred annuity;
• Or, you can choose a combination of an annuity and a LIRA.

If you are age 55 or older, and you are ready to draw retirement income:

• You can transfer your account balance to the 51社区黑料Life Income Fund (LIF), or to a personal LIF;
• You can use your account balance to purchase an annuity;
• Or, you can choose a combination of an annuity and income from a LIF.

If you are a BCCPP member:

• You can choose from the options above;
• Plus, you can use some or all of your account balance to buy back service within the BCCPP.

If you have a small balance (defined as less than $14,920 for 2026), you may also be eligible to take your pension account balance as taxable cash.

If you are a BCCPP member, you can use the money in your APP account to receive (or buy) credited service in the BCCPP for the period you participated in the APP.

The BCCPP鈥檚 actuary will calculate how much service your account balance can purchase based on pension plan rules, interest rates, and life expectancy assumptions. The credited service you receive then counts toward your future pension in the BCCPP.

For more details about buying back service, see the web page. For a rough estimate of the cost to buy service, see the web page.

If you are a BCCPP member and you are thinking about buying back service before the pension regulator approves the plan closure, see the Buying past service guide on the BCCPP鈥檚 web page for helpful information about eligibility, cost and payment for past service, and how to apply for a cost estimate.

If you are a BCCPP member and you decide to buy back service after the pension regulator approves the plan closure, you can wait for your options package from Sun Life for more information and the forms you will need to complete. In the meantime, you can apply for a cost estimate to find out how much past service you can buy with your APP account balance. See How do I apply for a cost estimate to buy past service within the BCCPP? for details.

If you are a BCCPP member, you can first get a rough estimate of the cost to buy service by visiting the web page.

You can then apply for a personalized cost estimate by following these steps:

• Download and complete Part A of the .
• Send your completed form to 51社区黑料at app_support@sfu.ca. 51社区黑料will complete Part B and forward your form to the BCCPP.
• To complete your application, you will need to submit valid proof of age (ID) to the BCCPP securely 鈥� go to and sign in to My Account > My profile > Personal information.

Note: If you鈥檝e applied for a cost estimate in a previous year, you鈥檒l likely find that your cost to buy back service has increased.

A LIRA is a type of retirement savings account used to hold assets from a pension plan. The money in a LIRA is locked in, which means it cannot be withdrawn as cash before you reach age 55, except in specific circumstances allowed by law (such as financial hardship or shortened life expectancy).

The funds in a LIRA remain invested and continue to grow until you become eligible to begin drawing retirement income. At such time, you can transfer your account balance to a Life Income Fund (LIF) or an annuity, and begin drawing regular retirement income. A LIRA ensures that the money you鈥檝e saved for retirement is preserved for its intended purpose.

A LIF is a type of retirement income account used to hold money that comes from a Locked-In Retirement Account (LIRA) or a pension plan. A LIF allows you to withdraw regular retirement income while keeping the remaining funds invested. Withdrawals are subject to annual minimum and maximum limits set by law to help the money last through retirement.

An annuity is a financial product that provides a guaranteed stream of retirement income in exchange for a lump-sum payment. When you use money from a pension plan or a Locked-In Retirement Account (LIRA) to buy an annuity, an insurance company pays you a monthly guaranteed amount for life. The amount of income you receive is determined by factors such as your age at the time of purchase, life expectancy, the size of the lump sum, and interest rates at the time of the annuity purchase. Annuities help ensure that you have a steady, predictable income for the rest of your life, regardless of market fluctuations.

Transfers typically take 2 to 6 weeks to complete. Most of this time is due to administrative processing by Sun Life and the receiving financial institution, and delays can happen if forms are incomplete.

While your transfer is being processed by Sun Life 鈥� and before your account balance is moved 鈥� your account balance remains invested in the APP. This means the value of your account may go up or down based on the performance of your investments.

Once Sun Life processes the transfer, the time your account balance is out of the market depends on how quickly the receiving institution completes the transfer. This can take anywhere from a few days to a couple of weeks.

When your account balance is withdrawn from the APP, the transfer amount is locked in at the market value on the withdrawal date and does not change during the transfer period.

If you do not submit your transfer forms from your options package within 90 days of receiving the package:

• Your account balance will be automatically moved to the default option, which is the 51社区黑料LIRA, administered by Sun Life. If you later decide that this is not the right option for you, you can transfer your account balance to a personal LIRA with another financial institution at any time.
• Your funds will be invested in the default fund. If you are under 65, the default fund is the BlackRock LifePath Target Date Fund with the maturity date that is closest to, but does not exceed, your 65th birthday. If you are 65 or older, the default fund is the BlackRock Retirement Income Fund. If you later decide that this is not the right option for you, you can change it to one of the other funds available.
• For more information about the BlackRock funds, see the fund fact sheets: Log in to your Sun Life account at . Under Plan overview > go to View available investments > select All investments and click on the fund name.

If you are an inactive member, and you and the University are no longer making contributions to the APP, you can transfer your account balance out of the APP at any time by calling Sun Life at 1-866-733-8612, any business day from 8 a.m. to 8 p.m. ET.

If you are an active member and are still making contributions to the APP, your account can only be transferred out of the APP when the plan closure is approved by the regulator.

Deciding when to move your account balance is a personal choice. If you are an inactive member and are no longer making contributions, you can transfer your balance before the regulator approves the plan closure, but you are not required to do so.

Waiting for the regulator鈥檚 approval means you will receive the official options package from Sun Life, which will provide full details about your choices and the steps for transferring your account balance out of the APP. We encourage you to consult a financial advisor to determine the best timing for your situation.

Yes. If you transfer your account balance from the APP to the 51社区黑料LIRA or 51社区黑料LIF, you will see a small change in fund management fees.

Although the fund management fees in the 51社区黑料LIRA and LIF are slightly higher than in the APP (generally 0.07% to 0.22% more per year depending on the funds selected), the 51社区黑料LIRA and LIF fund management fees continue to be very competitive and substantially lower than what most people pay if they move to a personal account with their financial or investment institution.

You may also notice a change to the annual administrative fee. After the plan closure is complete, the $145 annual administrative fee will no longer apply, unless you maintain additional investments in the 51社区黑料voluntary savings plans.

You can find your fees online at any time by signing in to , then selecting Manage plan, followed by My plan. At the top of the page, click Plan overview and select Account fees.

For each investment fund, the fund management fees cover:

• Investment management costs (i.e., the services of professional investment managers who choose the individual securities that a fund invests in);
• Operating costs (i.e., fees to cover legal, audit, transaction, administration and regulatory activities); and
• Recordkeeping costs (i.e., Sun Life鈥檚 fees to keep records of your account, and to provide services to support you).

Sun Life states these fees as an annual percentage of the money you鈥檝e invested in the particular fund.

No. The 51社区黑料Balanced Fund, which is currently available in the APP, will not be offered as an investment option in the 51社区黑料LIRA or 51社区黑料LIF. It will be replaced by the CC&L Group Balanced Plus Fund, a fund with strong historical performance and similar asset mix as the 51社区黑料Balanced Fund.

All other investment options currently available in the APP will also be offered in the 51社区黑料LIRA and 51社区黑料LIF.

You do. The final decision about how to transfer your account balance is made by you. Sun Life provides the options and the necessary forms, but it is up to you to choose the transfer option that best meets your situation and retirement needs. We encourage you to contact your own financial advisor to determine what is best for you.

No. The closure of the APP does not impact your contributions and account balance(s) in the 51社区黑料voluntary savings plans (i.e., RRSP, TFSA, NREG, RIF, LIF). These plans are separate from the APP and remain open. Your contributions and account balances in those plans are not impacted.

No. The closure of the APP does not impact your investment options in the RRSP, TFSA, and NREG. All current investment options will continue to be offered.

Yes, once the plan closure is approved later this year, the 51社区黑料Balanced Fund will no longer be an investment option in the 51社区黑料RIF or LIF. All other investment options will continue to be offered.

If your RIF or LIF is invested in the 51社区黑料Balanced Fund, you will have an opportunity to choose a new investment option. If you do not update your investment instructions within the designated timeframe, Sun Life will automatically move your 51社区黑料Balanced Fund investments to the CC&L Group Balanced Plus Fund. The CC&L Group Balanced Plus Fund was carefully selected because it has a strong historical performance and has a similar asset mix as the 51社区黑料Balanced Fund.

More information about what you need to know and do about the fund transfer will be provided to you after the plan closure is approved.