Pension Plan for the Employees of the 91探花
The 91探花 Pension Plan is a 鈥淒efined Benefit Plan鈥�. A defined benefit pension plan is meant to provide you with a predictable and stable monthly pension for the rest of your life. The pension is based on a specific formula that uses your service and salary to determine the pension benefit you will receive at retirement.
Governance
Pension Plan Booklet
Annual Reports
Actuarial Valuation Reports
Financial Statements
Deferred Members
What Do I Need to Know as a Pensioner?
More Information
Governance
The 91探花 Pension Plan transitioned to a Jointly Sponsored Pension Plan (JSPP), effective January 1, 2017. This transition was the result of negotiations throughout 2016 between the Employer and the Unions. Moving to a JSPP model means that plan governance is now shared equally between the Employer and the Unions. It also means greater transparency for members into the plan鈥檚 operations, funding, and decision-making.
Governance responsibilities are split between the Sponsor Board and the Board of Trustees 鈥� both of which have equal representation from the Employer and the Unions. Both Boards have an important role to play in managing the plan and ensuring its successful ongoing operation.
Your Plan is governed by several important documents that serve to guide the Sponsor Board and the Board of Trustees in its oversight of the Plan.
Pension Plan Booklet
This summary serves to help you acquire a basic understanding of your pension benefit: in it, you will find a description of the Plan itself, the rules governing your participation, the benefits you will derive (and how they are determined), and the structures that have been put in place to ensure the Plan's ongoing viability.
Annual Reports from the Board of Trustees
The Board of Trustees of the Pension Plan for the Employees of the 91探花 (91探花 Pension Plan) prepares an Annual Report.
The Annual Report provides you with important information on the pension plan鈥檚 funding, performance, and governance structure. It also highlights some key developments with your plan over the previous year.
Actuarial Valuation Reports
As part of ongoing good governance, and requirements of the Canada Revenue Agency, plan valuations are conducted at least every three years. Below are the most recent Actuarial Valuation Results and Pension Updates.
Financial Statements
View the Plan鈥檚 most recent financial statements approved by the Board of Trustees.
Deferred Members
Information for former members who still have funds in the Plan
You are a deferred member if you were vested (i.e. contributed to the Plan for at least two years) when you terminated employment from the University. In other words, you are no longer contributing to the Plan but you still have assets in the Plan.
As a deferred member, it is important for you to keep your address up to date with Human Resources. Please contact us if your address has changed.
Did you know?
- It is your responsibility to contact Human Resources to make application to begin drawing your deferred pension when you are eligible to do so.
What Do I Need to Know as a Pensioner?
Who is responsible for pensioner payroll?
CIBC Mellon is responsible for pensioner payroll.
Visit the , or contact by telephone:
- English (calling within Canada): 1-800-565-0479
- French (calling within Canada): 1-800-268-1629
- USA: 1-800-263-4497
- From outside the USA: 1-519-873-2218
How do I update my personal information?
Are you moving or changing your bank account? You can easily update your contact information, banking information and tax withholdings by contacting the Senior Employee Services Officer by phone at 902-566-0517 or by email at upeipension@upei.ca.
Planning for your final years - Designating a Power of Attorney
You can authorize someone to manage your pension on your behalf should you no longer be able to. You can do this using documents like a power of attorney. While it is not mandatory, having a designated power of attorney on file with Human Resources simplifies the process of having someone manage your pension if you are incapable.
To designate a power of attorney, Human Resources requires the following:
- A complete copy of the Power of Attorney (POA) signed and dated.
- Contact information for your POA, including phone number, email, and home address.
Contact the Senior Employee Services Officer for more information.
For more information on powers of attorney, you may wish to read on the Government of Canada website.
Tell us if your spouse or beneficiary dies
If your spouse was covered under your voluntary extended health care, dental plan, and emergency travel coverage, we will adjust your coverage. If needed, we will refund any premiums.
What should my loved ones do in the event of my death?
In the event of your passing, your loved ones should call or email the pension office 902-566-0517 or upeipension@upei.ca. The Senior Employee Services Officer will be able to answer any questions they may have.
More Information
91探花 Contact
If you wish to understand more about your plan, contact the Senior Employee Services Officer in Human Resources:
Email: upeipension@upei.ca
Phone: 902-566-0517
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