麻豆视频

Following the 麻豆视频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 麻豆视频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 麻豆视频voluntary savings plans (Group Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA), Non-Registered Account (NREG), Registered Retirement Income Fund (RRIF), 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.

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.

All plan closures must be approved by the pension regulator to ensure they are carried out according to pension legislation, and to protect members鈥� rights and benefits.

The regulator has reviewed the plan closure information provided by the University to confirm that members are being given the required information and options, and that all assets will be distributed properly. On September 4, the regulator approved the plan closure and confirmed they were satisfied that all legal and administrative requirements have been met.

In early October, you will receive a letter from the University. The letter will include:

• An overview of your next steps (see below for a summary), and
• Some of the forms you must complete and return.

For more information about the forms you need to complete, see What forms do I need to complete and return?

Your next steps

STEP 1: Get to know your options

Timing: October 2026

Your options for moving your pension account balance depend on your age, whether your account balance is locked-in or non locked-in, the amount in your pension account, and whether you are a member of the BCCPP. 

For more details, see What are my options for transferring my pension account balance?

STEP 2A: Review your Sun Life Options Package

Timing: October 2026

By mid-October, you will receive an Options Package in the mail from Sun Life. You can also access your Options Package online when you log in to .

For more information, see What will be in my Options Package from Sun Life?

If you do not receive your options package by October 23, contact Sun Life at 1-866-733-8612, any business day, from 5 a.m. to 5 p.m. PT.

STEP 2B: Consider buying past service within the BCCPP (if you are a BCCPP member)

Timing: Before October 30, 2026

If you want to consider using some, or all, of your pension account balance to buy past service within the BCCPP, you can find more information on the buying past service web page at . It includes helpful information about eligibility, the cost to buy past service, how to pay for past service, and how to apply for a cost estimate.

Then request your personalized past service cost estimate before October 30. For more details about buying past service within the BCCPP, see Buying past service within the BCCPP.

STEP 3: Join a virtual information session 

Timing: November 2026

We strongly encourage you to join a 90-minute virtual information session to learn more about the plan closure and your options, and to find out what you need to do and by when. 

For more information, see Register for upcoming information sessions.

STEP 4: Choose your option(s)

Timing: Between October 2026 and mid-January 2027

You must choose your option(s) and submit your completed form(s) to Sun Life before the 鈥淭ake action鈥� date shown in your Options Package. For more information, see What forms do I need to complete and return?

If you do not receive a Pension Update letter from 麻豆视频by October 15, please send an email to app_support@sfu.ca. 

If you do not receive your Options Package from Sun Life by October 23, contact Sun Life at 1-866-733-8612, any business day, from 5 a.m. to 5 p.m. PT.

You can also access your Options Package online when you log in to . 

Sign in to using your access ID and password. Once you鈥檝e signed in, select Manage Plan then my plan. From the top options, select Documents, then Document Centre.

To view your Options Package, expand the date of Document name 鈥� Option Package. It will include all standard enclosures.

Your Options Package will include the following:

You must choose your option(s) and submit your completed form(s) 鈥� along with any other documents noted in the table below 鈥� to Sun Life before the 鈥淭ake action鈥� date shown in your Options Package.

Returning your completed forms to Sun Life: 

You can return your forms to Sun Life by mail or online.

By mail: 

Sun Life Financial, Group Retirement Services

PO Box 2025 Stn Waterloo, Waterloo Ontario N2J 0B4

Online: 

My Sun Life mobile app 鈥� log in and use the Send documents feature with your reference number (noted on the cover page of your Sun Life Options Package).

Returning your forms to buy past service within the BCCPP:

You can return your completed Invoice Form to the BCCPP by secure message using My Account. Go to and sign in to My Account.

Aligned with pension legislation, you have approximately 100 days after the forms have been mailed to you by Sun Life to complete, sign and return your transfer form(s). If you do not return your completed form(s) before the 鈥淭ake action鈥� date in the top right corner of page 1 of your Sun Life Options Package,  your pension account balance will be transferred to a default option.

Once Sun Life receives your completed forms, your pension account balance will be transferred to your chosen retirement account or income option. All forms must be submitted together so that the full amount of your pension account balance is transferred 鈥� otherwise, your account balance will automatically move to a default option.

Transfers typically take 2 to 3 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.

If you decide to buy past service within the BCCPP, it will take 8 to 10 weeks to process your request and transfer your savings to buy past service.

You must return your completed forms to Sun Life before the 鈥淭ake action鈥� date in the top right corner of page 1 of your Sun Life Options Package. If you do not return your forms before this date, your pension account balance will be moved to a default option.

Transfers typically take 2 to 3 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 by the deadline in your options package, your account balance will be automatically moved to the default option.

The default option that applies to you depends on the value of your pension account balance and if you opened an 麻豆视频RRSP or LIRA before the plan closure. See the next question below for details.

Your options for transferring your pension account balance out of the APP depend on your age, whether your account balance is locked-in* or non locked-in**, the amount in your pension account, and whether you are a member of the BCCPP.

*Your locked-in balance is made up of the contributions the University made to your pension account, plus investment earnings. 

**Your non locked-in balance is made up of any voluntary contributions you may have made to your pension account, plus investment earnings.

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

• You can transfer your locked-in balance to the SFU-sponsored Locked-In Retirement Account (LIRA), or to a personal LIRA with another financial institution;
• You can transfer your non locked-in balance to the SFU-sponsored Registered Retirement Savings Plan (RRSP), or to a personal RRSP with another financial institution;
• You can use all of your account balance to purchase a deferred annuity;
• Or, you can choose a combination of a LIRA or RRSP and a deferred annuity.

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

• You can transfer your locked-in balance to the SFU-sponsored Life Income Fund (LIF), or to a personal LIF with another financial institution;
• You can transfer your non locked-in balance to the SFU-sponsored Registered Retirement Income Fund (RRIF) or to a personal RIF with another financial institution;
• You can use all of your account balance to purchase an annuity;
• Or, you can choose a combination of a LIF or RRIF and an annuity.

If you are a BC College Pension Plan (BCCPP) member:

• You can choose from the options above;
• Use all your pension account balance to buy past service within the BCCPP; 
• Or, use some of your balance to buy past service within the BCCPP and, for the remaining amount, choose one of the options that apply to you above.

If you have a small locked-in balance (i.e., less than $14,920): 

In pension legislation, small pension balances can become unlocked. This means you can:

• Transfer your locked-in balance to the SFU-sponsored RRSP or to a personal RRSP with Sun Life or another financial institution (if you are under age 71 and not ready to draw retirement income);
• Transfer your locked-in balance to the SFU-sponsored RRIF or to a personal RRIF with Sun Life or another financial institution (if you are over age 55 and ready to draw retirement income);
• Use your locked-in balance to purchase an immediate or deferred annuity;
• Or, take your balance as taxable cash.

Note: Balances taken in cash must be reported as income on your 2026 or 2027 income tax return, depending on when the transfer is processed.

On your Settlement Option Form from Sun Life, your pension account balance is made up of two amounts: 

• Locked-in balance 
• Non locked-in balance

Your locked-in balance is made up of the contributions the University made to your pension account, plus investment earnings.

Your locked-in balance must be moved to another locked-in retirement vehicle, such as a LIRA (if you are under age 71 and are not ready to draw retirement income), or a LIF (if you are over age 55 and are ready to draw retirement income). Your locked-in balance can also be used to purchase an immediate or deferred annuity, or to buy past service within the BCCPP (if you are a current BCCPP member).

If your locked-in balance is less than $14,920, your account balance can be unlocked and transferred to an RRSP (if you are under age 71 and are not ready to draw retirement income), or a RRIF (if you are over age 55 and are ready to draw retirement income). It can also be taken as taxable cash.

Your non-locked-in balance is made up of any voluntary contributions you made to your pension account, plus investment earnings.

Your non locked-in balance can be moved to any registered savings plan, such as an RRSP (if you are under age 71 and are not ready to draw retirement income), or a RRIF (if you are over age 55 and are ready to draw retirement income). Your non locked-in balance can also be used to purchase an immediate or deferred annuity, or to buy past service within the BCCPP (if you are a current BCCPP member). It can also be taken as taxable cash.

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.

Yes. You can split the transfer of your account balance amongst different options. For example, you can use some of your account balance to buy past service within the BCCPP and the remaining balance can be moved to the SFU-sponsored LIRA.

If you decide to split your account balance amongst options, you must clearly write the percentage or dollar amount that you wish to transfer to each option on:

• Your Settlement Option Form; 
• Your Invoice Form and RRSP Transfer Form 鈥� if you decide to buy past service;
• Your Form T2151 (Direct Transfer of a Single Amount Under Subsection 147(19) or Section 147.3) 鈥� if you decide to move your balance to a plan or account that is not sponsored by SFU.

If your instructions for splitting the transfer are not clear, and the percentage or dollar amount are not indicated, your instructions will not be processed.

All forms must be submitted together so that the full amount of your pension account balance is transferred to another plan 鈥� otherwise, your account balance may automatically move to a default option. 

You do. The final decision about how to transfer your account balance is made by you. The University and Sun Life must provide you with a list of your 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. If you are a current member of SFUFA, you may use up to $750 of your Professional Development Reimbursement entitlement towards financial counselling for retirement. 

No. The 麻豆视频Balanced Fund, which is currently available in the APP, will not be offered as an investment option in the 麻豆视频LIRA or 麻豆视频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 麻豆视频Balanced Fund.

All other investment options available in the APP will also be offered in the 麻豆视频LIRA and 麻豆视频LIF.

Yes. If you transfer your account balance from the APP to the SFU-sponsored LIRA or SFU-sponsored LIF, you will see a small change in fund management fees.

Although the fund management fees in the 麻豆视频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 麻豆视频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 麻豆视频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.

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. It includes helpful information about eligibility, the cost to buy past service, how to pay for past service, and how to apply for a cost estimate.

If you are currently employed with SFU: Complete Part A of the . 

If you are no longer employed with SFU: Complete Part A of the .

Send your completed form before October 30 to 麻豆视频at app_support@sfu.ca. 麻豆视频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. To send your proof of age (ID) by secure message, go to and sign in to My Account > My profile > Personal information.

You will receive a Statement of Cost and letter that will outline your cost to purchase past service, and the potential increase to your monthly pension amount from the BCCPP. You will receive an email notification when your Statement of Cost is available in the My Account Message Centre. Your Statement of Cost is valid for 90 days from the date it is sent to you.

Yes. To ensure you can submit your forms to buy past service before the 鈥淭ake action鈥� date in your Sun Life Options Package, you should submit your request to apply for a cost estimate by October 30. 

If you decide to buy past service, you must follow the steps below and submit your forms before the 鈥淭ake action鈥� date on page 1 of your Sun Life Options Package. If your forms are not received by the deadline, your pension account balance will transfer to a default option. 

If you decide to buy past service, you must:

• Make a copy of your DC Pension Statement included in your Sun Life Options Package 
• Complete the Invoice Form and RRSP Transfer Form provided in your Statement of Cost package from the BCCPP.
• Send a copy of your completed Invoice Form to the BCCPP. You can send a copy by secure message using My Account. Go to and sign in to My Account.
• Mail your completed Invoice Form and RRSP Transfer Form and a copy of your DC Pension Statement to:

Sun Life Financial, Group Retirement Services:

PO Box 2025 Stn Waterloo, Waterloo Ontario N2J 0B4

Mail your forms at least eight weeks before the payment due date listed on your Statement of Cost to ensure your funds from Sun Life are sent to the BCCPP within the payment deadline as specified on your cost estimate. 

If you decide to use some (not all) of your pension account balance to buy past service, you will also need to complete and return your Settlement Option Form from Sun Life to confirm where you want the remainder of your account balance to go. All forms must be submitted to Sun Life together before the 鈥淭ake action鈥� date in your Options Package.

No. The closure of the APP does not impact your contributions and account balance(s) in the SFU-sponsored voluntary savings plans (i.e., RRSP, TFSA, NREG, RRIF, 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 麻豆视频Balanced Fund will no longer be an investment option in the SFU-sponsored RRIF or LIF. All other investment options will continue to be offered.

If your RRIF or LIF is invested in the 麻豆视频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 麻豆视频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 麻豆视频Balanced Fund.

More information about what you need to know and do about your 麻豆视频Balanced Fund investments will be provided to you in early 2027.