HI Erin
This is from the last SFUFA Bulletin
Everyone: Please check the SFUFA website for our past Bulletins as the info you need may be found there.
Hope this helps
Kumari
Pension Transition
The process under which members can elect to buy past service in the BCCPP is well-underway. Many members have already initiated the process, but several people have
asked questions regarding specific steps. Any members who are having difficulty navigating the system are welcome to contact SFUFA’s Executive Director, Brian Green, at bsgreen@sfu.ca
Brian will connect you with someone to help address any questions. The Association cannot provide financial advice, or recommend whether or not to purchase service, but
we will do all we can to help make sense of what is required to work through the process.
Two other issues have been raised with us, and we have consulted with the BCCPP for answers:
the process for those who do not wish to purchase service now but may want the opportunity to do so next year (2023);
- what
to do if you are on study leave or otherwise away from your home address and unable to access the information BCCPP has sent to you
Considering Past Service Purchase in 2023
As previously noted, the BCCPP has indicated that a second opportunity to purchase service will be available in 2023. Members who are considering this option will need
to submit an application for calculation even if they already did so for this round. The second window to apply is open now, and the deadline to submit a second application is December 31, 2022. You will need to contact SFU pensions to request an application
form – to do so, please write to pensions@sfu.ca
For further details on purchase of past service, please refer to the following information on the CPP plan website: https://college.pensionsbc.ca/deadlines-for-buying-past-service
Members should also be aware that while calculations in this cycle were free, those who seek calculations for possible purchase of service next year will have to contribute
to the cost of that calculation. Costs up to $500 must be paid by the member; anything above this will be paid by SFU. Finally, we understand that members may only purchase past service in one or the other window – that is, you cannot purchase past service
in this cycle and additional service in the next cycle.
From: Erin Barley <ebarley@sfu.ca>
Date: Monday, July 25, 2022 at 4:10 PM
To: Cheryl Prophet <cheryl_prophet@sfu.ca>, Steve Kates <steven_kates@sfu.ca>
Cc: Anke Kessler <akessler@sfu.ca>, Oliver Schulte <oschulte@cs.sfu.ca>, "academic-discussion@sfu.ca" <academic-discussion@sfu.ca>
Subject: Re: Transferring Funds from Sunlife DC plan to College DB plan using an app?
Folks,
The buy back rates that we've been given expire in October. My understanding is that it is still possible to buy back years of service after October, but that the costs would likely increase. However, given that
markets (and the value in our defined benefit accounts) are currently down, it could theoretically be beneficial to wait and buy back later.
Can anyone confirm that we could buy back at a later date? Does anyone know who to ask for further details on this?
Erin
From: Cheryl Prophet <cheryl_prophet@sfu.ca>
Sent: Monday, July 25, 2022 3:55 PM
To: Steve Kates
Cc: Cheryl Prophet; Anke Kessler; Oliver Schulte; academic-discussion@sfu.ca
Subject: Re: Transferring Funds from Sunlife DC plan to College DB plan using an app?
Hello Steve,
This is what I learned in my many conversations with my Sun Life advisor and with CPP reps. It has been quite a journey and not at all straight forward.
Before filling out the CPP purchase-service-years forms, I spoke to a CPP rep who confirmed that, yes, you can choose fewer years than the amounts indicated on the form. You can decide how much
you want to move out of the Sun Life funds into the BC CPP. You are under no obligation to move all your Sun Life DCP funds to them. (Although I expect they would love it if you did).
CPP provides an Excel calculator to help you decide how much you want to invest in CPP and how much you will receive in a monthly pension.
Hello colleagues.
I just spoke to a Sunlife representative and she told me that if we do nothing, SFUs arrangement with Sunlife continues until we retire or leave SFU.
Anke, I was careful to specify our situation but this sounds like different advice than what you received.
Also - will the College pension allow us to buy fewer years than what they specify in their communications to us, or do we have to buy exactly the amount they state? Does anyone know?
who would be a good person to talk to at the college pension plan to answer this question?
Thanks. Take care, everyone.
Hello Anke,
I’m responding to your email regarding buying back partial service years and the issue of what happens with the remaining money in the Sun Life DCP Fund. I received different advice from my Sun
Life financial advisor. I was informed that after purchasing service years, any remaining money in the DCP can remain in this fund until the end of the year in which I turn 71. Then it must be transferred to a LIF or RRIF fund.
I have already done some of this. To explain, my retirement began last fall, before the buy-back details were available. Because I needed some funds while I was waiting for the offer, I moved
some of my funds from the DCP into a LIF fund.
I have now completed the process of buying back some service years. I filled out the forms and Sun Life mailed them and issued a cheque to the CPP. There are still funds remaining in my DCP. I
now have the option of moving them into a LIF or RRIF within SunLife, or leaving them where they are until the end of the year in which I turn 71.
Hello Oliver
I just talked to a Sun Life agent. He told me that, yes, you can submit the documents through the app. Scan or take a picture.
If there is any issue, they would get back to you.
Everyone - also note: even if you only buyback partial service, you have to take all of the remaining money out of the SFU Pension Plan (your RRSP is unaffected by this rule as far as I know).
Anke Kessler (she/her)
Professor and Department Chair | Department of Economics
Simon Fraser University | West Mall Complex
8888 University Dr.. Burnaby, B.C. V5A 1S6
http://www.sfu.ca/~akessler/
<sfu-horizontal.png>
Located on territories of the Tsleil Waututh (səl̓ilw̓ətaʔɬ), Kwikwetlem
(kʷikʷəƛ̓əm), Squamish (Sḵwx̱wú7mesh Úxwumixw) and Musqueam (xʷməθkʷəy̓əm) Nations.
Hi all,
as you know we can now buy past years of service by asking Sunlife to transfer funds from our old Defined Contributions Plan to our new BC College Defined Benefit Plan. The College Plan has sent
us forms to effect this transfer. I've heard that instead of filling in paper forms and snail mailing them to Sunlife, it's possible to request the transfer using the Sunlife App.
Has anyone managed to do the transfer using the App?
Regards,
P.S. Apropos the pension, I'd like to thank our pension plan trustees for all their hard work towards our community.
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Simon Fraser University
Phone: (778) 782-3390
Professor
Fax: (778) 782-3045
TASC 1 Building
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