Updates

Pension Plan Amendments

The Board of Governors at its April 18, 2017 meeting approved the amendment to merge the University of Manitoba Pension Plan (1970) with the University of Manitoba Pension Plan (1993) effective January 1, 2017.

Merger of the 1970 Pension Plan with the 1993 Pension Plan

The University of Manitoba Pension Plan (1970) was merged with the University of Manitoba Pension Plan (1993) effective January 1, 2017. 

The Merger was undertaken primarily to simplify the administration and management of the two Plans. All current members of the 1970 Plan who are active employees are also active members of the 1993 Plan.

The 1993 Plan was established effective January 1, 1993 and the assets and liabilities associated with the members of that plan – the faculty and some support staff – were transferred to the 1993 Plan from the 1970 Plan. Effective January 1, 1994, most of the balance of the membership in the 1970 Plan was also transferred to the 1993 Plan. Over a period of years, various employee groups had their past service benefits (and corresponding assets) transferred from the 1970 Plan to the 1993 Plan.

The merger included deferred members who have terminated from the 1970 Plan and have not yet transferred their benefits out of the 1970 Plan. These members were employed by related employers: The University Medical Group, the University of Manitoba Students Union (UMSU) and the University of St. Boniface. Deferred member’s pension benefit is the total value of their contribution accounts.

Virtual Retirement and Information Sessions

The Pension office has scheduled the Spring 2021 Retirement sessions for May 27, 31 and June 1.  All sessions are full.  Human Resources continues to evaluate these sessions and we anticipate offering them again in the fall.  

June 2, 2021 - Additional Information Session - Are you Thinking Ahead of your Retirement Planning?  Deadline to register: May 20,  2021  https://umanitoba.gosignmeup.com/Public/Course/Browse

Annual Member Statements

You will receive your personal pension statement each year postmarked by June 30. Please ensure your address is up to date in JUMP to avoid delays.

2021 Update on Pension Plan Maximums

Each year there are various maximums that are used in calculating your pension benefits. The following table lists these maximums:

Income Tax Act 2021
Annual defined benefit pension per year of service after 2014 $3,092.22
Annual defined benefit pension per year of service before 2015 $2,846.67
Maximum Contribution (Employee and University) $28,610

Canada Pension Plan: Basic exemption

$3,500
Canada Pension Plan: Year’s Maximum Pensionable Earnings $61,600

Eligibility

All university employees are eligible for a pension plan. Some exclusions may apply.

Eligibility by employee status

Full-time
As an eligible full-time employee, you may join the Plan on your appointment date, or any date before your required mandatory participation date. You are required to join the Plan within 30 days following the completion of two consecutive years of employment with the university.

Part-time
As an eligible part-time, sessional or casual employee, you may join the Plan on your appointment date, or any date before your required mandatory participation date. You are required to join the Plan within 30 days following two consecutive years of employment with the university in which your earnings exceed 35 per cent of the Year’s Maximum Pensionable Earnings (YMPE).

The Pension Office will send the required forms to all employees who have not joined the Plan and have reached their mandatory participation date.

New employees
To join the Pension Plan, please complete the Application for Membership form (PDF). The completed form must be returned to the Pension Office.

Returning employees
Please call the Pension Office to determine your pension plan status.

Exclusions

An employee who is a student on a substantially full-time basis.

An employee who is a member of a religious group which has as one of its articles of faith the belief that members of the group are precluded from being members of the plan.

An employee who retired from the university and is in receipt of a pension, but subsequently returns to work for the university.

Waiver

You may waive the right to participate in The University of Manitoba Pension Plan (1993) as of the initial participation date. Please complete the Participation Waiver form. Subsequent optional participation dates, prior to the compulsory participation date, are available at your discretion. Please return the form to the Pension Office.

Compulsory participation date is within 30 days following two years of full-time continuous employment, or within 30 days following two years of employment if your annual earnings are equal to or greater than 35 per cent of the Canada Pension Plan Yearly Maximum Pensionable Earnings for each year.

Joining the plan and contributions

Membership will be effective on the first day of the pay cycle next following receipt by the Pension Office of the Application for Membership form. If you do not wish to join the Plan prior to your mandatory date, please complete the Pension Waiver form. Note: Please do not complete both the Application for Membership form and the Pension Waiver form. Only complete one form.

You and the university share the cost of your pension.

Your contribution calculation

When you join the Plan, two separate accounts are opened in your name; the Employee Contribution Account for your required contributions, plus investment income and a University Contribution Account for the university contribution made on your behalf, plus investment income. You may also have a Restricted Contribution Account, or a Non-Restricted Contribution Account. These accounts are contributions transferred in from another plan if this is applicable in your situation.

As a member of the Plan you make an annual contribution to your Employee Contribution Account equal to:

  • 9 per cent of your Basic Salary up to the Year’s Basic Exemption (YBE) ($3,500)
  • plus 7.2 per cent of your Basic Salary between the YBE and the Year’s Maximum Pensionable Earnings (YMPE) ($61,600)
  • plus 9 per cent of your Basic Salary above the YMPE.

The University of Manitoba matches the employee contribution. Each member will have an Employee Contribution Account and a University Contribution Account.

Canada Revenue Agency (CRA) determines the maximum annual contribution that can be made to the Pension Plan. The maximum limit is $28,610 for 2021 in accordance with the limits defined under the Plan.

Employees cannot make voluntary contributions to the Pension Plan.

Designating your beneficiary

How to designate the person who will receive the survivor benefit of your pension benefit if you die.

You may designate anyone to be your beneficiary. However, if you have a spouse or common-law partner at your date of death, pension legislation requires the pre-retirement death benefit be paid to your spouse or common-law partner, regardless of the beneficiary designation, unless:

  1. you are living separate and apart from your spouse or common-law partner by reason of relationship breakdown, or
  2. if your spouse or common-law partner has waived the right to the pre-retirement death benefit by completing Manitoba’s Waiver of Survivor Death Benefit (Form 2). In this case, legislation does not allow you to name your spouse or common-law partner as your beneficiary. Please see the Death Benefit Waiver form or call the Pension Office.

If you wish to change your beneficiary (e.g., in the event of a breakdown of your declared spouse/common-law relationship), you will have to do so by means of a Designation of New Beneficiary form (PDF).

Benefits cannot be paid to beneficiaries who are minors (under the age of 18) or who are unable to act on his/her behalf. Trustee nomination forms are available from the Pension Office.

If you do not have a spouse/common-law partner at your date of death, the pre-retirement death benefit will be paid according to your beneficiary designation. All beneficiary designations are revocable.

Changes due to life events

Are you thinking of retiring or leaving the university? Has a life event changed your circumstances? Review the information on this page to see how a life event affects you and your pension plan.

Retirement

Your pension plan is a hybrid plan. It combines the security of a defined benefit guarantee (Formula Pension) with the prospect of accumulating enhanced benefits under a defined contribution (Plan Annuity) arrangement.  To ensure that you receive the highest possible benefit, your benefit is calculated at retirement using two different methods.

Please note, you must be at least age 55, with five or more years of service to get your formula pension.  If you have fewer than five years of service when you retire, you will not qualify for a Defined Benefit pension, you will receive the total value of your pension.

The formula pension is a minimum benefit guarantee based on a pre-determined plan formula.  Your formula pension at your normal retirement date is:

  • 2 per cent of the Highest Average Annual Basic Salary for each year of credited service
  • less an offset of 0.7 per cent of your highest average annual basic salary under the Year’s Maximum Pensionable Earnings (YMPE) in the year you retire multiplied by credited service* after January 1, 1966 to a maximum of 35 years. 

Your formula pension is subject to the Plan’s maximum pension. 

The plan annuity is the benefit that can be provided based on the total value of your contribution accounts, your age at retirement and a Plan Annuity Factor, which converts your DC pension into a retirement income stream.

The benefits resulting from each method are compared and you receive the greater of the two benefits.

Credited service is the period of time of pension plan membership. University service is the period of time worked at the University of Manitoba.

Forms of pension payment

Life 60 months certain

The normal form of payment for your plan is called a Life 60 months certain.  This type of pension payment provides you with lifetime income.  However, if you die before 60 payments have been made, the monthly payments will continue to your beneficiary until a total of 60 payments have been made to your beneficiary.

Joint and 60 per cent survivor

If you have a spouse when you retire, you must elect as a minimum a Joint and 60 per cent Survivor form of pension. Your spouse may waive this requirement.  Under this form of annuity payment, pension income is received throughout the lifetime of both spouses.  Providing a Joint and Survivor pension means that in most instances your pension will be reduced when adding a survivor benefit. 

Supplementary pension

If your Formula pension is greater than your Plan annuity, the difference will be paid to you as a Supplementary pension from the Plan.

Excess interest increases

At retirement, if a member elects to have a monthly pension payment from the plan the member’s total account used to determine the plan pension and any pension guarantee funding required, if applicable is transferred to the Pensioner Account. 

Our actuary will provide a review of the Pensioner Account’s assets versus the liabilities for all pensioners.  If the actuary determines that the Account’s assets are enough to cover a full or partial increase, then increases in pension will be provided at the next April 1. 

Our actuary advised that due to the continuing shortfall in the pensioner account, no increases have been provided since 2001.

Retirement payment options

The plan offers you several options for your retirement benefits.  You can:

  • Receive a pension from the Plan (this will be the greater of the Formula Pension or the Plan Annuity).
  • Transfer the value of your benefit out of the Plan.
  • Choose some combination of the two.

If the value of your pension meets the definition of a small pension (See Non-locked in benefits), you are required to transfer your pension out of the plan.

Once you start to receive any money from any registered plan – a pension plan, LIF, RRIF etc. the payments are taxable.  You will be asked to complete the Canada Revenue Agency forms to determine the amount of tax to be withheld when the payment is set-up with the financial institution that will be responsible for your payment.  If you elect a monthly pension from the Plan, the custodian will ask you to complete the required forms.

When you retire, the Pension Office will provide you with detailed information about your options.

Retiring early

You can retire as early as the first day of the month following your 55th birthday.  However, your Formula Pension will be reduced by one-quarter per cent for each month (3 per cent for each year) you retire before age 65.

Retiring later

You can continue working and delay your retirement beyond age 65.  However, your plan contributions must stop no later than December 31 of the year you turn age 69.   At this time, you can choose to:

  • start your monthly pension;
  • transfer your retirement benefit out of the fund; or
  • defer pension payments. 

If  you defer your pension payments, you must either begin your payments no later than December 31 of the year you turn age 71 or transfer the value of your pension out of the Plan.  Postponed retirement benefits include a test to ensure the Formula Pension payable at your postponed retirement date isn’t less than the actuarial equivalent of the Formula Pension that was payable at your “normal” retirement date.

If you retire with fewer than five years of employment with the university, you will receive the total value of your contribution accounts and will not be eligible for the supplementary pension. This money must be transferred out of the plan.

More pension resources

If you are considering retirement within the next five years and would like an estimate of your pension, please complete and submit the Application for Pension Estimate form (PDF). A retirement package will be mailed to you.  You can also use the Formula Pension Calculator to give you an estimate of your pension.  If you have arranged for a meeting to discuss your retirement, your spouse or partner is welcome.

Selecting a retirement date

Support staff members may use their vacation entitlement to extend the date of retirement, subject to certain limitations.  Banked overtime and banked regular time will be paid as a non-pensionable lump sum payment, subject to income tax deductions, on the staff member's final pay period. The VIP advance repayment, if applicable, will also be collected from your final pay. Review the Support Staff Retirements Policy and Procedure before finalizing your retirement date.

All employees are encouraged to review the provisions of their collective agreements and/or university policies regarding retirement.

Leave UM

Your benefit in the plan is vested immediately. If you leave the university, you will receive the total value of your contribution accounts (employee and university), no matter how long you belonged to the Plan.

Your benefit is locked-in except for certain conditions outlined below under “Non-locked in benefits.”  Locked-in benefits means your pension benefit continues to be subject to pension legislation requirements for pension sharing, survivor and death benefits, and may only be used to provide retirement income (i.e. you cannot get a cash refund).

You must transfer the total value of your accounts to one of the following:

  • A locked-in retirement account (LIRA) with a financial institution. The employee and university contributions accounts plus interest are transferred into your LIRA.
  • Your new employer’s registered pension plan, provided that the Plan accepts transfers that can be administered under Manitoba legislation.
  • An insurance company to purchase an immediate or deferred lifetime annuity.

If you terminate your employment with the university

  • Please ensure your address/contact information is current in the VIP system before you leave.
  • When you leave the employment of the university, a weekly report is sent to the Pension Office advising the Pension Office of all status changes.
  • A settlement package, which contains the amount in your account, an explanation and the necessary forms will be sent to you.
  • Plan benefits can only be paid when there is an actual termination of employment or you have not contributed to the plan for 54 weeks.

If you stop working but have not resigned or terminated your employment

  • If your position has ended and you do not have earnings from the university, you will continue to be a member in the plan for a 54-week period after your last day of contributions to the plan.
  • If you return to work within 54 weeks you will continue to accrue benefits with the same account.
  • If you wish to settle your account prior to the end of 54 weeks, you must resign from the university and notify the Pension Office of your intent.
  • Following the 54 weeks you will be sent a pension settlement package and asked to select one of the options to transfer the value of your account out of the Plan.
  • If you return to work after the 54-week period, you may again join the Plan by submitting an Application for Membership form (PDF).

Relationship breakdown

Your pension is a family asset.  If you or your spouse or common-law partner ends your relationship, the pension you built during your relationship will be taken into account when your family assets are divided.  The Pension Benefits Act (PBA) states that the pension benefits must be divided equally, if there is: 

  • a court order under The Family Property Act requiring the division of family property; or
  • a written agreement between you and your spouse, former spouse or partner about the division of family assets; or
  • a court order from another Canadian jurisdiction requiring the division of the pension benefits; or
  • an order of the Court of Queen’s Bench requiring the division of the pension benefits.

Opting out

If you and your spouse or common-law partner agrees, you may opt out of the mandatory credit splitting.  To opt out, each person must receive independent legal advice and a statement from their pension plan administrator showing the value of the pension credit subject to the credit splitting.  Both parties must enter into a written agreement with each other confirming that the pension credits will not be divided.  The value of the pension credit can only be prepared by the Pension Office and is required for the opt-out provisions to be legal. 

Splitting the difference

If both parties are members of pension plans, they may agree in writing to divide the difference in values between the two pensions equally, rather than dividing both pensions on a 50/50 basis.  This provision is available to those who separated on or after June 24, 1992, or those who had separated earlier, but had not finalized the division of pension credits.

More information can be found on the Pension Commission website. 
 
If your marriage or common-law relationship has ended, please contact the Pension Office.  The value of your pension accrued while participating in the plan can only be determined by the Pension Office.  The sharing of pension credits applies to both the pension being earned by active plan members and pensions payable to pensioners.

If a common-law relationship occurred immediately prior to marriage, the period begins with the date the common-law relationship began.  For married persons who began living separate and apart before June 30, 2004, the pension credits subject to division are those earned from the date of marriage.

How to proceed

If your marriage or common-law relationship has ended, please contact the Pension Office.

Become disabled

If you become disabled and are receiving benefits from the university’s long-term disability plan (LTD), you will continue to be a member of the University of Manitoba Pension Plan (1993). While you are receiving LTD benefits, the university will contribute 9 per cent of your insured basic salary (as defined in the LTD plan) to your contribution’s accounts, as well as the matching contributions.

Leave of absence

If you are on an approved leave of absence without pay or with reduced pay, pension contributions may continue subject to the university policies and maximums subject to the Income Tax Act. If pension contributions are maintained (both yours and the university's), you must participate in the Plan as if you would have been working in your regular position with regular pay, provided that you do not accrue benefits under a registered pension plan or a deferred profit-sharing plan of another employer.

Death

If you die before retirement as an active plan member, (or as an inactive member on an approved leave), your survivor(s) will receive the total value of your pension. If you have a spouse, Manitoba law requires your spouse to be your beneficiary, unless they have waived the right to the pre-retirement death benefit.

Designating your beneficiary

You may designate anyone to be your beneficiary. However, if you have a spouse or common-law partner at your date of death, pension legislation requires the pre-retirement death benefit be paid to your spouse or common-law partner, regardless of the beneficiary designation, unless:

Please note that if you wish to change your beneficiary (e.g., in the event of a breakdown of your declared spouse/common-law relationship), you will have to do so by means of a  Designation of New Beneficiary form (PDF) . Remember that all forms must be signed by you and returned to the Pension Office.

Benefits cannot be paid to beneficiaries who are minors (under 18) or those who are unable to act on their behalf. Trustee Nomination forms are available from the Pension Office.

If you do not have a spouse/common-law partner at your date of death, the pre-retirement death benefit will be paid according to your beneficiary designation. All beneficiary designations are revocable.

Non-locked in benefits

There are a limited number of circumstances in which a person may be allowed to withdraw locked-in funds as a lump sum. These include:

Commutation of small pensions

In the event that the locked-in part of the sum of the Employee Contribution Account and the University Contribution Account is less than 20 per cent of the Year’s Maximum Pensionable Earnings (YMPE) in the year of termination, the member shall receive a lump sum payment of the value of the contribution accounts applicable to such benefit either in cash or by transfer to a Registered Retirement Savings Plan (RRSP).

The amount available for you to contribute to your RRSP is in your tax return assessment provided by Canada Revenue Agency.

Shortened life expectancy

The Pension Benefits Act (PBA) permits a pension plan, to provide for withdrawal of locked-in funds in a lump sum upon certification by a medical practitioner of a considerably shortened life expectancy, which cannot exceed two years.

Non-residents of Canada

If you are no longer a resident of Canada, the Pension Benefits Act (PBA) permits former plan members to withdraw pension benefit credits in a pension plan in a lump sum (subject to certain requirements).

In all other cases locked-in funds cannot be withdrawn as a lump sum. The current legislation does not permit accessing your pension funds due to financial hardship.

Forms

The forms may be completed on-line but must be downloaded for signature. The Pension Office requires an inked signature.  Please complete the forms and send them to the Pension Office.

Booklets

Reports

Financial Statements

Pension Committee and governance

Role of the Committee

The Committee acts as both Pension Committee and as “Administrator,” as described in the Pension Benefits Act (PBA) and regulations. The Committee has the rights, powers and obligations necessary for the Committee to administer the plan in accordance with the PBA and regulations.

The overall purpose of the Committee include:

  • monitoring the operation of the plan;
  • taking responsibility for the plan’s administration;
  • ensuring that the plan is in compliance with all applicable legislation; and
  • acting in an advisory capacity to the Board, making recommendations as required. 

Subcommittees

There are three subcommittees assigned to focus on specific administrative areas – Investment, Audit and Governance. The subcommittees report to the Pension Committee on their activities to ensure the Pension Committee works together in administering the governance and operational duties of your Plan. 

Elections

An election of Active Representatives (two members) and non-Active Representative (one member) is conducted every three years. The last election was held May 2020 and the next election is scheduled for May 2023.

Pension Committee membership

The Committee is comprised of the following persons:

Elected members:

  1. Two voting members to represent all active Plan members ("Active Voting Representative");
  2. One voting member to represent all non-active Plan members and other beneficiaries ("Non-Active Voting Representative");

The Board shall appoint: 

  1. a number of individuals equal to the total number of individuals elected or appointed as Active and Non-Active Voting Representatives;
  2. at least one additional individual, to be chosen at the Board's discretion; and
  3. those three individuals holding the offices of:
    • Vice-President (Administration)
    • Associate Vice-President, Human Resources; and
    • Comptroller
  4. all of whom shall be voting members of the Committee.

Pension Committee members

At December 31, 2020, the Pension Committee members were:

Naomi Andrew
Acting Vice-President (Administration)
(Appointed by Position)

Dr. Shiu-Yik (Yik) Au3
Assistant Professor, Finance
(Elected from Active Members)

Carla Buchanan1 and 3
Manager, Financial Reporting, Financial Services
(Appointed by the Board)

Will Christie 2 and 3
Information Technology Specialist
(Elected from Active Members)

Jeff Leclerc (Vice-Chair) 2 and 3
University Secretary
(Appointed by the Board)

Janice Martin (Secretary)1
Director, Audit Services
(Appointed by the Board)

Lance McKinley (Chair)3
Director, Treasury Services
(Appointed by the Board)

Bill Reid1 and 3
Retired, Information Services and Technology
(Elected from Non-Active Members/Retirees)

Darlene Smith  2
Associate Vice-President (Human Resources)
(Appointed by Position)

Dr. David Stangeland3
Professor, Accounting and Finance
(Appointed by the Board)

External Investment Subcommittee members:
(Appointed by the Pension Committee)

John Smith

Garry Steski

Greg Ozechowsky

1 also Audit Subcommittee member
2 also Governance Subcommittee member
3 also Investment Subcommittee member

Glossary of terms

Base rate

Base rate - is the interest rate used in the calculation of the Plan Annuity Factor. See the Sample Plan Annuity Table for an estimate of Plan Annuity Factors.

Basic salary

Basic salary - is the regular gross salary applicable to an Employee's rank or classification excluding other income such as overtime, supplementary payments or sessional payments paid to Full-time Appointees. For part-time employees, the Basic Salary is quotient obtained by dividing the Employee's regular gross salary by the part-time ratio.

Beneficiary

Beneficiary - is the person who will receive the survivor benefit of your pension benefit if you die.

Credited service

Credited service - refers to the number of years and part years you have contributed to the Plan.

Defined benefit

Defined benefit - is a term used to describe a pension where the amount you receive is based on how many years you have worked and the salary you have earned.

Defined contribution

Defined contribution - is a term used to describe a pension plan where Individual accounts are set up for participants and benefits are based on the amounts credited to these accounts plus any investment income on the money in the account.

Early retirement date

Early retirement date - for purposes of the Plan is the first day of any month following your 55th birthday.

Employee contribution account

Employee contribution account - consists of your required contributions, plus investment income.

Form of annuity payment

Form of annuity payment - If you elect to receive your pension benefit from the Plan, you may elect a form of annuity payment, either a Life Certain or Joint and Survivor that best suits your needs subject to the requirements of the Canada Revenue Agency and the Manitoba Pension Benefits Act. If you have a spouse when you retire, you must elect as a minimum a Joint and 60 per cent Survivor form of pension. If you want to receive a form of pension that guarantees your spouse less than 60 per cent of your monthly pension for life, then your spouse must sign a Spousal Waiver form waiving this requirement. Each form of annuity payment provides a different benefit to the member or the survivor or the beneficiary. All pensions are for your lifetime.

Formula pension

Formula pension - is your pension based on a formula using your earnings and years of employment while a member of the Plan.

Highest average annual basic salary

Highest average annual basic salary - refers to the average of your highest five years (five periods of 12 months each) of basic salary.

Investment income

Investment income - includes interest payments and dividends, realized capital gains, realized capital losses, the change positive or negative in unrealized gains minus expenses.

Joint and survivor annuity

Joint and survivor annuity - Under this form of annuity payment, pension income is received throughout the lifetime of both spouses. Payments continue after the death of the first spouse and stop only after the death of the second. You may choose a form which provides for a reduction in the monthly amount after your death only, or after the first death of either you or your spouse.

Life Income Fund (LIF)

Life Income Fund(LIF) - is an alternative arrangement to a lifetime annuity from which an adjustable flow of retirement income is received, subject to an annual minimum and maximum.

Lifetime annuity

Lifetime annuity - provides you with a steady stream of income over your lifetime. The amount of income is based on the amount invested, your current age, expected longevity and interest rates at the time you purchase the annuity.

Locked-in

Locked-in - means your pension benefit entitlement continues to be subject to pension legislation requirements for pension sharing, survivor and death benefits, and may only be used to provide retirement income (i.e., you cannot get a cash refund).

Locked-In Retirement Account (LIRA)

Locked-In Retirement Account (LIRA) - means an account with a financial institution, similar to a Registered Retirement Savings Plan (RRSP), that is approved by the Pension Commission of Manitoba to receive locked-in pension funds.

Non-locked-in

Non-locked-in - means your pension benefit entitlement is not subject to any pension legislation requirements and you can receive your benefit as a lump-sum, taxable cash payment or as a transfer to your Registered Retirement Savings Plan (RRSP) on a tax-sheltered basis.

Normal form

Normal form - The normal form of pension is a Life 60 months certain. This type of annuity payment provides you with lifetime income. However, should your death occur before 60 payments have been made, the monthly payments will continue to your beneficiary until a total of 60 payments have been made to you or your beneficiary. You may choose a longer "certain" (guarantee period). The guarantee period may be 60, 120 or 180 months.

Normal retirement date

Normal retirement date - for the purposes of the Plan is the first of the month next following your 65th birthday.

Pension Benefits Act

Pension Benefits Act - mean the Pension Benefits Act of the Province of Manitoba and includes the Regulations

Pension fund

Pension fund - is the fund established pursuant to the Plan and from which benefits to Members, Pensioners, beneficiaries and joint annuitants are provided.

Plan annuity

Plan annuity - is the monthly pension amount that the total value of your contribution accounts at retirement will provide.

Plan annuity factor

Plan annuity factor - is a life annuity factor taking into account, the Base Rate, a certain (guaranteed) period of five years and unisex mortality.

Registered pension plan (RPP)

Registered pension plan (RPP) - an RPP is a pension plan that provides benefits for an employee upon retirement, death or termination of employment. The University of Manitoba Pension Plan (1993) is registered with Canada Revenue Agency and the Manitoba Pension Commission and must comply with the provisions outlined in both the Manitoba Pension Benefits Act and the Canadian Income Tax Act.

Registered Retirement Savings Plan (RRSP)

Registered Retirement Savings Plan (RRSP) - is an individual retirement savings plan that has been registered with the Canada Revenue Agency (CRA). The CRA permits tax deductible contributions to an RRSP, and income earned in the plan is exempt from tax until money is withdrawn from the plan. CRA will advise you of your "available contribution room" that you can contribute to your RRSP when you receive your latest notice of assessment.

Spouse/common-law partner

Spouse/common-law partner - means the person you are married to and living with, or the person you have: registered a common-law relationship with under the Vital Statistics Act, or cohabitated with in a conjugal relationship: for a period of at least three years, if either of you is married, or for a period of at least one year, if neither of you is married.

Supplementary pension

Supplementary pension - is the amount by which your Formula Pension is greater that your Plan Annuity

University contribution account

University contribution account - consists of the University contributions made on your behalf, plus investment income.

Year’s basic exemption (YBE)

Year’s basic exemption (YBE) - is fixed at $3,500. It is the level of annual earnings below which contributions are not required by the Canada Pension Plan.

Year’s maximum pensionable earnings (YMPE)

Year’s maximum pensionable earnings (YMPE) - is a figure set by the Federal government each year to help determine Canada Pension Plan (CPP) contribution amounts.

This website is designed to provide information on the main features of the benefit programs. It is for information purposes only, and is not intended to provide you with specific financial, legal, investment, or tax advice. The actual benefit provisions are contained in the Master Contracts issued by the insurers to the University of Manitoba. The University of Manitoba retains the right to modify, reduce, or terminate benefits at any time. In the event of any variation or discrepancy, the contracts will prevail and not the information contained in this website.

Contact us

Pension Office
Room 180 Extended Education Complex
University of Manitoba (Fort Garry campus)
Winnipeg, MB R3T 2N2 Canada

 

204-474-6661
204-474-7640