Pension Contributions | Human Resources

Employee Contributions

Effective May 1, 2009:

The following will be deducted from your pay:

5.8% of base earnings up to the Y.M.P.E.plus
8.3% of base earnings exceeding the Y.M.P.E. and up to 2 times the Y.M.P.E. plus
9.65% of base earnings exceeding 2 times the Y.M.P.E.

¹ Base earnings do not include earnings for overtime, stipends, shift premiums, etc.

² Y.M.P.E. is the Year's Maximum Pensionable Earnings, as defined in the Canada Pension Plan Act, $47,200 in 2010.

In addition, you are required by law to make Canada Pension Plan contributions. In 2010, the contribution rate is 4.95% of earnings in excess of the basic exemption of $3,500 and up to Y.M.P.E. ($47,200).

Employer Contributions

Pension Plan members contribute at 100% of the full normal level. The University funds the balance of the cost of benefits earned under the Pension Plan, as determined by an actuarial valuation filed with the regulatory authorities. University funding of the Plan is well in excess of members' aggregate contributions. The University also matches all contributions made to the Canada Pension Plan.

Transfers to the Pension Fund

By special arrangement, it may be possible for you to transfer pension money accrued with a previous employer. You must apply to do so within six months of entering the service of the University. Subject to certain conditions, credited service in the University Pension Plan will be calculated from the transferred pension money on a cost-neutral basis to the UW Plan at the time of transfer.

Flexible Pension Plan Contributions

Contributions can be made to the UW Flexible Pension Plan to help provide better early retirement provisions and/or larger joint and survivor pension options. Details can be found from the Human Resources Department or at this website.