Western's pension plans are among the most valuable benefits offered by Western University - designed to help members save and invest for their future.
Western has two registered pension plans for eligible employees - one for staff members and one for faculty members. The combined market value of the plans as of December 31, 2018 was approximately $1.1 billion.
In January 2017, pension services were consolidated and transitioned to one experienced external provider; Sun Life Financial. Western's Joint Pension Board, representing Academic and Administrative staff members, continues to provide oversight of the plans.
Learn more about your plan services at Sun Life Financial
Western's pension plans are called defined contribution plans - a type of capital accumulation plan in which contributions are made to the plan by both the University and the member. It is the responsibility of the member to make decisions on the investments that are most appropriate to meet their personal goals. Account balances will fluctuate regularly depending on contributions and investment performance. The retirement income a member will receive at retirement is not guaranteed and depends on a number of factors including the return that is realized on the investments that have been chosen by the member. Currently, there are 13 investment options available to plan members. The funds are managed by external investment managers selected for their demonstrated expertise.
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