Faculty Pension Plan for Academic Employees | People & Culture | UNB

Faculty pension plan for academic employees

Shared Risk Plan for Academic Employees of UNB (AERSP or the Plan)

Your pension can be one of your most valuable assets. When you retire, your pension is meant to provide you a monthly pension benefit for the rest of your life. The amount of pension you eventually receive from the Plan depends on your years of service, salary, and age at retirement. Your Plan may also offer cost of living adjustments, benefits for your loved ones when you pass away and flexibility allowing you to transfer your pension with you if you decide to leave your employment.

The Plan is administered by a joint Board of Trustees with equal representation from the Association of University of New Brunswick Teachers and the University of New Brunswick. The Plan is financed by equal contributions from both Plan members and the university.

Stay informed. Each of the sections below will provide you with important information about your pension.

Questions regarding your pension and inquiries pertaining to the items below, can be directed to Bonnie Carson, HR Consultant (Benefits & Pensions), People & Culture.

Bonnie.Carson@unb.ca | 506.458.7679

Understanding your pension

Your Plan is governed by several important documents that serve to guide the Board of Trustees in its oversight of the Plan.


Statements are provided on an annual basis and will provide you with a snapshot of your benefits as of June 30 of the previous year. Your current pension statement can be found under the “Personal” tab on MyUNB eServices. This location is being reviewed due to the decommissioning of eServices and this page will be updated once a location to house statements has been determined.

If you wish to understand more about your statement, send your inquiry to the contact noted above.


More pensionable service means an increased pension benefit when the time comes to retire. If you are an active employee and you have had a period of an approved leave without pay while a member of AESRP, you may be eligible to purchase that leave period. To proceed with a purchase of service, you must be an active contributing member of the Plan at the time of the request.


Under the AESRP, a beneficiary or beneficiaries are the individuals designated by you to receive the benefit available under the Plan in the event of your death. It should be noted that your spouse (if applicable) would be entitled to any death benefit before your beneficiary.

Your spouse is automatically your pension beneficiary in the event of your death. You do not have to name your spouse as your beneficiary. If you were to name someone other than your spouse as your beneficiary, your spouse would still be entitled to the death benefit available upon your death.

A spouse is either a person who is:

  • legally married to the member; or
  • has cohabitated in a conjugal relationship with the member for a continuous period of at least two years immediately before the date in question.

If you do not have a spouse or if you outlive your spouse, naming a beneficiary or beneficiaries allows for the direct payment of the death benefit without it having to go through your estate.

If you wish to name a beneficiary, submit the beneficiary designation form to the contact noted above.


Death of a member

If you have recently lost a loved one who was a member of the pension plan, you may be eligible for survivor benefits. The members monthly pension payment will continue to be effective to the end of the month in which the member has died. Survivor benefits, if applicable, would be payable effective the first of the following month.

As a spouse of a member in receipt of a pension, you would be eligible for 60% of the members pension for the remainder of your lifetime.

If there is no surviving spouse, there may be a residual amount payable to a named beneficiary or to the estate.

Ending a spousal relationship

If you are experiencing a separation or divorce, your pension may be affected. If you were married or common-law during the period in which you earned pension benefits, you may wish to request a calculation of the value of your pension for that period. This document will provide you with the maximum value for the eligible transfer amount and the impact on your current or future monthly pension benefit. A copy of the agreement or court order may be required.

It should be noted that a member’s pension is only one of the assets available for division as part of a marital breakdown and it does not necessarily have to be included in the final settlement between the parties.

If a transfer to a spouse does occur, the payment would be transferred to a locked-in retirement savings plan.


View the Plan’s most recent cost of living adjustments, actuarial valuations, financial statements, financial updates, and contribution rates for each fiscal year ending.

Cost of living adjustment (COLA): 2021, 2020, 2019, 2018, 2017, 2016

Financial updates: 20202019, 2018, 2017, 2016, 2015

Actuarial valuations: 2020, 2019, 2018, 2017, 2016, 2015, 2014, 2013

Financial statements: 2020, 2019, 2018, 20172016, 2015, 2014


Questions

Questions regarding the administration or operation of the Pension Plan should be directed to:

Bonnie Carson
HR Consultant (Benefits and Pensions)
People & Culture
Tel: 506-458-7679
Fax: 506-453-4611
bonnie.carson@unb.ca 

Mailing address
Pension Board for Academic Employees
People & Culture
University of New Brunswick
Room 102, IUC Building
8 Bailey Drive
P.O. Box 4400
Fredericton NB, E3B 5A3

Tel: 506-453-4648
Fax: 506-453-4611