Your pension plan at a glance
About the plan
Joining the pension plan
If you are under 35 years of age when hired, and you meet the eligibility criteria set out in the table, you may join the pension plan on the date of hire (if hired on the first of the month) or the first of any month following the date of hire. If you do not join when eligible and choose to waive eligibility, you must join on the January 1 following or coincident with your 35th birthday.
A summary of eligibility, contributions, how to join, and beneficiary information can be viewed on the Joining the pension plan web page.
Life events with pension implications
Take a look at Life events with pension implications to determine how your pension plan may be affected. This page will cover pension benefits in the case of death or disability, termination, leaving Canada, and marriage breakdown.
There are two pre-retirement programs available. The Vacation Exchange program is also known as the 2% exchange or 2% in lieu, this program allows eligible members to exchange a total of 15 days of vacation for a one-time 2% salary increase. Eligible faculty and staff members can also participate in the Reduced Workload to Retirement program to reduce their workload in the years prior to retirement without negatively impacting their pension.
Visit the Pre-retirement programs page for more information on the Vacation Exchange and the Reduced Workload to Retirement program.
Your UWaterloo pension
Visit the Retirement page for a description of the retirement age, the retirement process, how your pension is determined, and the pension options available.
Government benefits and Registered Retirement Savings Plan (RRSPs)
The Government benefits and RRSP page provides a brief introduction to government benefits (Canada Pension Plan, old age security) and personal RRSPs.
Flexible pension provision or "flex"
Effective January 1, 2014, flex contributions are no longer allowed. Existing flex contributions will remain on file until the member retires, terminates or dies, at which time they will be paid in accordance with the plan. Visit the Flexible pension provision web page for a summary of flex balances, options, the use it or lose it rule, and what you need to do or know.
Payroll pension plan
Based on a Pension and Benefits Committee decision, the non-registered Payroll Pension Plan was phased out effective January 1, 2022, in favour of amending the Pension Cap defined under the registered pension plan effective January 1, 2021 and January 1, 2022. The registered pension plan text can be found on the Secretariat’s website under the Board of Governors, Pension and Benefits Committee section.