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2025 annual report highlights
2025 marked a year of continued growth and organizational progress for UPP. In a volatile market environment, the Plan remained fully-funded1 and expanded its membership base while continuing to build long-term value for members and employers.
- A message from Barbara Zvan, President and CEO
The 2025 annual report highlights another year of steady, dependable performance as we continued to execute on our strategic priorities and strengthen the foundations of the Plan.
“At the heart of UPP’s work is a clear responsibility: to provide secure lifetime pensions at sustainable and predictable contribution rates for the people who sustain Ontario’s university sector, including faculty, staff, researchers, administrators, and the many professionals who support higher education across the province. A pension must be secure for members while remaining affordable and sustainable for participating employers and active members alike. Every decision we make is grounded in that dual responsibility.”
2025 at a glance
The Plan remained fully funded
103%
funded with a $0.3B surplus1
Net assets grew
$13.5B
up from $12.8B in 2024
The Plan delivered positive investment returns
5.2%
annual net return; 8.5% three-year annualized net return2
The Plan continued to grow
46,000+
members across six universities and 19 sector organizations4
UPP’s scale created measurable value for members
$15M
in annual fees avoided through co-investments and improved fund terms
Responsible investing remained integrated
Maintained a
55%
reduction in portfolio emissions intensity from 2021 baseline
Plan funding
The Plan remained fully funded and well-positioned for the long term.
A secure and stable Plan is one where all current and future members receive their pension benefits at a reasonable and predictable cost. That is UPP’s commitment.
103%
funded status1
$0.3B
funding surplus1
$620M
in pension benefits paid to members
Investing for the future
Diversified investing and UPP’s growing scale supported strong long-term pension outcomes for our members.
- The Plan delivered positive investment returns
UPP’s investment program has one clear purpose: to earn the returns needed, at an appropriate level of risk, to provide secure and stable pensions for members—now and in the future.
Despite market volatility, the Plan’s long-term investment strategy continued supporting pension outcomes that members can rely on across market cycles.
5.2%
annual net return2
8.5%
three-year annualized net return2
$0.7B
net investment income
- Net assets grew
With $13.5 billion in net assets and growing, UPP can access investment opportunities, negotiate fee structures, and build internal expertise in ways that directly translate into better outcomes for the Plan. This matters because every dollar saved in costs, and every percentage point of additional return, stays in the Plan and compounds for members over time.
$13.5B
in net assets, up from $12.8B in 2024
$2B+
invested or committed to private markets since 2022, expanding access to stable, inflation-protected assets which returned 12.6% in 2025.
We continue to selectively expand our private market exposure through fund and co-investment opportunities which offer returns and diversification that are difficult to replicate through public markets alone.
67%
reduction in Active Public Equities management fees since 2022, avoiding approximately $10M in fees annually
$15M
in annual fees avoided from fee-free co-investments and improved fund terms
UPP-initiated strategies played a growing role in the portfolio
Some of our strongest outcomes of 2025 came from UPP-initiated active strategiesUPP-initiated strategies are investments developed by UPP and increasingly managed in-house, allowing us to better align them with our longterm objectives., which have generated 16.6% over the last three years, contributing positively to total fund performance.
- Responsible investing remained integrated into how UPP protects pension value for members
We maintained a
55%
reduction in portfolio greenhouse gas emissions intensity from our 2021 baseline while continuing active stewardship and engagement across portfolio companies and asset managers
We committed more than
$100M
to climate solutions in 2025, bringing total commitments toward our climate target to approximately $762 million since 20233
Serving members
We continued to refine the service and support experience for our diverse member community.
- 2025 marked our first full year serving members directly through UPP’s dedicated team
It was an important milestone and a year of learning, refinement, and growth.
Supported nearly
600
members transitioning into retirement
1.49%
increase to the UPP portion of pensions in pay to pensioners, survivors, and dependents, effective January 1, 2026
- We launched new digital resources for members
Over the year, we introduced new tools within the secure myUPP Member Portal, including a Pension Estimate Calculator and enhanced self-service capabilities. We also expanded our online resources and educational offerings, giving members more ways to engage with their pension on their own terms. Members can find these resources and explainers embedded throughout this site.
- We listened. We acted. We continue to learn.
UPP’s service experience has been shaped by member and employer feedback from the start. Early engagement across thousands of survey responses and live discussions identified three clear priorities: plain-language communication, intuitive tools, and access to knowledgeable pension experts when it matters most. Those insights shaped our initial service model and continue to guide how we evolve it.
Expanding access to pensions
We made progress in strengthening pension security across Ontario's university community.
- We welcomed new plan participants
UPP welcomed members from Victoria University, the Trent University Staff Plan, and Wilfrid Laurier University.
“Joining UPP marks a significant milestone for Laurier and reinforces our commitment to a strong, sustainable defined benefit pension. UPP was a proactive and supportive partner throughout the transition, helping us move forward with clarity and confidence while keeping our members’ interests front and centre. We’re proud to join a plan built for the university community and focused on long-term sustainability and security for those it serves.”
Pamela Cant
Chief Human Resources and Equity Officer, Wilfrid Laurier University
As of January 1, 2026 we serve:
46,000+
working and retired members
6
participating universities
19
sector organizations
- We worked with government to support DC-to-JSPP conversions
The province adopted recommendations advanced by UPP, strengthening the retirement system and expanding access to secure pension arrangements.
As organizations consider their pension options, our expert team is available for information and support. Learn more about the path to joining.
We thank our members and participating employers for their trust as we continue strengthening the Plan and protecting long-term pension security for the university community we serve.
1 On a smoothed basis.
2 Annual net rate of return is net of external costs, including investment management fees, performance fees, and transaction costs.
3 Climate solutions include assets or entities that are expected to contribute to climate change mitigation and/or facilitate adaptation to its impacts. For more information about how UPP defines climate solutions, please refer to our Climate Transition Investment Framework.
4 As of January 1, 2026.