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The Plan maintained its fully funded status through continued market volatility.
Toronto, ON – University Pension Plan Ontario (UPP) today released its 2025 annual results, highlighting continued growth and a stable funding position as the Plan scales. The Plan’s net assets rose to $13.5 billion, up from $12.8 billion in 2024, reflecting its growing size and maturity. In a year marked by evolving market conditions, it delivered a 5.2% total fund net return and 8.5% over three years, helping to keep pensions secure and stable for members over the long term.
UPP ended the year 103% funded with a surplus, demonstrating the Plan’s financial resilience and ability to meet pension commitments now and in the future.
“Every decision we make is grounded in delivering secure and stable pensions for members across Ontario’s university sector. That member focus shapes how we design our services and the overall member experience. As we continue to grow, we are strengthening the foundation that supports long-term pension stability so members can count on their pension when they need it most.”
Barbara Zvan
UPP’s President and Chief Executive Officer
UPP continues to advance its long-term investment strategy, focused on building scale, enhancing internal investment capabilities, and increasing allocations to private markets. This disciplined approach strengthens the portfolio and supports the Plan’s objective of providing lifelong pensions while maintaining stable contributions and benefits for members.
“The Plan’s performance demonstrates how our portfolio is built to perform across different market conditions, including the volatility we saw this year. UPP-initiated strategies continue to show promise in driving long-term value creation and risk management within the portfolio. Diversification and increased exposure to private markets supported resilient outcomes, while our scale continues to enhance our ability to manage costs and access investment opportunities typically out of reach for smaller plans. This positions the portfolio to grow stronger over time and retain even more value for members.”
Aaron Bennett
UPP’s Chief Investment Officer
The Plan continued to enhance investment capabilities and member services to support pension security for the faculty, staff, researchers, and administrators it serves.
2025 highlights
- Provided pensioners, survivors, and dependents with a 1.49% inflation protection increase to the UPP portion of their pensions1
- Paid $620 million in pension benefits to members
- Welcomed more than 3,200 new members and approximately $1.1 billion in assets from the Wilfrid Laurier University Pension Plan2
- Delivered strong results from UPP-implemented active strategies, outperforming their one-year benchmark return of 9.2% by 4.9%.
- Surpassed $2 billion in private market commitments and investments since 2022
- Maintained a 55% decrease in our portfolio’s greenhouse gas emissions intensity from our 2021 baseline
- Named one of Greater Toronto’s Top Employers, recognizing the strength of our purpose-driven culture and the dedication of our people.
The Plan’s ongoing efforts to deliver lifelong pension benefits to members are published in its 2025 Annual Report.
1 Effective January 1, 2026. Pre-conversion inflation protection is based on the prior plan’s indexing formula, which varies by each plan joining UPP.
2 As of January 1, 2026.
About UPP
University Pension Plan Ontario (UPP) is a jointly sponsored defined benefit pension open to all Ontario university sector employers and employees. UPP manages $13.5 billion in net pension assets as of December 31, 2025, and proudly serves over 46,000 members across six universities and 21 sector organizations. The Plan invests to deliver secure, stable pension benefits for members today and for generations to come.
All universities are welcome to explore participation in UPP, regardless of their existing pension plan type.
For more information, please visit myupp.ca and follow UPP on LinkedIn.
Media Contact
Kelly Conlon
Managing Director, Strategic Communications and External Relations
[email protected]