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- About
- Funded status
A pension promise spanning generations
We believe a sustainable plan is one where all current and
future members receive secure, stable retirement benefits at a
reasonable and predictable cost.
102%
Funded*
$0.2B
Funding surplus*
5.45%
Discount rate
$564M
Paid in pension benefits
*On a smoothed asset and market value basis.
Funding highlights as at December 31, 2024.
UPP is fully funded with a surplus
Funded status at December 31, 2024
Delivering plan sustainability
We use various measures and tools to maximize the Plan’s funded status and stability while maintaining stable, sustainable contribution and benefit levels over time, including:
Actuarial valuations—a steady view of Plan health
Every three years, at a minimum, UPP must file a funding valuation with regulators showing the Plan’s funded status and contribution requirements. Actuarial valuations provide point-in-time assessment of the Plan’s financial health, based on a range of assumptions and in line with the Canadian Institute of Actuaries’ standards about future trends and events. Regardless of whether a valuation is filed in a given year, UPP produces an annual funding valuation to maintain a line of sight into the Plan’s financial health and to support the Sponsors’ decision-making and discloses this information in our annual report.
Asset-liability (AL) analysis
UPP uses comprehensive asset-liability modelling to identify challenges and develop strategies to manage the Plan’s long-term investment and funding dynamics. These AL studies bring together all important aspects of the Plan to simulate possible funding outcomes under thousands of economic scenarios. Unlike the typical three- to five-year cycle followed by similar-sized organizations, UPP conducts comprehensive asset-liability modelling internally whenever necessary. Regular asset-liability modelling allows us to stay ahead of potential challenges that could impact our sustainability. It also helps us closely align the investment portfolio with the pension commitments it is built to fund and to project and manage the Plan’s long-term contribution requirements, funded conditional indexing, and benefits. All these aspects help maintain the Plan’s stability over time.
Joint Sponsors’ Funding Policy
The Joint Sponsors’ Funding Policy guides decisions related to Plan design and risk sharing. It was designed specifically to support long-term Plan sustainability by maintaining stable contributions, protecting benefit security, and ensuring fairness across generations of members. Grounded in strong actuarial and economic principles, the policy includes specific measures to help keep contributions and benefit levels stable while promoting overall Plan health.
- © 2025 University Pension Plan