The pension plan tailored by and for Ontario’s university sector.

To members today and generations of university employees to come

University Pension Plan was created with the vision of a strong sector-wide defined benefit pension plan to guarantee sustainable pensions to members – now and for generations to come.

As of year-end 2023, we proudly serve over 40,000 working and retired members across four Ontario universities and 12 sector organizations–with four more participants joining in the next two years–and manage $11.7 billion in pension assets. Contributions to the Plan are funded equally by members and employers.

UPP is designed for growth, our doors are open to all employers and employees within Ontario’s university community

As proud UPP members ourselves, we are deeply connected to our purpose

Our purpose is to bring greater retirement peace of mind to the university sector by investing with integrity and serving members with care.
Our vision is to be the trusted pension plan for the university sector and a partner of choice in shaping a resilient financial, social, and environmental future.
Our core values define who we are and how we work with intention each day.


We understand the gravity of our responsibilities and approach every decision and relationship with accountability, transparency, and respect.


We will embrace the diversity and dignity of our members, Joint Sponsors, partners, and team in all interactions and relationships.


We will adapt and evolve in a changing world, embracing new ways to deliver enhanced value and performance excellence.


We will foster a financially, socially, and environmentally resilient future for members in all we do, aligning with like-minded partners to amplify our impact.

2023 at-a-glance

At December 31, 2023


Funded with a $0.2B surplus*


Net assets up from
$10.8B in 2022


Annual rate of return


Pension benefits paid to members in 2023




Participating organizations

*On a smoothed asset basis
All figures as at December 31, 2023, and expressed in Canadian dollars unless otherwise noted.


Barbara Zvan, President and Chief Executive Officer
“Our people are the difference-maker in our ability to deliver on our vision. I’m pleased that, for a second year, UPP maintained a healthy and high-performing culture score and affirmed our shared, deep-rooted commitment to create an environment where employees are supported and empowered to perform at their best.”
Gale Rubenstein, UPP Board Chair
“This past year has seen the successful implementation of many of our foundational initiatives. Our investment approach has enabled UPP to achieve a stellar return in a challenging time. We have also made great progress putting in place the infrastructure to provide innovative service excellence directly to you, our members.”


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