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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.
103%
Funded1
$0.3B
Funding surplus1
5.60%
Discount rate
$620M
Pension benefits paid to members
Funding highlights as at December 31, 2025.
1 On a smoothed basis.
UPP is fully funded with a surplus
Funded status at December 31, 2025
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 actuarial valuation with the pension regulators showing the Plan’s funded status and contribution requirements. An actuarial valuation provides both a point-in-time snapshot of the Plan’s financial position and a long-term projection of its obligations. It uses a range of assumptions to estimate the amount and timing of future pension benefits and assesses whether current contribution rates are sufficient to support those benefits as they are earned and paid over time. UPP also applies asset smoothing, which averages investment gains and losses over several years to reduce the impact of short-term market volatility on contribution and benefit decisions.
Asset-liability (AL) analysis
UPP uses comprehensive, in-house asset-liability and risk modelling to assess risks and develop strategies to manage the Plan’s long-term investment and funding objectives. These analyses bring together all the Plan’s key components, including projected membership and pension benefits, investment strategy, and economic assumptions, to simulate potential funding outcomes under thousands of economic scenarios.
Unlike the typical three- to five-year review, UPP conducts comprehensive asset-liability modelling internally whenever necessary. Doing so helps to ensure that we keep our investment portfolio aligned with our pension obligations by staying ahead of potential challenges that could impact our sustainability. This approach helps to 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.
This policy is grounded in strong actuarial and economic principles focused on the Plan’s long-term stability. It prioritizes stable contributions, benefits security, and fairness across generations of members.