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.




Funding surplus


Discount rate


Annual benefits paid

Funding highlights as at December 31, 2021

UPP is fully funded with a surplus

UPP's filed actuarial valuations:

(Funded status at December 31, 2021)

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. Examples include:

Asset-liability (AL) analysis

Ongoing asset-liability modelling allows us to stay ahead of potential challenges that could impact our sustainability and closely aligns the investment portfolio with the pension commitments it is built to fund, all to help maintain a strong funded status over time.

These AL studies, which UPP performs on an ongoing basis, bring together all important aspects of the Plan to simulate outcomes over thousands of different scenarios — incorporating our asset mix, liabilities, future economic scenarios, demographic changes, actuarial assumptions, Funding Policy, and the high-level impacts of plan amendments.

Joint Sponsors’ Funding Policy

In the event of a funding surplus or deficit, the Joint Sponsors’ Funding Policy provides a decision-making framework for maintaining or bringing the Plan to a fully funded status. The guiding document is based on sound actuarial and economic principles and contains specific provisions to promote Plan sustainability and maintain stable contributions and benefit levels.