Where it began
In the late 2000s, pension plans in the university sector faced existential financial and political pressures.
Employee groups and university administrations, with the support of the provincial government, began considering a multi-university jointly sponsored pension plan (JSPP) as a long-term pension solution for the sector. Moving to a JSPP model addressed many of the challenges facing university pension plans at the time, while offering a range of new advantages — including more member control over the future direction and outcomes of their pensions.
- Protect defined benefit pensions, which provide secure and predictable retirement income
- Establish a more stable funding regime
- Give plan members an equal voice in plan management
Employees and employers came together to build UPP. We would like to recognize the extraordinary efforts of this plan’s founders. It is our privilege to continue their work.
2009
Discussions begin between university unions, faculty associations, administrators, and other staff groups about customizing a JSPP to reshape and sustain the retirement income system in the Ontario university sector.
2014-2015
2016-2017
Deep discussions happen among university administration, faculty associations, unions, and non-unionized staff on UPP’s organizational structure, terms, and participants. Three initial university partners and associated unions and faculty associations step forward as UPP’s founding participants, with the plan for others to join over time.
2018
2019
Pension plan members at the founding universities consent to convert their existing plans to UPP, through a transfer of assets and liabilities. The Joint Sponsors adopt UPP’s Funding Policy, including an innovative risksharing arrangement for past service and future service liabilities.
2020
July — Barbara Zvan is appointed as UPP’s inaugural President and CEO.
November — UPP receives formal solvency funding exemption as a JSPP.
July 1st, 2021
UPP becomes the official pension provider for the founding participants and their 37,000+ members.
January 1st, 2022
May 1st, 2024
Two new participating employers–Association of Professors of the University of Ottawa (APUO) and the Ontario Confederation of University Faculty Associations (OCUFA)–officially joined UPP.
“Having contributed to UPP’s development since its early days, I am proud to see its continued growth and maturity in its second year. Together, we have built a stable, valuable pension plan that reflects our unwavering commitment to long-term retirement security for the people who make our university communities thrive. UPP’s dedication to safeguarding the financial security of its members gives me peace of mind for my own upcoming retirement.”
Martha Harley, Employer Sponsor representative (2021-2022)
- © 2024 University Pension Plan