Origins and Governance
Introduction
We are Ontario’s newest multi-employer, jointly sponsored pension plan (JSPP).
UPP was born from more than a decade of extraordinary efforts by the employees, administrators and governors of our founding universities: Queen’s University, University of Guelph and University of Toronto. All were committed to strengthening defined benefit pensions now and for generations to come.
On the first of July 2021, UPP brought together the five pension plans of its founding universities, encompassing over 35,000 members and approximately $10.5 billion in assets.
Our Governance Model
UPP’s governance is built on cooperation.
As a multi-employer Jointly Sponsored Pension Plan (JSPP), members and employers alike share responsibility for administering the plan, managing its assets (contributions, investments) and its liabilities (pension benefits owed) and addressing risks.
JSPP at-a-glance:
- Equal say by university administrations, unions & plan member faculty associations in plan design, funding, administration
- Transparent plan operations, funding, decision-making
- Clear, explicit risk sharing between employers and plan members
- Stable, predictable employer & plan member contributions
UPP’s Joint Sponsors (representing employees and employers) are together responsible for making all decisions about the terms and conditions of the UPP, any plan amendments (including benefits and contributions), and its funding policy.
The Joint Sponsors have appointed a Board of Trustees as the legal Administrator of the UPP Fund and Plan, with a fiduciary obligation to all Plan members. The Board of Trustees is responsible for directing and overseeing the day-to-day administration of UPP and the investment of its assets, with the best interests of plan members at the heart of every decision.
The Board includes six trustees selected by the Employer Sponsor, six by the Employee Sponsor, one by non-unionized members, and an independent Chair selected jointly by the Employee Sponsor and Employer Sponsor. These 14 individuals have varied experience and deep expertise in areas important to the administration of the UPP.
UPP members have a direct voice at the decision-making table through their Sponsor delegates and their appointed Board of Trustees.
Meet our Board of Trustees
