The amount you contribute to the plan each year is based on your pensionable earnings, the average YMPE (a threshold set each year by the federal government, based on the average wage in Canada)* and UPP’s contribution rate. Your employer contributes an equal amount. Contributions flowing into the plan are invested by investment professionals bound by fiduciary duty to act in your best interests.
As a UPP member, you currently contribute:
As a member of UPP, your pension is paid for life. The pension you receive is based on a formula that considers a few key components:
Your Best Average Earnings: average of your highest 48 months of pensionable earnings as a member, up to the maximum pension limit under the Income Tax Act.
Average YMPE*: average of the YMPE (Year’s Maximum Pensionable Earnings) established by the federal government in the last 48 months before you retire.
Your years of Pensionable Service: the amount of continuous service during which you’ve contributed to UPP, including any service you transferred in.
For each year of pensionable service after joining UPP, you will accrue an annual pension benefit, payable at your Normal Retirement Date.
If you were earning pension benefits under your university’s or employer’s prior pension plan when it converted to UPP, you automatically become a member of UPP on the day your university or employer joins. Pension benefits earned under your prior plan remain unchanged and are now payable from UPP.
You can still:
Please refer to your university’s UPP Quick Guide for information on how the pension benefits earned under both your prior plan and UPP work together to provide you with a secure retirement benefit when you retire.
This handbook summarizes the main features of your University Pension Plan Ontario (UPP) in simple terms
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