UPP delivered strong results in 2023, ending the year fully funded with a 10.2% annual rate of return—staying well-equipped to deliver a secure, dependable pension promise to members today and tomorrow.
Download a printable PDF version of our full 2023 annual report.
Less than three years in, UPP is proud to have laid the foundations of a modern, full-service pension organization, one that will serve our members and Ontario’s university sector for generations to come.
At every step, we have pursued our foundational build with unwavering focus, oversight, and precision. Leveraging our clean slate, we have been building for efficiency, growth, and sustainable value creation, ensuring that crucial strategy enablers, such as responsible investing and service excellence, were ingrained in our approach from day one.
In 2023, UPP maintained our strategic focus on securing member benefits and establishing a first-rate pension solution for the university sector. Now in the final stages of our build, our approach is already materializing benefits for our members, and we look forward to bringing continued value as our strategy progresses.
All figures reported on this page are as at Dec. 31, 2023.
funded status
discount rate
net assets, up from $10.8B in 2022
funding surplus
annual rate of return
cost-of-living adjustment for pensions in pay
Inflation protection is a valuable benefit designed to increase the amount of a member’s monthly pension in pay through a cost-of-living adjustment based on the increase in the Canadian Consumer Price Index. The cost-of-living adjustment is also sometimes referred to as indexation.
In 2024, pensions in pay for UPP’s retired members, survivors, and dependents are indexed at the full 75% for UPP service accrued on and after July 1, 2021, meaning a 3.54% increase to the post-conversion portion of their pensions. Learn more here.
Grew our membership to
working and retired members
Paid
in pension benefits
President and Chief Executive Officer
With UPP’s in-house investment team now in place and fully managing Plan assets, we have made significant strides in streamlining and further optimizing the strong investment foundations set by our participating plans in line with UPP’s long-term investment strategy.
Pursuing UPP’s target asset
UPP’s target asset mix is specifically designed to fund our pension benefits for the long term. It will help us maintain a healthy funding and liquidity position, stay well equipped to pay members’ pensions, and remain agile to investment opportunities as markets evolve.
Our public and private market teams have negotiated millions in investment fee savings while bringing greater transparency and control to the portfolio. They have also substantially expanded UPP’s exposure in target areas, including stable, inflation hedging assets, contributing to the portfolio’s strength over the long term.
in high-quality, long-term inflation-hedging private assets in the last two years.
Chair, Board of Trustees
Sustainability is a comprehensive focus across UPP—in how we both invest and operate as an organization—and a fundamental lens through which we derive and protect value for members.
With a systems-level view, our in-house Responsible Investing and Investment teams work seamlessly to account for ESG factors at every stage of the investment process. We also work with our external investment partners and industry peers to continuously improve performance in this area.
Among other important material risks, climate change is an urgent challenge for which we have taken consistent action in line with our fiduciary duty.
We’ve established a bold and clear set of climate-related commitments that seek to align our investment portfolio to net-zero GHG emissions by 2040 or sooner, with an emphasis on decarbonizing the real economy.
In 2023, we further advanced our responsible investing governance structure with a Climate Stewardship Plan and Climate Transition Investment Framework.
Together with our investment policies, these initiatives help us progress our commitment to manage the impacts of climate change on investment performance and to achieve a net-zero portfolio—supporting long-term value creation for members.
Achieved a total:
in our portfolio carbon footprint against our 2021 baseline, exceeding our 2025 target.
The ongoing transition to a low-carbon economy requires significant amounts of capital, which presents opportunities for investors. Setting a climate solutions target enables us to capitalize on opportunities related to the climate transition while enhancing our ability
to provide long-term retirement benefits.
To monitor progress against our target, UPP will disclose new dollars committed to climate solutions investments annually. In addition, we will disclose actual dollars invested to monitor how the dollars committed are translating into climate solution assets across the portfolio over time.
2030 target
total climate solution commitments
Committed
to climate solutions in 2023
As a pension plan, delivering proactive, personalized services to participating employers and members is core to UPP’s mission.
In 2023, we continued preparations to launch UPP’s full suite of pension services to members and employers in 2024. This includes the myUPP Member and Employer Portals, a dedicated team of service and support experts, and easy-to-use member resources to empower members in their pension planning.
What to expect?
Members can expect our team to be there for the moments that matter, big or small.
UPP’s dedicated team of pension experts will provide personalized and proactive pension-related support through several communication channels.
The myUPP Member Portal will offer secure access to real-time pension information, a pension estimator tool and self-serve planning resources.
UPP was built by and for Ontario’s university sector, to bring valuable, lifelong pension security to universities and sector organizations across the province. Our doors are open to all universities and sector organizations, with any past and present plan types—including those currently without a plan.
In 2023, we worked closely with a number of universities and organizations exploring their path to joining UPP and helped others prepare to seamlessly transition into the Plan.
We were pleased to welcome the Association of Professors of the University of Ottawa and, non-unionized staff from the Ontario Confederation of University Faculty Associations in April 2024 and look forward to welcoming Trent University staff and Victoria University staff and faculty to UPP in early 2025.
2023 by the numbers
participating universities
sector organizations
unions and faculty associations
As organizations consider their pension options, our expert team is available for information and support.
Our company
Member resources
Join the conversation
We are always looking for ways to improve your experience. Please tell us about your experience below.
Your responses will be kept confidential. To protect your privacy, please do not enter your account or personal information.
Customize your experience through accessibility adjustments