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2024 annual report highlights
UPP delivered strong results in 2024, ending the year fully funded with a 10.3% annual net rate of return—staying well-equipped to deliver a secure, dependable pension promise to members today and tomorrow.
Explore report highlights
At the heart of UPP’s mission is a deep commitment to meet the pension needs of those who support Ontario’s university sector — from faculty and staff to researchers, administrators, and all who dedicate their careers to advancing higher education. Every step we take is grounded in our responsibility to this community — to serve with care and deliver secure, stable lifetime pensions.
Barbara Zvan
President and Chief Executive Officer
01. Plan performance
The Plan earned a strong return and remains fully funded and well-positioned for the long term
Delivering dependable, lifelong pension security
102%
funded status1
$0.2B
funding surplus1
10.3%
annual net rate of return2
5.45%
Discount rate
1 On a smoothed and market value basis
2 Annual net rate of return is net of external costs including investment management fees, performance fees and transaction costs
02. Investing for the future
We continue to advance our long-term investment strategy to secure a lifelong, worry-free pension for our members
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.
$12.8B
Net assets
$1.2B
Net investment income
By the end of 2024, UPP surpassed
$1B
in commitments and investments since 2022, including six fund partnerships and eight direct co investments across private equity, private debt, real estate, and infrastructure
In 2024, UPP’s Canadian holdings represented
44%
of the Plan’s assets, held in bonds, equities, real estate, and infrastructure
We made advances in our climate action plan and reduced our portfolio GHG emissions intensity
We’ve established a 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. This plan helps UPP manage the impacts of climate risk on fund performance and capitalize on opportunities that can enhance our ability to provide pension benefits to our members over the long term.
In 2024, we further strengthened this commitment with the launch of our Inequality Stewardship Plan, which is rooted in the understanding that inequality is a systemic risk to long-term returns. Through targeted engagement and advocacy, this plan promotes globally recognized standards to address key workforce and workplace issues, supporting the resilience and value of companies in our portfolio.
Achieved a total
59%
reduction in our portfolio carbon footprint against our 2021 baseline, exceeding our 2025 target
We invested toward our climate solution goal
These commitments not only provide key portfolio benefits such as inflation protection but also demonstrate that strategic, long-term investments can facilitate climate change mitigation and/or facilitate adaptation to its impacts.
As our climate solutions commitments are deployed, they translate into actual investments that UPP owns and reside in our portfolio. The value of these investments can fluctuate based on market conditions, portfolio adjustments, or a reclassification resulting from shifts in the activities of qualifying funds and assets.
UPP has committed
$658M
to climate solutions, making good progress toward our goal to commit $1.2 billion in climate solutions by 2030
Added over
$250M
in investment commitments to climate solutions in 2024
03. Serving members with care
We continued to provide stable contributions and lifetime benefit levels
Grew our membership to
41,665
total members
Paid
$564M
in pension benefits
2.03%
cost-of-living increase for pensions in pay (UPP portion)
Inflation protection helps maintain the purchasing power of pensions over time, by increasing a member’s monthly pension based on a portion of the annual rise in the CPI, through a cost-of-living adjustment—also called indexation.
1.7
ratio of working to retired
We launched the first phase of our new service experience, bringing personalized support, secure portals, and self-serve web resources for members and employers
Dedicated support for moments that matter
In 2024, we enhanced our personalized service model with direct access to UPP pension experts. Members now benefit from one-on-one support during key life events—from retirement planning to career transitions. Available via secure messaging and toll-free phone, our Ontario-based Member Services team continues to provide knowledgeable assistance Monday to Friday, 8:30 a.m. to 5 p.m. ET.
Secure online tools
In 2024, we launched the myUPP Member and Employer self-serve portals—key milestones in delivering a modern, digital service experience. Members can now securely manage their personal details, access important documents, and connect directly with UPP through secure messaging.
Employers also gained new tools to streamline pension administration and access support resources.
Upcoming features for UPP members
Looking ahead, we’re expanding our suite of digital tools. In 2025, members will gain access to the new Pension Estimator and view additional pension details online, including service history and payment records. We’re also enhancing accessibility and introducing on-demand learning resources to support confident, informed decision-making at every stage of the pension journey.
04. Welcoming new members
We continued our work to help enhance pension security within the university sector and welcomed more plans to UPP
In 2024, UPP welcomed new members from the Association of Professors of the University of Ottawa and the Ontario Confederation of University Faculty Associations. We also completed the integration of Trent University and Victoria University staff and faculty as of January 1, 2025, and celebrated Wilfrid Laurier University’s consent to join in 2026.
4
new member groups
5
participating universities
14
sector organizations
As organizations consider their pension options, our expert team is available for information and support. Learn more about the path to joining.
A proven model for generating long-term value: supporting Ontario's economy
As a defined benefit (DB) pension plan, UPP was specifically designed to serve the university sector in Ontario, providing faculty and staff with a secure pension income for life. A recent study shows that DB pension plan payments benefit both individual households and the broader economy.
$34B
contributed to Ontario’s GDP from DB pension benefits
$60.9B
in economic output generated within Ontario
Source: The Conference Board of Canada, Defined Benefit Pension Plans: Supporting Ontario’s Economy, 2024.
- © 2025 University Pension Plan