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The Plan maintained its fully funded status with a surplus through continued market volatility.
Toronto, ON – University Pension Plan Ontario (UPP) today announced a 10.3% annual net rate of return in 2024, growing net assets to $12.8 billion. The Plan remained fully funded at 102% with a surplus, staying well-equipped to pay members’ pensions today and over the long term.
These results were published in UPP’s 2024 Annual Report, which outlines the Plan’s performance and progress during its third full operating year.
“UPP was created to protect and grow the pension security of our members, and that responsibility guides every decision we make. This past year marked an important step forward—strengthening the foundation that supports our members through strong investment performance, disciplined risk management, and the continued rollout of dedicated member services. As we build on this momentum, we remain firmly focused on delivering the stability, value, and long-term peace of mind our members count on in a rapidly changing world.”
Barbara Zvan
UPP’s President and Chief Executive Officer
UPP’s investment program aims to achieve long-term returns that deliver secure and stable pension benefits at a reasonable and predictable cost to members. By balancing the need for strong returns and contribution and benefit stability, UPP’s portfolio is built to navigate short-term market turbulence while continuing to derive long-term value and dependable retirement income.
“Our 2024 investment performance highlights the continued progress we’re making in establishing a strong, well-diversified portfolio aligned with our long-term objectives. By strengthening internal capabilities and refining our asset mix, we are unlocking the benefits of scale—efficiency, diversification, and control. Looking ahead, we will continue to actively manage the portfolio, pursue high-quality opportunities, and maintain a balanced, strategic approach to long-term value creation.”
Aaron Bennett
UPP’s Chief Investment Officer
As a defined benefit pension plan, UPP was designed to serve the university sector in Ontario, providing faculty and staff with secure pension income for life. UPP’s 2024 highlights include:
- Held a 102% funded status with a $0.2 billion surplus[1]
- Achieved a 10.3% annual net rate of return
- Grew net assets by $1.1 billion to $12.8 billion
- Reached $1 billion committed or invested in private assets since 2022
- Added over $250 million in commitments to climate solutions across several asset classes[2]
- Published UPP’s Inequality Stewardship Plan, which seeks to manage the financial impacts of this systemic risk
- Reduced portfolio greenhouse gas (GHG) emissions intensity[3] by 59% from its 2021 baseline, exceeding the 2025 target
- Began a phased launch of a full suite of pension administration services, including a new member and employer service experience and digital resources
- Welcomed new members from two university sector organizations and two universities[4]
- Provided UPP pensioners, survivors, and dependents in pay with an inflation protection increase of 2.03% to the UPP portion of their pensions, effective January 1, 2025[5]
- Recognized by Institutional Connect with its Institutional Investor of the Year and Investment Innovation of the Year awards.
More information about UPP’s 2024 results, including financial statements, can be found in the 2024 Annual Report.
[1] On a smoothed and market value basis.
[2] Climate solutions include assets or entities that are expected to contribute to climate change mitigation and/or facilitate adaptation to its impacts. For more information about how UPP defines climate solutions, please refer to UPP’s Climate Transition Investment Framework.
[3] Measured as tonnes CO2 e/$M invested.
[4] As of January 1, 2025.
[5] Effective January 1, 2025. Pre-conversion inflation protection is based on the prior plan’s indexing formula, which varies by each plan joining UPP.
About UPP
University Pension Plan Ontario (UPP) is a jointly sponsored defined benefit pension open to all Ontario university sector employers and employees. UPP manages $12.8 billion in pension assets and proudly serves over 41,000 members across five universities and 14 sector organizations. The plan invests to deliver secure, stable pension benefits for members today and for generations to come. For more information, please visit myupp.ca and follow UPP on LinkedIn.
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