UPP achieves a 10.2% annual rate of return and maintains healthy funded status in 2023

UPP’s 2023 Annual Report details organizational build accomplishments and strong annual results.

Toronto, ON – University Pension Plan Ontario (UPP) today released its 2023 Annual Report outlining performance and development from its second full operational year. UPP ended the year with a 10.2% annual rate of return, growing net assets to $11.7 billion. The Plan maintained a healthy funding position, staying well-equipped to pay members’ pensions today and over the long term.

"In another challenging economic year, we're thrilled to see positive outcomes from the operational and investment foundations we’ve built over the past three years. In laying the groundwork for our comprehensive pension services offering, and advancing our investment strategy, we’re continuing to create long-term value for our members. With these strong foundations in place, we're eager to keep growing, delivering value, stability, and pension security to even more members of Ontario's university sector.”
Barbara Zvan
President and Chief Executive Officer
“Our achievements this past year highlight our progress in building a resilient plan aligned with the needs of our over 40,000 members. We are pleased with our 2023 results and remain focused on ensuring long-term financial stability and security. In implementing our long-term investment approach, we are focused on providing the benefits of scale: efficiency, diversification, transparency, and control in our portfolio. Looking ahead, UPP will stay proactive in safeguarding our portfolio amid market fluctuations, seizing unique opportunities, and maintaining a well-balanced approach in line with our strategic vision and funding requirements.”
Aaron Bennett
Chief Investment Officer

2023 highlights

  • Held a 102% funded status with a $0.2 billion surplus1
  • Achieved a 10.2% annual rate of return
  • Increased net assets by $956 million to $11.7 billion
  • Committed or invested over $820 million in private assets since 2022, significantly increasing exposure to high-quality, long-term assets
  • Established a target to commit at least $1.2B in climate solutions by 2030 as part of a Climate Investment Transition Framework
  • Reduced UPP’s portfolio carbon footprint by 17% against a 2021 baseline, exceeding the 16.5% by 2025 target
  • Prepared to deliver a full suite of pension services, with the planned launch of an administrative system and member and employer service experience in fall 2024
  • Provided pensioners, survivors, and dependents in pay with an inflation protection increase of 3.54% to the post-conversion portion of their pensions, effective January 1, 20242

1 On a smoothed asset basis
2 Pre-conversion inflation protection is based on the prior plan’s indexing formula, which varies by each plan joining UPP.

Additional information about UPP’s 2023 results, including financial statements, is available in the 2023 annual report and on our website.

About University Pension Plan Ontario (UPP)

University Pension Plan Ontario (UPP) is a jointly sponsored defined benefit pension for Ontario’s university sector. UPP manages CAD$11.7 billion in pension assets and proudly serves over 40,000 members across four universities and 14 sector organizations. UPP is growing a resilient fund to secure pension benefits for members today and for generations to come and is open to all employers and employees within Ontario’s university community. For more information, please visit

Media Contact

Kelly Conlon
Managing Director, Strategic Communications and External Relations
[email protected]



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