UPP joins retirement sector partners to drive awareness of pension value across Canada

Annual campaign highlights role of workplace pension plans in retirement security.

University Pension Plan is pleased to support the Financial Services Regulatory Authority (FSRA)-led Pension Awareness Day for a third consecutive year. This campaign highlights the value of pensions and their role in expanding retirement security.

We’re also excited to announce our role as a founding member of the National Institute on Ageing’s Pension Centre of Excellence (PCE), which launched earlier this week. The PCE is a national non-partisan, research-informed knowledge exchange platform connecting UPP and other thought leaders to address the challenges and opportunities facing Canada’s retirement income system.

Statistics Canada data indicates nearly seven million Canadians are members of a registered pension plan. Of those, roughly two-thirds are in defined benefit (DB) plans such as UPP. By continuing to expand workplace pension coverage, plans like ours are adding value for plan members, employers and the Canadian economy.

“As stewards of retirement income for more than 41,000 Canadians in the university sector, University Pension Plan (UPP) is thrilled to be a founding member of the Pension Centre of Excellence (PCE). Through collaboration with industry leaders and top researchers, PCE strengthens our ability to navigate a rapidly evolving landscape and enhance the resilience of retirement solutions for both current and future plan members.”
Picture of Barbara Zvan
Barbara Zvan

UPP’s President and Chief Executive Officer

UPP provides value to all Canadians

DB pension plans like ours stimulate the economy. A 2024 report published by the Conference Board of Canada and commissioned by UPP, the Healthcare of Ontario Pension Plan (HOOPP), and OPTrust highlights the significant impact DB pension payments have on not only the more than one million Ontario pensioners receiving them, but the broader economy.

“Defined Benefit Pension Plans: Supporting Ontario’s Economy” finds that:

  • 71% of retirement income in Ontario is from DB pension plans.*
  • In 2023, DB plans supported an estimated 1.23 million Ontario retirees and their families, providing an average annual income of $34,700 per retiree, compared to an average retirement income of $29,400 for all retirees in Ontario.*
  • 98% of the DB pension payments spent by beneficiaries are spent within Canada.
  • Money spent from DB plans support more than 250,000 full-time, full-year jobs in Ontario.
  • More than $34 billion was contributed to Ontario’s gross domestic product (GDP) in 2023 from Ontario DB pension payments, and $38 billion was contributed to Canada’s GDP. This represented more than 3% of Ontario’s gross domestic product GDP, and more than 1% of Canada’s GDP.

*Excluding public sources of retirement income.

UPP provides value to our plan members

We’re here for our 41,000 UPP members every step of the way. A survey of 1,733 UPP members told us that members want easy and secure access to their pension information, along with a personal 1:1 connection during moments that matter to them. Our Member Service team is dedicated to meeting these needs.

“Growth in our capabilities and in our membership is an integral part of UPP’s path forward. The last couple of years have shown us that UPP has a role to play in increasing access to pensions and serving the university community.”

Picture of Joanna Lohrenz
Joanna Lohrenz

UPP’s Chief Pension Services Officer

As members of UPP, university sector employees can depend on monthly retirement income for life. And UPP pensions are designed to adjust to inflation – so, as the cost of living increases, members can rest easier knowing their pension payments will also adjust by up to 75% of CPI increases (subject to funding conditions). In 2025, UPP retired members, survivors and dependents saw an increase to their pensions accrued under UPP provisions of 2.03%. Learn more about the value of UPP membership.

UPP provides value to participating organizations

UPP enables employers across the university sector to offer strong DB pensions as a key lever of talent attraction and retention, with high pension value relative to plan costs. Find out how to join UPP.

Membership in UPP also means:

  • A turnkey solution with centralized pension administration and investments, under a strong risk-shared governance model.
  • Being part of a jointly sponsored pension plan, which can offer more predictable pension costs and reduced funding obligations.
  • Knowing that the plan’s nearly $12 billion in net assets are being overseen by a world-class in-house investment management team, dedicated to generating sufficient returns to keep the plan fully funded and ensure we can pay members’ pensions for generations to come. Learn more about our investment approach.

UPP is open to all university sector employers. Over the past year, the Association of Professors of the University of Ottawa (APUO), the Ontario Confederation of University Faculty Associations (OCUFA), the Trent University Staff Pension Plan, and Victoria University Pension Plan have joined UPP – with more growth on the horizon.

Media Contact

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

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