University Pension Plan

Welcome to the University Pension Plan website

Developing a jointly sponsored pension plan (JSPP) for Ontario’s university sector

University administrations, faculty associations, unions and other staff groups at University of Toronto, University of Guelph and Queen’s University have been working diligently to develop a new pension plan that would cover employees at all three universities: the University Pension Plan (UPP). Once established, the JSPP will be open to other Ontario universities joining. This will create a larger pool for sharing pension costs and risks.

This site explores some of the key elements of the JSPP solution and its advantages, as well as anticipated next steps and timing. Additional information will be posted to this site as it becomes available.

Important UPDATE: UPP CONSENT ACHIEVED

Another significant milestone has been achieved toward the creation of the University Pension Plan Ontario (UPP).

The University of Toronto, University of Guelph and Queen’s University – together with their faculty associations, the United Steelworkers (USW) and representatives of non-unionized employees (through the Ontario Association of Non-Unionized University Employees) – are pleased to announce that the required consent threshold for each of the five existing pension plans has been surpassed, enabling the conversion to the UPP to proceed.

This important step marks the culmination of many months of collaboration, consultation, and hard work on behalf of all stakeholder groups participating in the creation of the UPP.

RECENT TOWN HALL PRESENTATIONS

Queen's University

University of Guelph

University of Toronto

November 14, 2018

Click here to check for upcoming Town Halls!

On Thursday November 15, 2018, the Ontario Minister of Finance, the Honourable Victor Fedeli released A Plan for the People: Ontario Economic Outlook and Fiscal Review (the Fall Economic Statement). The full Fall Economic Statement can be found here and it contains the following positive statements regarding a JSPP for the university sector:

CREATING EFFICIENCIES IN THE PENSION SECTOR

Supporting Mergers and Conversions

As the population ages and more people retire, it is more important than ever to look at making pensions more efficient. Broader public‐sector employers have been working towards the conversion of their single‐employer pension plans to jointly sponsored pension plans (JSPPs). There are several mergers into JSPPs currently under way to reduce costs and improve efficiencies, including a number in the hospital, municipal and university sectors. Several universities are working to merge their individual plans into a single JSPP which will be available to the university sector.

The government is committed to improving the pension system for the university sector. A new JSPP is a means of obtaining efficiencies of scale, improved investment opportunities and savings in plan administration. The new JSPP would allow universities to focus on their core mandate of providing high‐quality education for students rather than diverting resources to managing their single‐employer pension plans.

Based on the shared risk structure between plan members and employers, it is expected that this newly established plan would be treated similarly to other broader public‐sector, solvency‐exempt JSPPs following a successful conversion and a request from the newly established university plan.

News & Information
Amendment to Milestones Agreement UPP Update – October 6, 2018 UPP Plan Summary FAQs Initial joint communication consent process Glossary of pension terms

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UPCOMING TOWN HALLS

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