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

Following their ratification processes, the University of Toronto Faculty Association (UTFA), University of Guelph Faculty Association (UGFA), Queen's University Faculty Association (QUFA) and United Steelworkers Locals 1998, 2010 and 4120 have ratified agreements under which their association/union will consent to the conversion of their existing pension plans to the proposed University Pension Plan (UPP). This is a very significant milestone toward the creation of the UPP.

In the weeks and months ahead, other union groups will be undergoing similar ratification processes, and there will then be a formal consent process with active, former and retired members and other plan beneficiaries in the Spring of 2019. Once all legislative compliance activities and disclosures have been completed, the new UPP is anticipated to be fully implemented and operational by July 1, 2021. We will provide further updates as we move forward.




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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.



CONSENT PROCESS ENDS ON JUNE 28, 2019

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