Pensions

The University of Guelph’s Pension Plans are intended to provide income in retirement that is related to the base salary enjoyed near retirement, and to preserve, through time, as much as possible, the purchasing power of that retirement income.

As a result of this design objective, the University of Guelph has best average earnings defined benefit pension plans with an indexation clause.

Overall design, modification and administration of the University of Guelph Pension Plans is the responsibility of the Pensions Committee. The Pension Plans have changed a number of times since their inception, due mainly to design and legislative changes.

Please use the links below to access additional information related to Pensions:

Eligibility

Regular full-time faculty and staff members must join the plan on the first day of the month following or coincident with their date of hire.

Employees not eligible based on their employment status (i.e. temporary, part time) are eligible to join the pension plan according to the following criteria.  They must have worked continuously for the University during the previous two calendar years and must have:

earned at least 35% of the Year's Maximum Pensionable Earnings (i.e. 16,520 in 2010 and 16,205 in 2009)

or

worked at least 700 hours at the University of Guelph during each of the previous two calendar years.

Investment of the Pension Fund

Your contributions, together with those of the University, are paid into a pension trust fund. The services of professional money management firms are used to invest the fund.

The Pensions Committee has the responsibility for setting investment objectives for the pension fund, retaining appropriate investment managers, as well as monitoring the performance of these money managers.

Each year our consulting actuary analyzes both present and future pension commitments that exist in our pension plan and reports on the adequacy of the pension trust fund. The solvency of the pension fund is governed by requirements of the Pension and Benefits Act of Ontario. 

Indexation of Post-Retirement Benefits

 You may be eligible for an increase to your pension on each September 30th subsequent to your retirement in accordance with the Indexation of Post-Retirement Benefits provision in the plan document. The adjustment will depend on the change in the Consumer Price Index published by Statistics Canada and is based on the formula CPI less 2%. The CPI is determined by comparing the average of the monthly CPI indices for the current May to April period to the average for the previous May to April period. If the CPI is determined to be less than 2%, there is no adjustment to monthly pensions.

The indexation adjustment is pro-rated in the first year of retirement. For example, a member retiring January 1st will receive two-thirds of the adjustment on the subsequent September 30th. 

Resources

Professional Pension Plan

Retirement Pension Plan

Non-Professional Pension Plan

Useful Pension Information

Forms

Links

Contact Information

Margaret McLeod, Benefits Consultant x 56594 mmcleod@uoguelph.ca

Vince Pellegrino, Senior Advisor, Pensions & Benefits x 56596 vpellegr@uoguelph.ca

This site has been designed to acquaint you with the general features of the University of Guelph’s benefit plans. Although every attempt has been made to summarize these programs accurately, the summary information provided in this site does not create any contractual or other legal rights.  Your rights to any of the benefits described in this site shall at all times be governed by the provisions of the official plan documentation, as amended from time to time.  To the extent of any inconsistency between the summary information provided in this site and the official plan documentation, the latter shall prevail.