Pension
Pension Plan
The University has 3 active Defined Benefit pension plans. Faculty, librarians and Veterinarians participate in the Professional Pension Plan along with employees represented by UGFA Unit 2, the Ontario Nurses Association, the Professional/Managerial group and Executive/Excluded Faculty. Other employees participate in the Non-Professional or Retirement plans.
Newly hired regular full-time employees become members of the Plan on the first day of the month coincident with or immediately following the date of employment. Participation in the Plan is mandatory.
For more information, visit the Human Resources Pension Plan website.
Group RRSP
The University also offers a Group Registered Retirement Savings Plan (RRSP) through the Royal Bank of Canada. Employees are able to contribute directly to their Group RRSP through payroll deduction. For more information, refer to the Group RRSP website. The University does not contribute to the Group RRSP program.
University Pension Plan (UPP)
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 jointly sponsored pension plan (JSPP) will be open to other Ontario universities joining. This new University Pension Plan, would be a multi-employer JSPP, a contributory defined benefit plan in which the employers and pension plan members share responsibility for plan governance and funding.
In the event of a discrepancy between this page and the Collective Agreement or relevant Plan documents, the Collective Agreement or relevant Plan documents shall be considered the final authority.