End of Year message from UPP: News and Updates

End of year message from UPP President & CEO Barbara Zvan

As we approach the end of 2023, I wanted to share some updates on our key priorities at UPP and our path ahead in 2024 —and what that means for you, our members.

 
This time last year, I wrote about the uncertain and volatile economic environment, and we have seen those conditions persist today. To me, times like these only reinforce the importance of defined benefit pensions in providing stability, certainty, and increased capacity to manage risk. While many Canadians are navigating these challenging conditions without a workplace pension, we are proud to provide a strong and dependable retirement income to a growing number of members across Ontario’s university sector.

As a pension plan, our investment strategy is purposefully designed for long-term results, meaning we can withstand—and draw opportunity from—short-term fluctuations while continuing to create sustainable value for members. No matter the conditions, we are laser-focused on progressing our mission of delivering lifelong pension security to our members—today and for generations to come. 

A new member service
experience with UPP

At UPP, our goal is to deliver member service excellence. Coming Fall 2024, UPP will roll out our new member service experience, custom-built using insights and input directly from our members. Central to the new UPP member experience will be easy, secure access to tools and information—all within one digital platform. The myUPP Member Portal will enable members to:

• Estimate pension benefits with a real-time estimator tool.

• View and update pension account details, including beneficiary information.

• Communicate directly with UPP’s team of pension experts and securely send documents and forms.

• Plan for a variety of retirement scenarios.

Further details, including information sessions and registration instructions will be provided throughout 2024. 

Inflation protection for pensions in pay for 2024

UPP is pleased to announce that UPP pensioners, survivors, and dependents in pay will receive an inflation protection increase of 3.54% to the UPP portion of their pensions at January 1, 2024. Those currently receiving a pension will see the UPP portion of their monthly pension payments increase beginning January 1, 2024. This increase, or indexation, will only be applied to benefits accrued under UPP provisions for service on and after July 1, 2021.

Update on Climate Action Plan implementation

In 2023, UPP advanced several key initiatives from its Climate Action Plan, supporting our commitment to manage the impacts of climate change on investment performance and to achieve net-zero portfolio emissions by 2040 or sooner. Read about our progress across the Plan’s four pillars: Evaluate, Invest, Engage, and Advocate.

Have questions about UPP?

Find answers to the most-asked questions from our members on our
Frequently Asked Questions page.

Have thoughts or feedback to share?

Please reach out anytime via myupp@universitypensionplan.ca.