The UPP Consent Process - What does it mean to you?

After recent mediation, the University, UGFA, USW and the PSA (along with OANUE) are moving forward with the University Pension Plan.

The next phase of this project is the educational phase which will be followed by the consent process towards the end of March 2019.  Each P&M will consent or withhold their consent individually by the end of June 2019.

Fast Facts:

  • For any plan that joins the UPP, past service time and accrued pension benefits will be UNAFFECTED.
  • Under the UPP provisions, your pension will be a blend of the old pension plan and the new UPP plan.
  • Those closest to retirement will see the least impact.  The most impact will be to those employees in early to mid-career.
  • The UPP retains a defined benefit pension structure and has provisions for indexation to provide benefit increases as the cost of living rises.
  • The number of years you have or will invest in each plan will impact your pension on retirement.
  • The terms of the current plan and the new plan differ so it is important to educate yourself on how these changes will effect your personal pension outcome. 
  • Your years of service, age, marital status, planned retirement age are all factors that affect pension.
  • Every individual’s pension scenario is unique and the transition will mean different things to different people.  
  • It is anticipated that you will receive the consent package at the end of March 2019.
  • Personalized information will be provided in the consent package by the University so that each pension plan member can assess the impacts on their pension and make an informed decision.  You will be given 90 days to review the information in the consent package.
  • It is anticipated that voting will remain open until the end of June 2019.
  • 2/3 of the University of Guelph Professional Pension Plan members must consent in order for that plan to join the UPP. Each P&M member will be asked to participate in the consent process individually by returning the ballot contained in the package. If a member does not return a ballot, this will be considered the WITHOLDING of consent. UoG Professional Pension Plan members include; UGFA, P&M, ONA, Executive Group and retirees.
  • The current pension plan is not financially sustainable.
  • There is currently no other near term solution.
  • The University is responsible for the pension plan and would take the lead on finding alternatives.