Dear Members,
Tomorrow marks an important milestone for University Pension Plan (UPP) and the beginning of our journey with you – our members.
On July 1, 2021, UPP will formally assume responsibility for administering the pensions and investing the assets of its predecessor plans. This landmark realizes the historic vision of UPP’s creators to bring enhanced retirement security to current and future Ontario university pension plan members.
It took years of work and exemplary collaboration, mutual trust and respect to bring us to this moment. Bringing together three universities, five different plans and over 35,000 members is no small feat! Thankfully, we start with a solid financial position and a focus on serving you with excellence, protecting the stability of your plan, and demonstrating our commitment to responsible investment.
What you can expect on July 1, 2021
We are committed to a seamless “Day One”. Queen’s Human Resources Pension Services unit will continue to administer the plan as an agent of UPP, to ensure continuous access to the smooth, familiar service and benefits you expect while UPP builds its own infrastructure and systems. This means that you will continue to have the same key contact for questions relating to your pension benefits that you have always had.
We understand members will have questions about UPP and your plan provisions. We have developed a comprehensive member booklet that outlines what’s important to know about your plan, at various stages of your life. You can access your Member Handbook along with a companion quick guide summarizing the integration between your current plan and the UPP on July 1.[1]
What you can expect in the coming months
UPP has an exciting road ahead, as we build our expert team, define our investment strategy, and — most importantly — engage you on how best to serve you. We were fortunate to hear from many members during our Spring engagement sessions about the issues that matter to you and the transparency you expect.
This Fall, our discussion continues with:
· University Town Halls
· An all-member survey
In the meantime, we will keep you updated on the latest information, including timing for these events, on our member website – MyUPP.ca.
We encourage you to sign up for our email distribution list to receive updates from UPP, including a notice of when our inaugural Statement of Investing Principles & Procedures (SIPP) and our Responsible Investment Policy become available on our site.
And please, continue sharing your thoughts through our online form or email address. We want to hear from you.
Our aspiration: a plan you can be proud to rely on
UPP was born from the extraordinary efforts of so many – the Faculty Associations, the USW, CUPE and other unions, the non-unionized employees and the Universities – to secure your pensions through a time of unprecedented change. The importance of that decision is clearer than ever.
As a pension fund, we have an opportunity not just to prepare for the future, but to influence the future. That means taking a long view of both of risk and opportunity, to ensure that we can fulfill our pension promise to generations of members. We know that companies are more resilient – and more stable – when they prepare for and act on the issues transforming our world. We will not only invest in those companies, we will be one of those companies.
We hope you’ll get to know your UPP – a pension plan whose time has come, and one that will make you proud.
We invite you to visit our website for more information and reach out anytime at myupp@universitypensionplan.ca
Thank you,
Gale Rubenstein, Chair, Board of Trustees, University Pension Plan
Barbara Zvan, President and CEO, University Pension Plan