A message from Jacinda Reitsma, Vice-President, Administration and Finance.
The University of Waterloo is exploring the possibility of joining University Pension Plan (UPP). To do so would mean converting our Registered Pension Plan (RPP) to UPP, a multi-employer, jointly sponsored defined benefit pension plan.
No decision has been made. A conversion to UPP would require the approval of plan members through a consent process, expected to take place after completion of the exploration phase. This communication is being shared with employee groups to ensure the exploration is open, inclusive, and transparent.
Why Waterloo is exploring UPP
Waterloo’s RPP has grown to approximately $2.8 billion, making right now an appropriate time to consider how the plan can be positioned to build on its strength and continue serving members well into the future.
UPP is dedicated solely to pensions and built specifically for the university sector. As a larger, multi-employer plan, UPP brings the advantages of scale, including the ability to spread risk across a broader membership and diversify investments more widely. This includes specialization in investments, actuarial, risk management, regulatory matters, governance, member services, and pension administration.
About UPP
University Pension Plan Ontario (UPP) is a jointly sponsored defined benefit pension plan built for Ontario’s university sector. As of December 31, 2024, UPP manages $12.8 billion in pension assets and serves over 41,000 working and retired members. It also operates under a joint governance model, where employees and employers share equal representation in decisions about plan design, funding, and administration.
UPP’s participating employers include the University of Toronto, the University of Guelph, Queen's University, Trent University, and Victoria University as well as 14 sector organizations. Wilfrid Laurier University will join in January 2026.
Next steps
We have created a website to serve as a hub for resources, updates, and announcements, as well as a feedback form. This site will continue to expand as the exploration phase progresses.
In the coming months, we will share more information with the University community. This will include opportunities for detailed discussions and consultations with employees (faculty, staff, and union groups), retirees, and other organizations participating in Waterloo’s RPP (including the affiliated and federated institutions) on the implications of such a change.
For more information about UPP, please also visit the UPP website.