Resources

Aon Canada is a specialized consultant providing risk quantification, retirement, pension administration, investment, and insurance analytics. They help organizations manage risks, evaluate pension liabilities, and determine insurance rates using data-driven modelling. Aon’s actuaries serve clients in risk management (property/casualty), retirement, investment, and health benefits across Canada. They are the pension actuary for Waterloo’s current registered pension plan.

A defined benefit pension plan provides retirement income paid monthly for life based on an individual’s earnings and service. Contributions go into a pooled fund and are professionally managed. The University of Waterloo’s current pension plan is a defined benefit plan.

Pension indexation is an annual adjustment to retirement benefits, often referred to as inflation protection or cost-of-living adjustment (COLA). Any increases to pension payments are based on the terms of the particular pension plan. 

A jointly sponsored pension plan (JSPP) is a type of defined benefit pension plan where employers and plan members share responsibility for the plan’s governance and funding, and decisions about the plan’s terms and conditions.

The Pension Benefits Act governs employer-sponsored pension plans registered in Ontario, ensuring they are properly funded, administered, and that members' benefits are protected. It sets minimum standards for eligibility, vesting, locking-in, and survivor benefits, with enforcement and oversight managed by the Financial Services Regulatory Authority of Ontario.

A pension actuary is a specialized professional who applies statistics and financial theory to assess the risks and liabilities of pension plans. This includes calculating the present value of future pension benefits to assess funding adequacy and liabilities, determining the required employer contributions, as well as risk analysis, consulting, and ensuring compliance with regulatory standards.  

A registered pension plan (RPP) refers to a plan where contributions are tax-deductible under the Income Tax Act. The tax relief occurs throughout the year as Canadian Income Tax (CIT) is applied to earnings less pension contributions. The University of Waterloo’s current pension plan is registered as an RPP.

A single employer pension plan (SEPP) is one in which a single employer, or several related employers within a group, participate and contribute to the same pension plan. It is usually governed and administered by the plan sponsor. The current Waterloo registered pension plan is a SEPP.

Year’s Maximum Pensionable Earnings (YMPE) is a federal threshold used in pension calculations (2026: $74,600).