University Pension Plan Ontario / en University Pension Plan leaders work to deliver ‘pension promise’: The Globe and Mail /news/university-pension-plan-leaders-work-deliver-pension-promise-globe-and-mail <span class="field field--name-title field--type-string field--label-hidden">University Pension Plan leaders work to deliver ‘pension promise’: The Globe and Mail</span> <div class="field field--name-field-featured-picture field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/news_banner_370/public/UofT85265_20161103_UniversityCollegeFall_6817-lpr.jpg?h=6f4674ea&amp;itok=cwopHHs1 370w, /sites/default/files/styles/news_banner_740/public/UofT85265_20161103_UniversityCollegeFall_6817-lpr.jpg?h=6f4674ea&amp;itok=ExjtCYcc 740w, /sites/default/files/styles/news_banner_1110/public/UofT85265_20161103_UniversityCollegeFall_6817-lpr.jpg?h=6f4674ea&amp;itok=fIxFCXwE 1110w" sizes="(min-width:1200px) 1110px, (max-width: 1199px) 80vw, (max-width: 767px) 90vw, (max-width: 575px) 95vw" width="740" height="494" src="/sites/default/files/styles/news_banner_370/public/UofT85265_20161103_UniversityCollegeFall_6817-lpr.jpg?h=6f4674ea&amp;itok=cwopHHs1" alt="&quot;&quot;"> </div> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span>rahul.kalvapalle</span></span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2021-07-13T12:11:26-04:00" title="Tuesday, July 13, 2021 - 12:11" class="datetime">Tue, 07/13/2021 - 12:11</time> </span> <div class="clearfix text-formatted field field--name-field-cutline-long field--type-text-long field--label-above"> <div class="field__label">Cutline</div> <div class="field__item">(Photo by Diana Tyszko)</div> </div> <div class="field field--name-field-topic field--type-entity-reference field--label-above"> <div class="field__label">Topic</div> <div class="field__item"><a href="/news/topics/our-community" hreflang="en">Our Community</a></div> </div> <div class="field field--name-field-story-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/news/tags/university-pension-plan-ontario" hreflang="en">University Pension Plan Ontario</a></div> </div> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><a href="https://myupp.ca/">The University Pension Plan Ontario</a> (UPP) officially took over the pension plans of the University of Toronto, Queen’s University and the University of Guelph on July 1, ushering in a new approach towards public sector asset management, <a href="https://www.theglobeandmail.com/business/article-new-university-pension-plan-builds-with-veteran-talent/">the <i>Globe and Mail</i> reports</a>.</p> <p>Headed by chief executive Barbara Zvan, the new jointly sponsored pension plan oversees $10.5-billion in retirement savings and is looking to sign up more members, with Trent University’s faculty pension plan <a href="https://www.universitypension.ca/NewsRelease1">set to come aboard next year</a>.&nbsp;Zvan told the Globe that the UPP’s primary mission is to deliver on the “pension promise” by forging a united pension plan “with talent that can innovate, along with making use of increased size and scale.”</p> <p>To that end, Zvan said she’s prioritized culture in putting together the UPP’s 40-strong team, hiring professionals with a track record of creativity and persistence. That includes chief financial officer <b>Henry Kim</b>, who was one of the first employees of the Canada Pension Plan Investment Board, and acting general counsel <strong>Christine Chen</strong>, former legal and tax consultant at U.K.-based private equity firm Cinven.</p> <p>Going forward, the UPP plans to hire a chief investment officer by September and lay out its investing and risk management strategies, the Globe reported.</p> <h3><a href="https://www.theglobeandmail.com/business/article-new-university-pension-plan-builds-with-veteran-talent/">Read the story in the <em>Globe and Mail</em></a></h3> </div> <div class="field field--name-field-news-home-page-banner field--type-boolean field--label-above"> <div class="field__label">News home page banner</div> <div class="field__item">Off</div> </div> Tue, 13 Jul 2021 16:11:26 +0000 rahul.kalvapalle 169820 at Gale Rubenstein, chair of University Pension Plan Ontario, shares her vision with the Globe and Mail /news/gale-rubenstein-chair-university-pension-plan-ontario-shares-her-vision-globe-and-mail <span class="field field--name-title field--type-string field--label-hidden">Gale Rubenstein, chair of University Pension Plan Ontario, shares her vision with the Globe and Mail </span> <div class="field field--name-field-featured-picture field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/news_banner_370/public/GaleRubenstein-crop.jpg?h=afdc3185&amp;itok=wyO9maMQ 370w, /sites/default/files/styles/news_banner_740/public/GaleRubenstein-crop.jpg?h=afdc3185&amp;itok=psqBCTH- 740w, /sites/default/files/styles/news_banner_1110/public/GaleRubenstein-crop.jpg?h=afdc3185&amp;itok=U3aPu83f 1110w" sizes="(min-width:1200px) 1110px, (max-width: 1199px) 80vw, (max-width: 767px) 90vw, (max-width: 575px) 95vw" width="740" height="494" src="/sites/default/files/styles/news_banner_370/public/GaleRubenstein-crop.jpg?h=afdc3185&amp;itok=wyO9maMQ" alt="Headshot of Gale Rubenstein"> </div> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span>Christopher.Sorensen</span></span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2020-01-07T12:12:01-05:00" title="Tuesday, January 7, 2020 - 12:12" class="datetime">Tue, 01/07/2020 - 12:12</time> </span> <div class="clearfix text-formatted field field--name-field-cutline-long field--type-text-long field--label-above"> <div class="field__label">Cutline</div> <div class="field__item">Gale Rubenstein, a partner at Goodmans LLP, was recently named the inaugural chair of the University Pension Plan Ontario, which will initially oversee $10 billion on behalf of ֱ, Queen's and the University of Guelph (photo courtesy of Goodmans LLP)</div> </div> <div class="field field--name-field-topic field--type-entity-reference field--label-above"> <div class="field__label">Topic</div> <div class="field__item"><a href="/news/topics/our-community" hreflang="en">Our Community</a></div> </div> <div class="field field--name-field-story-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/news/tags/university-pension-plan-ontario" hreflang="en">University Pension Plan Ontario</a></div> <div class="field__item"><a href="/news/tags/ontario-institute-studies-education" hreflang="en">Ontario Institute for Studies in Education</a></div> </div> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>The inaugural chair of the University Pension Plan Ontario (UPP) says the new pension fund will work to boost investment performance, improve risk management and safeguard the retirement security of current and former employees at Ontario universities, <a href="https://www.theglobeandmail.com/business/article-ontario-universities-banding-together-to-create-new-combined-pension/"><em>the Globe and Mail</em> reports</a>.</p> <p>Gale Rubenstein, a partner at Toronto law firm Goodmans LLP and an expert in corporate restructuring, negotiation and pension matters, was tapped as the first employee of the UPP, which will initially oversee $10 billion on behalf of the University of Toronto, Queen’s University and the University of Guelph.</p> <p>“I’ve always respected the importance of defined benefit plans, and I welcome the opportunity to help build a new structure that is sustainable,” said Rubenstein, who added she’s working to recruit the rest of Ontario’s universities to join the initiative.</p> <p><strong>Angela Hildyard</strong>, special adviser to the president and provost at ֱ and a professor at the Ontario Institute for Studies in Education, said Rubenstein was entrusted with the responsibility because she “understands how to execute organizational change with a respectful, consensus-building approach.”</p> <p>Details on the UPP’s board of trustees and sponsor committees <a href="http://www.universitypension.ca/">can be found on its </a><a href="https://www.universitypension.ca/">website</a>.</p> <h3><a href="https://www.theglobeandmail.com/business/article-ontario-universities-banding-together-to-create-new-combined-pension/">Read the story in <em>the Globe and Mail</em></a></h3> </div> <div class="field field--name-field-news-home-page-banner field--type-boolean field--label-above"> <div class="field__label">News home page banner</div> <div class="field__item">Off</div> </div> Tue, 07 Jan 2020 17:12:01 +0000 Christopher.Sorensen 161617 at ֱ, Guelph and Queen's receive member consent for University Pension Plan Ontario /news/u-t-guelph-and-queen-s-receive-member-consent-university-pension-plan-ontario <span class="field field--name-title field--type-string field--label-hidden">ֱ, Guelph and Queen's receive member consent for University Pension Plan Ontario</span> <div class="field field--name-field-featured-picture field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/news_banner_370/public/uoft-sign.jpg?h=afdc3185&amp;itok=oy08152Z 370w, /sites/default/files/styles/news_banner_740/public/uoft-sign.jpg?h=afdc3185&amp;itok=H0TX7gtg 740w, /sites/default/files/styles/news_banner_1110/public/uoft-sign.jpg?h=afdc3185&amp;itok=wr3Kx2fc 1110w" sizes="(min-width:1200px) 1110px, (max-width: 1199px) 80vw, (max-width: 767px) 90vw, (max-width: 575px) 95vw" width="740" height="494" src="/sites/default/files/styles/news_banner_370/public/uoft-sign.jpg?h=afdc3185&amp;itok=oy08152Z" alt="ֱ sign"> </div> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span>geoff.vendeville</span></span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2019-07-04T15:00:33-04:00" title="Thursday, July 4, 2019 - 15:00" class="datetime">Thu, 07/04/2019 - 15:00</time> </span> <div class="clearfix text-formatted field field--name-field-cutline-long field--type-text-long field--label-above"> <div class="field__label">Cutline</div> <div class="field__item">The University of Toronto, University of Guelph and Queen's University are one step closer to merging five existing university pension plans into the single, jointly-sponsored University Pension Plan Ontario (photo by Laura Pedersen)</div> </div> <div class="field field--name-field-author-reporters field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/news/authors-reporters/geoffrey-vendeville" hreflang="en">Geoffrey Vendeville</a></div> </div> <div class="field field--name-field-topic field--type-entity-reference field--label-above"> <div class="field__label">Topic</div> <div class="field__item"><a href="/news/topics/our-community" hreflang="en">Our Community</a></div> </div> <div class="field field--name-field-story-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/news/tags/university-pension-plan-ontario" hreflang="en">University Pension Plan Ontario</a></div> </div> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>The University of Toronto, University of Guelph and Queen's University are one step closer to merging five existing university pension plans into the single, jointly-sponsored University Pension Plan Ontario.</p> <p>Each of the three universities – working with their faculty associations, the United Steelworkers union and representatives of non-unionized employees – have achieved the necessary consent from members of their existing pension plans to allow the UPP to proceed.&nbsp;</p> <p>At ֱ, the Canadian Union of Public Employees, Ontario Public Service Employees Union, Unifor and the International Brotherhood of Electrical Workers unions have also consented to the conversion on behalf of the employees they represent.</p> <p>“Everyone involved has worked incredibly hard to create what all participants believe will be a strong and sustainable pension plan for university employees when they retire,” said&nbsp;<strong>Angela Hildyard</strong>, ֱ's special adviser to the president and provost.&nbsp;</p> <p>“The administrations at the three universities are delighted we've received consent from employee groups and strongly support the move to the UPP to preserve a defined benefit pension plan in the university sector for generations to come.”</p> <p>At a time when many employers are abandoning defined benefit pension plans – which offer members predictable retirement income based on salary and years of service – the jointly-sponsored UPP will preserve the defined benefit model for members and act as an important tool for member universities when it comes to employee retention and recruitment.</p> <p>Other Ontario universities will be eligible to join the UPP once it is established, with the plan benefitting from a larger pool of money to invest as membership grows. Pension costs and risks will also be spread out over a larger number of members.&nbsp;</p> <p>The UPP is similar to well-known jointly sponsored pension plans such as the Ontario Teachers' Pension Plan and the Ontario Municipal Employees Retirement System (OMERS).</p> <p>“After the years of planning and consultation that went into designing a sustainable joint sponsored pension plan, I’d like to thank all University of Toronto pension plan participants for taking the time to engage with this process and provide their consent for the UPP,” said <strong>Kelly Hannah-Moffat</strong>, ֱ’s vice-president of human resources and equity.</p> <p>“Now we begin the hard work needed to transfer our existing pension plans and implement the new UPP.”</p> <p>The new UPP could be up and running&nbsp;by July 1, 2021 once all legislative compliance activities and disclosures have been completed and the required approvals obtained. At that point, members of the universities’ existing pension plans will join the UPP, and active members will begin accruing benefits based on the UPP's provisions.</p> <p>There will be no changes to benefit amounts already accrued.&nbsp;</p> <p>As for next steps, approvals from the universities’ governing boards will be sought this fall and each institution will apply to the Financial Services Regulatory Authority of Ontario for approval to transfer the assets and liabilities of the existing pension plans to the UPP.</p> <p>For more information, please visit the UPP website at&nbsp;<a href="http://www.universitypension.ca/">www.universitypension.ca</a>.&nbsp;</p> </div> <div class="field field--name-field-news-home-page-banner field--type-boolean field--label-above"> <div class="field__label">News home page banner</div> <div class="field__item">Off</div> </div> Thu, 04 Jul 2019 19:00:33 +0000 geoff.vendeville 157134 at