A pension promise spanning generations

We believe a sustainable plan is one where all current and
future members receive secure, stable retirement benefits at a
reasonable and predictable cost.




Funding surplus*


Discount rate


In pension benefits paid to members

*On a smoothed asset basis
Funding highlights as at December 31, 2022

UPP is fully funded with a surplus

Chart illustrating UPP's 2022 funded status. Liabilities (cost of future pensions) was $11.4B and assets (smoothed) and contributions was $11.8B with a $0.4B funding surplus.

Funded status at December 31, 2022

Delivering plan sustainability

We use various measures and tools to maximize the Plan’s funded status and stability while maintaining stable, sustainable contribution and benefit levels over time, including:

Actuarial valuations—a steady view of Plan health

Regular actuarial valuations provide point-in-time assessment of the Plan’s financial health, based on a range of assumptions and in line with the Canadian Institute of Actuaries’ standards about future trends and events.

Every three years, at a minimum, the Joint Sponsors must file a funding valuation with regulators showing the Plan to be at least 100% funded. Whether or not the Joint Sponsors decide to file in any one year, UPP produces an annual funding valuation to maintain a line of sight to the Plan’s financial health and discloses the results in our annual report.

Joint Sponsors’ Funding Policy

In the event of a funding surplus or deficit, the Joint Sponsors’ Funding Policy provides a decision-making framework for maintaining or bringing the Plan to a fully funded status. The guiding document is based on sound actuarial and economic principles and contains specific provisions to promote Plan sustainability and maintain stable contributions and benefit levels.

Asset-liability (AL) analysis

AL modelling helps us understand how assets and liabilities could respond—together and independently—to changes in our external environment.

We use regular AL modelling to simulate and study the Plan’s sensitivities to thousands of economic scenarios, including those involving market shocks, to stay ahead of potential challenges that could impact our sustainability and closely aligns the investment portfolio with the pension commitments it is built to fund, all to help maintain a strong funded status over time.


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