Building a Modern Canadian Pension Fund: UPP CIO Aaron Bennett on Purpose, Culture, and Innovation

On a recent episode of The Don’t Get Fired Podcast, hosted by Ashby Monk and Daniel Adamson of Stanford’s Research Initiative on Long-Term Investing, UPP Chief Investment Officer Aaron Bennett reflected on the unique experience of building a modern Canadian pension plan from the ground up.

With innovation, culture, and member impact at the centre, Bennett shared insights on what sets UPP apart in Canada’s pension landscape.

Building with intention and innovation

UPP launched in 2021 with a rare opportunity: to design a pension plan for today’s world, free from legacy systems.

“[When UPP launched], almost no one remembered what it was like 30 years ago when they started up some of these other [large Canadian] pension plans, and so much has changed in the industry since then,” Bennett explained. “There was some really exciting stuff [we did] in terms of taking advantage of modern technology and the ability to start with our investment beliefs.”

From the outset, UPP embedded modern tools and systems into its investment approach — laying a strong foundation for long-term performance and resilience.

Purpose as a driving force

A pension promise spanning generations. To current members and generations of university sector employees to come, UPP’s purpose is clear: to bring greater retirement peace of mind to the university sector by investing with integrity and serving members with care. For Bennett, purpose is more than a guiding principle — it’s central to UPP’s success.     

“The purpose of managing a pension for a group of people is really powerful,” he said. “It’s a great environment to learn how to invest in, but you also meet members and understand the impact [the plan] has for staff and faculty at universities, and on their families.”

The importance of culture in shaping lasting success

Beyond strategy and systems, Bennett emphasized the importance of building the right culture within UPP.

“You’ve really got to build the team and culture that says, ‘Hey, we’re all in this together. We’re going to work together on this,’” he noted. “This isn’t about investments [teams] getting their way in every case and driving the bus. This is about us figuring out what is the right fit for UPP, and the right fit for our members.”

This collaborative, inclusive approach to decision-making is designed to ensure that UPP’s culture grows hand in hand with its investment capabilities.

For more insights, listen to the full conversation with Aaron Bennett on The Don’t Get Fired Podcast.