Skip to content

University of Toronto Pension Plan

The Governing Council of the University established the Plan with effect from January 1, 1966 to provide pension benefits for its eligible employees, current librarians and members of the academic, administrative and unionized staff of the University and related and affiliated organizations, with respect to Pensionable Service on and after that date.

Disclaimer: This web version is for information purposes only. In the event of a discrepancy, the latest official documents and all applicable legislation supersede site content.


Read the Plan Below

Or download a copy of the U of T Pension Plan (PDF, 391 kB)


Section 1: Establishment of the Plan

1.01 Establishment The Governing Council of the University established the Plan with effect from January 1, 1966 to provide pension benefits for its eligible employees, currently librarians and members of the academic, administrative and unionized staff of the University and related and affiliated organizations, with respect to Pensionable Service on and after that date. 1.02 … Read More

Section 2: Definitions

The following words and phrases, when used in this Plan, unless the context clearly indicates otherwise, shall have the following meanings: 2.1 Actuarial Equivalent “Actuarial Equivalent” means, with respect to a benefit, the equivalent value, computed on the basis of actuarial assumptions last adopted for this purpose by the University, on the advice of the … Read More

Section 3: Eligibility and Participation

3.1 Eligibility A Staff member whose Salary/Wages equals at least 35% of the then current YMPE or who is scheduled to work at least 700 hours in the University Year shall be eligible to become a Member on the first of July 1, October 1, January 1 or April 1 coincident with or next following … Read More

Section 4: Contributions

4.1 Members’ Required Contributions Each Member shall contribute to the Plan by payroll deduction during each University Year as follows: (a)  Contribution Rates for Administrative Staff, Unionized Administration Staff and Unionized Staff—Effective January 1, 2012, July 1, 2012, October 1, 2012, June 30, 2013, July 1, 2013, June 30, 2014 or July 1, 2014, as Applicable … Read More

Section 5: Retirement Dates

5.1 Normal Retirement The Normal Retirement Date of a Member for purposes of the Plan shall be the June 30 coincident with or next following the date the Member attains age 65.  Except as otherwise provided herein, a Member shall Retire upon the Normal Retirement Date and shall thereupon be entitled to receive a normal … Read More

Section 6: Retirement Benefits

6.1 Normal Retirement Pension (a) Current Pension Formula For Administrative Staff, Unionized Administrative Staff and Unionized Staff—Effective January 1, 2006 or Other Specified Dates Each Member who is a member of the Administrative Staff, Unionized Administrative Staff or Unionized Staff and who Retires on the Normal Retirement Date pursuant to Section 01 (Normal Retirement) on … Read More

Section 7: Cost of Living Adjustments

7.1 Amount of Adjustments (a) Adjustments The amount of annual pension payable from the Plan or Prior Plans to a Member listed in paragraph (b) below shall be adjusted on each July 1 by the greater of: (i) 75% of the Increase in Consumer Price Index not in excess of 8% for the previous year, … Read More

Section 8: Forms of Pension Payment

8.1 Normal Form of Payment for Member Without Spouse, or Dependent Child The normal form of pension under the Plan for a Member without a Spouse or Dependent Child on the Pension Commencement Date is one which is payable in equal monthly installments for the remaining lifetime of the retired Member, ceasing with the payment … Read More

Section 9: Benefits on Termination of Employment

9.1 Future Vested Pension If a Member’s Continuous Service is terminated prior to the Member’s Early Retirement Date for any reason other than death, the Member shall be entitled to receive an annual future vested pension from the Plan.  The pension shall be payable in equal monthly installments in accordance with the appropriate form of … Read More

Section 10: Benefits During Disability

10.1 Continued Accrual of Benefits A Member who becomes Disabled shall continue to accrue Pensionable Service until the earliest of termination of employment with the University, Retirement from the University or death. The Member’s Salary/Wages during the period of Disability shall be deemed to be at the annual rate in effect on the date the … Read More

Section 11: Benefits on Death

11.1 Amount of Benefit In the event a Member dies while in the service of the University, or after termination of Continuous Service, or after Retirement, but prior to payment of pension benefits hereunder, a benefit shall be paid to the Member’s Spouse, subject to paragraphs (c) and (d) below. (a) Death Before Eligibility for … Read More

Section 12: Reciprocal Agreements

12.1 Agreements The University may enter into reciprocal agreements from time to time with other Canadian employers or with foreign employers that are associated or affiliated with the University to govern the reciprocal recognition of benefits between the pension plans of the University and the other employers. The reciprocal agreements shall be subject to the … Read More

Section 13: Portability Arrangements

13.1 Transfer of Funds A Member who was an active member of a registered pension plan of a previous Canadian employer may transfer funds from the prior employer’s pension plan to the Plan in respect of the Member’s period of service recognized and benefits accrued under the prior employer’s pension plan. The transfer is subject … Read More

Section 14: Beneficiary Designation and Settlement of Death Benefits

14.1 Procedure A Member may, by written notice communicated to the University, designate a Beneficiary  to receive the benefits payable pursuant to Section 11 (Benefits on Death) in the event of the Member’s death. The Member may alter or revoke any such designation from time to time, subject always to the provisions of any annuity, … Read More

Section 15: Payment of Benefits

15.1 Application for Benefits A pension or other benefit under the Plan shall be granted by the University and payment thereof shall be made only upon application therefore in the manner prescribed by the University, and upon submission of such relevant information and supporting documentation as the University in its discretion may request. 15.2 Proof … Read More

Section 16: Pension Fund

16.1 General The University has established, and will maintain during the term of this Plan, a Pension Fund for the purpose of receiving the contributions under the Plan and investing the assets of the Plan, and providing the benefits under the Plan. The Pension Fund shall be administered in accordance with the terms of the … Read More

Section 17: Administration of the Plan

17.1 Plan Administration The Governing Council shall be the administrator of the Plan. The Governing Council shall have all such powers as may be necessary to carry out the provisions hereof, and may, from time to time, establish rules for the administration of the Plan and the transaction of the Plan’s business. The Governing Council … Read More

Section 18: General Provisions

18.1 No Enlargement of Employment Rights Participation in this Plan shall not confer rights on Members that they did not otherwise possess as employees, except as to the benefits they have accrued under the terms of the Plan. 18.2 Non-Assignability and Non-Commutability of Benefits Any benefit payable under the terms of this Plan shall be … Read More

Section 19: Future of the Plan

19.1 Continuation of the Plan The University intends and expects to maintain this Plan in force indefinitely but necessarily reserves the sole right to amend or terminate the Plan either in whole or in part at any time or times should future conditions, in the opinion of the University, warrant such action, subject always to … Read More

Appendix A: Additional Augmentations and Prior Adjustments

A.1 Cost-of-Living Adjustment Formula (a) Prior to July 1, 1982 Prior to July 1, 1982, any pensions payable under this Plan and Prior Plans and including pension entitlements payable on a Postponed Retirement Date whether deferred or not, but excluding pensions payable in respect of voluntary contributions or contributions from other registered retirement plans, and … Read More

Appendix B: Additional Lifetime Retirement Benefit for Members Who Retired Prior to July 1, 1996

B.1 Application With effect from July 1, 2002, an additional amount of “lifetime retirement benefit”, as defined under the Income Tax Act, shall be paid from the Plan to Members who Retired from the University prior to July 1, 1996, who commenced their pension upon Retirement, and who are in receipt of a pension from … Read More

Appendix C: Contribution Holidays

Pursuant to Section 4.02 (Contribution Holidays), the University has waived the contribution requirements in Section 4.01 (Members’ Required Contributions) in respect of the following categories of Staff members for the following periods of time: Staff Members to Whom the Contribution Holiday Applies Duration of the Contribution Holiday Administrative Staff October 1, 1985 to September 30, … Read More

Appendix D: Amendments to Benefits Under Prior Plans

D.1 Introduction The benefits accumulated by members of the 1966 Plan under Prior Plans for pensionable service prior to January 1, 1966 remain intact and unchanged except that for a member of the 1966 Plan who terminates his service any benefits he may have acquired under the 1955 Plan have been improved as have the … Read More

Appendix E: Supplementary Pensions in Regard to Full Implementation of the Canada Pension Plan

The retirement benefits under the Plan were designed on the assumption that the Canada Pension Plan and Old Age Security pension would be payable in full from a Member’s Normal Retirement Date. However, these pensions did not become payable at age 65 until 1970 and the Canada Pension Plan pensions did not become payable in … Read More

Appendix F: Prior Contribution Rates

F.1 Members’ Prior Required Contributions Prior to the required contribution rates set out in Section 4.01 (Members’ Required Contributions) of the Plan, each Member contributed to the Plan by payroll deduction during each University Year in accordance with this Section. Contributions shall be determined by applying the percentages in the following tables to the Salary/Wages … Read More