The University Pension Plan is launching its jointly sponsored pension plan, providing management services to the Queen’s University, the University of Guelph and the University of Toronto.

The plan, which was established on Jan. 1, 2020, officially launched on July 1, 2021. The UPP is a new jointly sponsored pension plan designed to enhance the long-term sustainability of Ontario university pensions. The model means shared governance between employer and employee sponsors, giving members a new level of involvement in the governance of their pension plan.

Read: Why the jointly sponsored UPP is the right pension for the university sector

“July 1 is UPP’s day one. Our year one is about learning and building, all with an eye to delivering continuity and stability to our members,” said Barbara Zvan, the plan manager’s inaugural president and chief executive officer, in a press release. “The impetus for UPP was to give members added security and peace of mind, through even the toughest times. This past year has reinforced the importance of that decision. Investing responsibly is central to delivering on that commitment — it is not only the right thing to do, but also the necessary thing to do to protect the fund’s sustainability for generations of members.”

With its three inaugural university communities, the release noted the UPP will manage five different defined benefit pension plans with more than 35,000 members in total and about $10.5 billion in assets. Trent University’s Faculty Pension Plan is set to join the UPP in January 2022.

On a transition basis, the founding universities will administer the plan as agents of the UPP, to ensure members continue to have the smooth, familiar services and benefits they expect while the UPP builds its own infrastructure and systems, noted the release.

Read: University Pension Plan names Barbara Zvan inaugural president, CEO