Human Resources

Human Resources

Human Resources

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University Pension Plan (UPP) notice packages mailed March 25, 2019

UPP information packages were mailed to the home address of each member of the Queen’s Pension Plan on March 25th. Be sure to check your package for instructions specific to what is required of you.

The information within your Notice Package is based on your status on September 30, 2018.  Should you notice any discrepancies, or if you did not receive your package, please contact Bob Weisnagel, Director of Pension Services, at bob.weisnagel@queensu.ca.

Update: April 18, 2019

Why do I see discrepancies between the value that appears in the notice package vs. the value projected in my annual statements?

You may have noticed that the pension values in your recently mailed notice package appear to differ from the values projected in your annual pension statement. The explanation is that the notice package focused on just one element of your pension benefit whereas the annual statement looks at the entire plan and projects future growth to retirement.

The notice packages (which are prescribed by government regulations) only capture the defined benefit pension accrued to September 30th, 2018 and were intended to show that the minimum guarantee value under the QPP accrued as at that date (Schedule 1) will still be available under the UPP after conversion (Schedule 2) – in other words, no change to the defined benefit that you have accrued and payable on an unreduced basis at normal retirement if the UPP gets consent from its members and eventually goes live.

In comparison, however, your annual statement provides a projection of your pension (both money purchase and the minimum guarantee) to your normal retirement date and so includes additional years of service/accrual, hence the higher projected values. Additionally, please note that the hybrid treatment of your Queen’s benefit (“greater of” money purchase vs. minimum guarantee) will continue post conversion.


For more information, please visit the UPP website.