Retirees' Association

Retirees Association of Queen's

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Pension & Financial Information

Updates in Newsletter

Developments since 2007 have been reported in the newsletter.


2017-03-09 Retiree Benefit Comparisons

We have been comparing our benefits with those at other Canadian post-secondary institutions (from a Survey of Medical and Non-Medical Benefits  conducted by CURAC).

Read the report.


2015-06-25 University Pension Project due to report in the fall

More on the new pension option. Read the complete story.

2015-04-08 Pension Plan Approved for Stage Two Solvency Relief

University will have the option of paying down the pension plan’s $285-million solvency deficit over seven or 10 years, rather than five.

Read the complete story.

2015-02-26 Project Considers University-sector Pension Plan

A project involving Ontario’s universities and their employee groups is currently underway to examine the feasibility of creating a new multi-employer, jointly sponsored pension plan (JSPP) for the university sector. More information here.


2007 Report

RAQ Pension and Benefits Committee Report - Summer 2007

Our Pension Plan performance welcomes comparisons.

In this issue we would like to provide some information on Queen's Pension Plan matters -- things you may not be aware of, should know, may have forgotten, or at least may find of some interest. In a future column we hope to address medical and other insurance issues.

Some of this information is out of date. Refer to the updates listed above to see the changes.


  • As of June 30, 2007, the market value of the Queen's Pension Plan (QPP) assets was $1,478,400,000 - almost $1.5 billion dollars! When the current plan started in 1969, the total value was less than $4 million.

  • There are currently more than 3,300 active plan members and 1,555 pensioners.

  • The Pension Committee of the Board of Trustees decides all matters relating to the QPP, including its administration, and reviews the fund's investment managers. There are 11 members of the Pension Committee. Four are active employee representatives (Bill Cannon as Chair, James McKinnon, Linda McCauley and Bonnie Cuddon), three are Board appointees (James Angus, Gordon Hall and Kathy Thompson), two are retired employees (John Gordon and Alison Morgan), and two are ex officio - the Vice Principal, Operations and Finance (Andrew Simpson) and the Vice-Principal, Human Resources (Rod Morrison). The day-to-day administration of the plan is carried out by the Pension and Benefits section of Human Resources under its manager, Bob Weisnagel.

  • There are eight separate Investment Managers currently responsible for investing the entire pension fund. They are chosen for their particular professional expertise in such various market segments as Canadian Equities, Global Equities, Balanced Funds, Fixed Income and Private Debt Investments. Based on mandates established by the Pension Committee, the total fund's current asset mix is roughly 33% Canadian stocks, 34% global non-Canadian stocks, and 33% regular bonds.

  • Compared with other pension plans, the investment performance of the QPP has been quite good. The Royal Bank of Canada provides a regular report of performance for a very large number of pension plans. Their results show a median rate of return of 14.6% for the one-year period ending June 30, 2007, 11.7% for the four-year period, and 8.7% over ten years. The corresponding Queen's figures are 17.7% (1st quartile), 14.1% (1st quartile) and 8.9% (2nd quartile).

  • Once a Queen's pension starts for a retiree, future adjustments are entirely based on the investment performance of the Plan. A key component of the provisions is that it will never go down. Pensions provided by other employers may be -- and in most instances are -- quite different. In some, the pension amount never changes; some are increased sporadically at the goodwill of the employer; others are increased based on a formula tied to the Canadian Consumer Price Index (CPI).

  • How have we done? As an example, a Queen's person retiring in 1990, and assuming current expected returns, will have seen their actual pension doubled with an increase of about 100% over that period. The CPI for the same period went up by about 40%. Another example is a person retiring under the QPP in 1995, whose pension has increased by 45%, whereas the CPI over the same period went up 24%.

Financial markets fluctuate significantly, but the evidence is strong that over a long period of time since the Plan's inception in 1969, we have all been very well treated by sound and successful financial investing and a uniquely beneficial plan design.



 In 2008 RAQ was concerned about proposed changes in the governance of the Queen's Pension Plan and wrote a letter to the Board of Trustees expressing their concerns.

More information is available in the 2012 Moreau Report on pooling of public sector pension assets.


Pension Committee -- Board of Trustees

RAQ will be consulted by the Principal with regard to membership on the Pension Committee. Note the following excerpt from the “Pension Committee Constitution”:

Two former employees who have retired and are receiving a pension from the Queen's Plan, to be recommended by the Principal and appointed by the Board of Trustees of whom one will be a former member of the academic staff and the other a former member of the support staff (either unionized or non-unionized). In making recommendations to the Board of Trustees, the Principal may consult widely, including asking the appropriate group to submit a short list from which a selection might be made.


Retiree Benefits Booklet

From time to time, Queen's Human Resources publishes the "Retiree Benefits Booklet" summarizing the group medical and life insurance benefits for Queen's retirees. Printed copies of this booklet are available from HR in the Stewart-Pollack Wing of Fleming Hall or can be seen here (0.2MB PDF)


Pension Services and Retiree Benefits 

Help is available with estate planning and management. 

For specific information, call Pension Services at 613.533.2070. Enquiries can be emailed to