The University of Toronto has provided U of T Pension Plan members access to an online pension calculator to help them plan for their retirement. We are pleased to announce that, in close collaboration with the UPP Board of Trustees, the University of Toronto along with Queen’s University and the University of Guelph, the online pension calculator is now enhanced and updated to include UPP provisions.
As part of the transition to the UPP the online pension calculator available through HR Service Centre has been enhanced to project benefit accrual:
- Under the U of T Pension Plan provisions for service before July 1, 2021, and
- Under the UPP provisions for service on and after July 1, 2021. For information on the UPP provisions please refer to the Summary of Key Features of the Proposed UPP available on the UPP website (www.universitypension.ca).
Conditional on regulatory approvals, your pension earned in the U of T Pension Plan up to July 1, 2021, will be transferred to the UPP and will not change. For service on and after July 1, 2021, you will begin to earn a pension based on the provisions of the UPP, which are different. Pension projections that include service after July 1, 2021, will therefore show different results than projections done before August 31, 2020. Click here to access the University of Toronto online pension calculator.
The amounts calculated by the online pension calculator are estimates. If your personal information in the U of T Pension Plan administration database is incorrect, or if the assumptions used differ from the actual experience, the pension estimate could be different from what you will actually receive. Every effort has been made to ensure that the information presented in the online pension calculator is accurate. However, in the event of a discrepancy between the information found on the online pension calculator and the official U of T Pension Plan or UPP documents, the official documents will prevail.