The University Pension Plan Ontario (UPP) has selected CIBC Mellon to provide asset servicing, investment operations and plan member services. As part of the agreement, CIBC Mellon will oversee UPP’s custody, institutional accounting, performance and analytics, risk, compliance and pension benefit payment services. UPP is a jointly-sponsored pension plan designed to help bring enhanced retirement security to current and future Ontario university pension plan members. It is the first of its kind in Ontario's university sector. On 1 July 2021, UPP became the official pension provider for its three founding universities: Queen's University, the University of Guelph and the University of Toronto. UPP's fourth member institution, Trent University, is scheduled to join the inaugural universities in January 2022, with the participation of its faculty association pension plan members. Henry Kim, chief financial officer, UPP, said: "UPP is proud to join other globally-recognised Ontario JSPPs in building a secure future for our members while helping strengthen defined benefit pensions for generations of university employees." He added: "CIBC Mellon has a proven track record servicing the needs of fiduciary asset managers and, in particular, the complex and customised needs of multi-employer pension plans. UPP is pleased to leverage CIBC Mellon's scale and technology, efficient operational capabilities and its client-focused and knowledgeable team to deliver on our commitments to our sponsors and members." Ash Tahbazian, chief client officer at CIBC Mellon, commented: "We are pleased that UPP has selected CIBC Mellon to provide asset servicing, investment operations and pension plan member services as they work to advance pension sustainability and security for Ontario's university sector.” He added: “We know leading Canadian pension plans face an array of rising demands, including complex and competitive markets, requirements to execute at the highest standards, and a need to build advanced data and digital operations to help them achieve their plans' long-term investment and operations objectives – all the while delivering a great member experience. We look forward to empowering UPP as they advance their efforts over the years ahead."
