Frequently Asked Questions
“At UPP, responsible investing is simply how we invest – it is not independent from our approach to investing. Our job is to build a fund that is resilient and responsive to all types of risk and opportunity – with sustainable pension security at the core of everything we do.
University Pension Plan, FAQ: Is there a danger that investing in ESG assets might negatively impact my final pension? (archived April 2, 2025)
It’s our data-driven view that the world is becoming more focused on issues such as climate change or changing demographics – it’s in the best financial interest of the fund to be part of that change.
We believe that a just and sustainable society and economy will provide the right environment to ensure our ability to meet the pension promise for our current and future members.”
Why should UPP listen to its members’ demands?
The University Pension Plan was sold to many of us as “giving workers a say in how their pensions are invested“; marketing communications referred to “the importance of members’ voices in shaping who we become“. Was this a lie? We, the workers, call on UPP to fulfill its promises of transparency and collaboration.
Six seats on UPP’s Joint Sponsors Committee are held by workers’ representatives: one for CUPE locals, two for USW locals, and one seat for the Faculty Associations at Toronto, Guelph and Queen’s. These Sponsors are obligated to govern UPP according to the will of the workers they represent.
Are you calling for divestment from all Israeli companies?
No. Our campaign calls for divestment from companies which facilitate illegal occupation as defined under international law, as well as companies supplying military industries (including the Israeli military). However, no union or faculty association has demanded divestment from all Israeli holdings.
This is more permissive than the precedent UPP set by divesting from “all entities domiciled in Russia” in March 2022.
Is divestment antisemitic?
No. Acknowledging the human rights abuses committed by the Israeli state is in no way incompatible with celebrating Judaism and Jewish people worldwide. Jewish workers’ organizations, such as the Jewish Labor Bund, have resisted Zionism (the political belief that a Jewish ethnostate should exist in Palestine) since its inception. This tradition is carried on by the Jewish university workers who are part of the Workers’ Campaign for UPP Divestment.
“As Jewish people, we condemn this weaponization of the charge of antisemitism and refuse claims that equate Jewishness with support to the policies and actions of the State of Israel. The JFN affirms that Judaism and Jewish traditions are practiced by a global, multi-ethnic, and diverse group of peoples and follows a long history of Jewish ethics which encourages justice, dissent and self-reflection.
Statement, Jewish Faculty for UPP Divestment
It is from this Jewish ethical tradition that we must call on the University Pension Plan (UPP) to align its investment practices with its own policies on responsible investing, and end its complicity in violations of international law.”
Read the full statement of support for UPP divestment by the Toronto chapter of the Jewish Faculty Network.
Why is this a labour issue?
As workers, our pension money belongs to us; it is one of our most important assets. It is extremely concerning that the Plan entrusted with that money is flagrantly violating its own policies. Workers share the responsibility of managing UPP’s governance, and the path of our campaign has deep implications for members’ ability to direct UPP in the future.
We refuse to cross the picket lines established by Palestinian trade unions in the form of the global BDS movement. We stand in solidarity with our fellow workers, such as those in the Occupied Palestinian Territories, where over 140,000 work permits have been revoked without cause since 2023. The condition of workers worldwide cannot be improved by abandoning our siblings to oppression.
How will this affect my pension?
If UPP divests from genocide, your final pension payout is unlikely to change. Your pension contributions must still be invested – responsibly – by UPP to produce the return you are owed.
As UPP’s Responsible Investment Policy notes, research and evidence show that “incorporating environmental, social, and corporate governance (“ESG”) considerations in investment management and stewardship activities supports risk management and value creation and helps UPP provide stable retirement benefits at a reasonable cost for members, now and in the future.”
Have there been other UPP divestment campaigns?
Yes! Climate Justice UofT, a grassroots movement of workers and students, issued an open letter to UPP in March 2024 demanding immediate divestment from fossil fuels. This campaign was supported by a joint letter from USW 1998 and the University of Toronto Faculty Association. As per an article published in The Varsity in January 2025, UPP has also failed to address these workers’ demands.