UPP is the first pension plan of its kind in Ontario’s university sector, proudly serving over 41,000 members across five universities and fourteen sector organizations. Our purpose is to bring greater retirement peace of mind to the university sector by investing with integrity and serving members with care. As a sector-wide plan designed for growth, our doors are open to all Ontario universities.
Together, we’re a team of progressive thinkers and agile doers operating within a fast-paced culture of collaboration and respect. We believe in bringing smart and capable people together to create, solve, and grow with a clear shared vision and values of integrity, inclusivity, ingenuity, and impact. Our culture is intentionally welcoming and purposefully rooted in equity, diversity, inclusion, and reconciliation (EDI&R). We believe diverse teams, perspectives, and lived experiences contribute to better decisions and a better workplace.
As a pension plan, UPP approaches investing through a long-term lens to generate and safeguard value. Our commitment to investing responsibly accounts for material risks that impact our investment portfolio to generate sufficient risk-adjusted returns to meet the pension needs of our members.
Join us in building a bright future for our members, our organization, and each other.
THE ROLE
Reporting to the Chief Financial Officer, and as a member of the UPP Senior Leadership Team (‘SLT’), the Managing Director, Actuary (MD, Actuary) will lead the actuarial function at UPP, providing consultative leadership across the organization on decisions related to the measurement and integration of UPP’s actuarial liabilities in the Plan’s total portfolio and actuarial analysis.
The MD, Actuary will ensure that UPP senior leaders, Board of Trustees and Sponsors have the appropriate, accurate and timely information required to enable decisions and discussion on matters pertinent to UPPs actuarial liabilities, in the context of the plan’s funding analysis.
The ideal candidate is a nimble, resourceful team player/leader who thrives in a continuing growth environment. They have a broad and deep understanding of pension actuarial matters and a vast network of pension industry contacts with which to confer on emerging and evolving industry matters. They understand pension-based strategic asset allocation and can communicate key insights and complex matters to UPP’s range of decision-makers to promote a sound, sustainable funding position.
As a key member of the SLT, this role is also responsible for leaning into, and supporting a culture defined by meaningful work, deep employee engagement and strong, inclusive leadership. In addition to supporting a positive company culture, this role will actively participate and contribute to UPP’s Enterprise Risk Management program.
This role is based in downtown Toronto under a hybrid work policy, allowing employees the flexibility to work remotely and in-office (approximately two days per week in-office).
KEY RESPONSIBILITIES
Strategic Advisory
- Advise CEO, the Board of Trustees, and governance committees on actuarial implications of funding decisions, demographic trends, and legislative changes.
- Set and oversee the strategic direction of UPP’s internal and external actuarial processes, working toward a sound, structured decision and review framework that reflects diverse perspectives and models.
- Direct, review and, where necessary, constructively challenge the actuarial strategies, proposals and ideas brought forth by UPP’s actuarial and accounting staff, including those related to work planning, vendor selection, assumption-setting and compliance reporting.
- Oversee talent development and management within the Actuarial team, including succession planning, coaching and mentorship for all areas of development including technical, relationship, and leadership skills.
- Provide subject matter expertise and decision-critical analysis to the UPP Board of Trustees where applicable.
- Serve as a trusted sounding board to the plan Sponsors on actuarial issues and in deliberating plan changes, ensuring that material cost and risk implications are well understood and accounted for.
- Provide strategic advice and information support to the CFO on financial and compliance reporting requirements, including notional tracking to apportion risk sharing as outlined in the Funding Policy.
- Provides expertise and advice to Pension Services and Corporate on all actuarial matters.
- Ensure continued alignment between UPP’s benefit policy, funding policy and investment policy and that UPP’s investment activities properly reflect the holistic guidance of those policies.
- Asset and Liability Management (ALM) is the responsibility of the Portfolio Construction and Investment Risk team. The actuary team will perform analysis at regular intervals to assess the overall alignment of investment portfolio assumptions to the actuarial liabilities.
- Support Board Education on actuarial matters, as appropriate.
- Promote a culture of risk consciousness through clear accountabilities and supportive response to escalation of concerns.
- Ensure compliance with all applicable pension legislation, actuarial standards, and regulatory requirements.
- Lead the preparation and delivery of required actuarial disclosures and filings with pension regulators
- Foster strong relationships with UPP’s partners and ensure that the plan’s key third party constituents (external actuaries, lawyers and other experts) have the appropriate information and insights to perform their duties and inform UPP as necessary.
- Build a strong platform of JSPP peers to leverage for consultation, collaboration and idea exchange along UPP’s growth journey.
- Represent UPP in pension and investment industry associations such as CAPSA, CD Howe, ACPM, PIAC, CIA, SOA in a manner that strengthens its profile and allows UPP to broadly benefit from the resources and perspectives of such organizations.
- Remain apprised of emerging risks brought by external changes (regulatory, standards-based or other) and industry trends and ensure such factors are reflected in UPP’s enterprise risk management and funding analysis.
- Collaborate with employer and employee stakeholder groups to ensure transparency and understanding of actuarial matters under the JSPP model.
- Manage a team of actuarial professionals, ensuring optimal resource allocation and performance. Given the team’s small size and high complexity, demonstrate a proclivity for taking a hands-on approach when necessary.
- Champion best practices in actuarial modeling, assumption setting, and internal controls.
- Build and maintain strong working relationships with internal teams, external actuaries, regulators, and existing and potential plan stakeholders.
- Act as a key liaison across functional areas to align actuarial insights with strategic and operational priorities.
- Graduate or Bachelor’s degree in actuarial science or statistics from a recognized university
- A Fellow of the Canadian Institute of Actuaries and/or other relevant industry designation, preferably SOA
- 15 or more years of experience in pension consulting or equivalent experience with a plan sponsor or large jointly sponsored pension plan
- Demonstrated industry and actuarial expertise on CIA matters and actuarial standards, accounting standards, pension legislation.
- Extensive consulting experience across a number of different plan types including Defined Benefit, Hybrid, etc.
- Experience with plans transferring and merging is an asset
- Experience with actuarial work within the university sector is a strong asset
- Knowledge of Pension Benefits Act (PBA), funding rules, and accounting implications
- Proven success delivering large, complex, multi-year projects, maintaining a focus on quality, timelines, and measurable outcomes.
- Business acumen demonstrated through clear understanding, assessment and communication of decision-based cost and risk analysis.
- Strong communicator with proven ability to engage and influence Board, regulators, and diverse stakeholder groups.
- Evidence of driving results and political acuity in issue resolution
- Ability to build partnerships and work collaboratively within complex governance structures.
Do work that matters. We are duty-bound to serve our members’ interests, and it’s a responsibility we don’t take lightly. That’s why we’ve ingrained sustainability in our work from day one—to ensure our members have a resilient future to retire into, both today and for generations to come.
Stronger together. Collaboration is how UPP was born, and it’s how we work with each other and our partners day in, day out. No one at UPP is just a number (even if they are excellent at math) and every win is a shared win.
Grow every day. You’ll have the opportunity to work on unique, once-in-a-career projects that maximize your skill set and probably teach you some new ones—at any stage in your career.
Prioritize wellness. At UPP, wellness takes many forms. Ultimately, it’s about ensuring our people are cared for in the ways that matter to them. Check out some highlights of our inclusive employee-focused benefits program including:
- Defined benefit pension plan
- Flexible hybrid work model
- Work from abroad up to eight weeks/year
- Comprehensive group benefits including medical, dental, vision etc.
- Extended paramedical and mental health service coverage
- Health care and lifestyle spending accounts
- Fertility treatments, paid parental leave, and gender affirmation coverage
- Education Assistance program
UPP respects your privacy. For information on how UPP handles the personal information you provide during the application process, please see our Job Applicant Privacy Statement.
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