The province says it could save up to $1.5 billion with a five-year pension freeze.

Finance Minister Dwight Duncan says deals with three public sector pension plans - Healthcare of Ontario Pension Plan, Ontario Public Service Employees Union Pension Plan, and Colleges of Applied Arts and Technology Pension Plan - have been reached.

Duncan says they don't have any agreement has been reached with the province's teachers but are willing to legislate one.

The finance minister says the impact of these deals will only be felt in 3-5 years, so it has nothing to do with this year's deficit. Projections for 2012-13 put the deficit at $14.4 billion.

However,  at least one of the unions involved says they don't know anything about an agreement.

CUPE represents workers who contribute to the Healthcare of Ontario Pension Plan and says it is premature to announce a deal.  They underline that they want to make sure thoughtful decisions are made about the livelihood of retirees, underlining they need to follow the legal framework for any agreement.

CUPE says while an agreement is possible, they're not on board just yet.

Duncan underlines they negotiated with the pension boards and not the unions as a whole.