Message from the Chairman of the TCPP Board of Trustees
The Teamsters Union in Canada has been serving its members for 50 years providing fair opportunities in the workplace, equality and security. As part of our commitment, it is of paramount importance that our members have access to a pension during their retirement years.
Our Teamsters members are part of many different pension plans across Canada. The Teamsters Canadian Pension Plan (TCPP) is one of the many plans that cover our members, for which I am honored to serve as the Chairman of the Board.
The TCPP was formed with just 500 members in 1981, and has grown by leaps and bounds to over 13,300 members (active, inactive and retired) today, made up of highly diverse groups spread over 8 divisions across Canada. As of the last filed valuation filed with regulators on December 31, 2024, the Plan had a funded ratio of over 121%. This buffer above 100% is in place to help manage the Plan through times of uncertainty such as the pandemic and the current economic environment.
The TCPP’s investment philosophy allows the Plan to adjust to positive or negative changes in interest rates without having a major impact on the Plan’s ability to pay pensions. Pension plans are ever evolving due to changes in the economic environment, aging workforce, longer life expectancies, and regulatory frameworks.
With the help of its professional advisors, we are proud to say that despite the various challenges, TCPP continues to be secure and financially strong, and our members can retire with dignity and with an adequate pension.
The Trustees of the TCPP are committed to ensuring the plan continues to remain sustainable in the long term, to deliver the promised benefits. This is what the Teamsters Union does – represent our members’ best interests – every second of every day, now and into the future!
François Laporte
Chairman, TCPP Board of Trustees
- Tax advantages
- Equity
- Flexibility
- Expense savings
- Good fund performance
Formed with just 500 members in 1981 with a fund that was worth less than $400,000, the TCPP has grown by leaps and bounds to over 13,300 members in 2024 (including actives and former members), made up of highly diverse groups spread across 8 divisions, with a fund that has a market value in excess of $1 billion.
The TCPP is part of a larger Teamsters Canada pension investment trust called the Teamsters Canada Master Trust (TCMT). With over a billion dollars in assets, the TCMT has access to some of the most knowledgeable investment advisors in Canada who work hard to make the most out of every dollar invested. Secondly, as a large investment trust, the TCMT has access to a wider variety of investment options than a smaller investor. The size of the TCMT affords all participating pension plans the opportunity to invest and take advantage of investments in private companies, real estate properties, infrastructure and much more. These assets have higher long-term expected returns, with much lower levels of risk and volatility than the typical stock and bond-only portfolios found in RRSPs.
The TCPP has distinctly advantageous provisions that can accommodate even larger numbers of Divisions and members. The TCPP Board will continue to work with Divisions to provide better investment returns and better benefits to their members while respecting local autonomy. The structure of the plan is sound. Both its management and its internal and investment policies stand the test of time.