The Teamsters Canadian Pension Plan Explained
Are all members of the Teamsters Canada Union part of the Teamsters Canadian Pension Plan (TCPP)?
Membership in the TCPP is determined by collective bargaining agreements between the TCPP and participating employers. Not all employers who employ Teamsters Canada Union members choose to participate in the TCPP; in fact, they may participate in other pension plans or no pension plan at all. Also, not everyone who ever worked for a particular employer is a member of the TCPP, as some employees may have worked for the employer when the employer was not participating in the TCPP or may not have met the eligibility requirements to join the TCPP.
What is the TCPP?
The TCPP is a collectively bargained pension plan covering over 12,000 members who either currently work or have worked for the more than 100 employers who participate in the pension plan. These members work in various industries across Canada, including transportation, construction, and manufacturing.
What type of pension plan is the TCPP?
The TCPP is a defined benefit multi-employer and multi-divisional pension plan.
As such, contributions to the TCPP are made as a whole, not into individual accounts, and they are invested to provide all members of the TCPP a pension that is payable for life. Your pension is based on the number of years worked with a participating employer that has made contributions on your behalf, your age at retirement, and your pension formula. Your pension plan division’s administrator can provide you with pension estimates to assist you with your retirement planning.
Are you a member of the TCPP?
There are many ways to find out, starting with contacting your employer or local union representative. In addition:
- check your pension statement (once a year if you are currently working, every two years if you are no longer working for an employer covered by the plan)
- check your member pension booklet
- If you are in receipt of a pension, you can contact your financial institution to ask for the source of your pension payments
If your address is not up to date, the plan may not be able to locate you, so it is important to keep your contact information up to date
How do you become a member of the TCPP?
If you wish to learn more about membership in the TCPP, contact your employer or local union representative.
To improve your retirement income and to make every one of your hard-earned dollars count – the TCPP is the pension plan that works.