The Canadian Commercial Workers Industry Pension Plan
The Canadian Commercial Workers Industry Pension Plan (CWIPP) was established in 1979 and today is the largest non-contributory, multi-employer pension plan in Canada negotiated between a union and private sector employers. (The Plan was created through the initiative of Clifford Evans– the first Canadian Director of UFCW Canada.) Only employers contribute premiums to the plan — currently more than $100 million annually in accordance with collective bargaining agreements negotiated with UFCW Canada Local unions on behalf of the membership.
The plan provides pension benefits to 290,000 former as well as current members of UFCW Canada, employed full and part-time by more than 300 participating employers.
The CCWIPP plan is financed through a trust fund jointly governed by eight trustees: four appointed by the union and four appointed by employers. None of the trustees receive compensation. Because CCWIPP is a multi-employer plan, the risk caused by any one employer defaulting is minimized.
All assets of the Plan are the used to provide pension benefits for participating UFCW Canada members and their beneficiaries. The CCWIPP Pension Plan is regulated and administered in strict accordance with all applicable federal and provincial pension legislation, and relies on the direction of independent actuaries, auditors and investment managers to ensure the highest standards of governance.
While the rate of return on investment for any pension plan can vary year to year, the CCWIPP plan since inception has earned an average annual rate of return of more than 8 per cent.
More information on CCWIPP can be found at www.ccwipp.ca.
CCWIPP Pension Booklet Available as a PDF download
CCWIPP 2007 Annual Report available as a PDF download