Introducing

The Canadian Entertainment Industry Retirement Pension Plan

The Canadian Entertainment Industry Retirement Plan has been helping its members for 21 years to save for a comfortable retirement. We’ve grown to over 34,000 members across Canada with member assets in excess of $1.5 billion. However, the average member account balance is $40,000, which isn’t enough to retire.

Therefore, the CEIRP Retirement Committee decided to launch this pension in 2027, so that members can retire with a clear understanding of their retirement income.

Why launch a pension plan?

  • It’s a predictable retirement income based on a formula and paid for life, and there is no risk of outliving your savings

  • It’s hands off for members, which means no investment or decumulation decisions are necessary

  • All earnings attract pension contributions and accruals even when earnings are very high in a particular year

  • Employer/producer contributions are fixed, based on rates in collective bargaining agreements

  • Assets are managed professionally, and the plan will take advantage of economies of scale and asset diversification opportunities

How it will work

  • The pension will operate separately from the Group RRSP, and both will be maintained by CEIRP.

  • New members will be enrolled in the pension and current members can choose to opt in.

  • Just like the Group RRSP, employer contributions will be made on a member’s behalf based on the collective agreement

  • The pension will be earned based on a simple formula

  • It’s completely hands-off for members, which means they don’t have to worry about making investment decisions.

  • The pension will also include early retirement options, pre-retirement death benefits, survivor protection in retirement, and pension portability if members leave the union before age 55.

  • When a member retires, they will receive regular monthly income.

Key features

  • Early Retirement: Member can choose to retire before 65

  • Survivor Protection: Beneficiaries can receive pension income if member passes away

  • Pension Portability: If member leaves the union, the value of the pension can be transferred to another financial institution

  • Pre-retirement Death Benefits: If member dies before retirement, pension transfers to the beneficiary/beneficiaries

  • Ad Hoc Cost of Living Adjustments: As the Pension is a Target Benefit Pension Plan, pensions earned may be adjusted based on the health of the plan and subject to the plan’s funding and benefits policy

  • Current members can buy back additional pension with Group RRSP account balance

Find an error?

If you find an error, please send an email to communication@ceirp.ca.