July 28, 2016
Good news! At long last the final regulatory approval has been received from the Financial Services Commission of Ontario (FSCO), approving the transfer of assets to the new Canada Life Pension Plan. This paves the way for payments to all those eligible for payments under the surplus sharing agreement approved by the Courts and FSCO. Canada Life counsel have advised us that payments will start to be mailed out in the first week of August, with all cheques expected to be sent by mid-September. For those still employed by Canada Life, the 2 year contribution holiday will commence starting January 2017. If you were an active employee of Canada Life after the partial wind-up date in 2005 and subsequently terminated your employment, a cheque representing the lump sum value of the contribution holiday will be sent to you by mail in early 2017.
We wish to thank the CLPENS Committee for all of their hard work and steadfast resolve to see this settlement through to fruition. It has been a long and complicated battle, but we are pleased to see that their efforts have achieved results for the Canada Life pension plan members and former members.