July 22, 2013
We have been advised by Canada Life that the Integration Partial Wind Up Surplus as at August 31, 2012 has increased from an estimated $2.6 million (net of expenses) to an estimated $11.8 million. When the assets and liabilities of the Integration Partial Wind Up Group were transferred to the ongoing portion of the Canada Life Canadian Employees’ Pension Plan, members who had previously elected to receive an immediate or deferred pension were required by law to be given the option to change their election and elect to transfer the commuted value of their benefits out of the Plan. As a result of 142 additional members electing a commuted value transfer of their pension benefits, the net estimated Integration Partial Wind Up Surplus has increased by $9.1 million.
We will be advising the Court of this change in circumstance, and will update this website for the benefit of the Class as more information and decisions on next steps are available. The appeal hearing on Wednesday October 9, 2013, at 130 Queen Street West in Toronto, commencing at 10:30 a.m. for 3 hours and 30 minutes is still scheduled to proceed.