April 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 to an estimated $10.1 million, net of expenses. 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 given the option to change their election and opt to transfer the commuted value of their benefits out of the Plan. As a result of over 100 additional members electing a commuted value transfer of their pension benefits, the net estimated Integration Partial Wind Up Surplus has increased. We are assessing the information regarding this shift in surplus, and will advise Class members as more information and decisions on next steps are available.