April 7, 2010
Negotiations between the Executive Committee of the Canada Life Canadian Pension Plan Members’ Rights Group and Canada Life have been progressing well over the past several months, and the parties are close to finalizing a proposal regarding the surplus in the Plan in order to settle this litigation.
We, along with counsel for Canada Life, have appeared before the judge overseeing the litigation to describe the settlement proposal.
We and Canada Life’s counsel have also met with staff at the Financial Services Commission of Ontario, which regulates pension plans in Ontario including the Canada Life plan, to explain the proposed settlement to them and to discuss the regulatory process that we will need to undertake in order to implement the settlement.
These attendances / meetings have gone well, and we are optimistic that this “up front” work will allow the project to proceed smoothly once the details of the proposed settlement have been finalized by the parties.
Once those details have been finalized, the next step will be the preparation of a detailed information package to be sent to all eligible members, explaining the proposed settlement to them and inviting them to information sessions. At those information sessions, Canada Life and its advisors, along with us and other counsel to the member group, will explain the settlement proposal in more detail and answer any questions those attending may have. Note that we are still in the process of determining in what cities the sessions will be held. Details regarding the sessions will be included in the information package, and when available will also be posted on this website.
Given the amount of work necessary to prepare these detailed information packages, as well as the fact that the entire package must be reviewed by the Court before it is mailed, it is not expected that the packages will be mailed until sometime this fall.
In the coming months, further information regarding the tentative proposal will be released on this website.