March 30, 2016
We are pleased to report that the Financial Services Commission of Ontario has provided its consent to the surplus withdrawal application filed by The Canada Life Assurance Company. In the coming weeks class members will receive a Surplus Statement which sets out the amount they will receive under the settlement, and the default payment option. Class members with surplus shares in excess of $15,000 will be given the option to transfer all or part of their payment to an RRSP, which requires completion of an election form to be returned to Canada Life by no later than June 30, 2016. Subject to approval of the asset transfer application to the New Plan, we anticipate payments to be made to all class members by the end of August, 2016. The contribution holiday for active Plan members will start in January, 2017 and run to December, 2018. Lump sum payments to former active employees who terminated employment will be made in January, 2017.
Questions regarding your Surplus Statement or your pension should be directed to the Canada Life Call Centre at 1-888-252-1847. Questions regarding the class proceeding and the settlement more generally may be directed to us at 1-800-286-2266 or email@example.com.