August 13, 2009
As required under pension legislation, the National Trust Plan administrator wrote to all National Trust Plan members entitled to benefits under the National Trust Plan to advise of the April 30, 2009 National Trust Plan wind-up. This is the letter referenced in the May 8, 2009 update below. We have received inquiries from other sharing group members (cash-outs after June 24, 1997) who were concerned that they did not receive a copy of the letter. The letter was not sent to them because they no longer have benefit entitlements under the pension plan, and therefore it was not required by law to be sent to them. We want to assure all sharing group members, however, that they will receive their share of surplus as previously advised, provided the proposal receives all necessary regulatory approvals.
Further information regarding the implementation of the Surplus Sharing Agreement can be obtained by clicking on the “FAQ” link below.
Matters are proceeding well and we have been advised by National Trust that major Canadian insurance company providers have been selected for the purchase of annuities for National Trust Plan members currently in receipt of a monthly pension from the pension plan, and that the purchase of annuities is being concluded. All pensioners for whom an annuity is being purchased will be receiving individual information from National Trust regarding the annuity purchase.
While the distribution of surplus is not expected to occur until mid-to-late 2010, a further personalized statement showing the surplus payout estimate should be in your hands by Q1/Q2 2010.