Annual written statement to members
15(1)The administrator of a pension plan shall annually provide to each member, not later than nine months after each pension plan year end, a written statement containing the following information, as recorded on the records of the administrator:
(a)
the name and provincial registration number of the plan;
(b)
the member’s name, social insurance number and date of birth;
(c)
the period covered by the statement;
(d)
the date on which the member became a member and the number of years, including parts of a year, of continuous employment of the member;
(e)
whether or not, on the last day of the period covered by the statement, the member is fully vested respecting the benefits accrued before and after the commencement of the Act and, if not, the date or dates on which the member will be fully vested;
(f)
the amount of any contributions, showing separately the amount of any additional voluntary contributions, made to the pension fund by the member during the period covered by the statement;
(g)
the amount of any contributions, excluding contributions referred to in paragraph (
f) and showing separately the amount of any additional voluntary contributions, that were made to the pension fund by the member, with interest, to the end of the period immediately preceding the period covered by the statement;
(h)
the amount of interest credited to the amounts referred to in paragraphs (
f) and (
g) during the period covered by the statement, showing separately the amount of interest on the additional voluntary contributions;
(i)
the total amount of the amounts referred to in paragraphs (
f), (
g) and (
h);
(j)
if the plan is a defined contribution plan, the amounts referred to in paragraphs (
f), (
g), (
h) and (
i) when determined, with the necessary modifications, with reference to the amount of employer contributions and of any surplus money allocated to the member;
(k)
if the plan is a defined contribution plan and any surplus money is to be allocated to the members, a statement indicating whether surplus money is allocated as employer contributions, as member contributions or as both;
(l)
if the plan is a defined benefit plan,
(i)
if applicable, the number of years, including parts of a year, of employment credited to the member under the plan, determined as of the end of the period covered by the statement,
(ii)
the annual amount of pension benefit that would be payable at the member’s retirement date, determined as of the end of the period covered by the statement, and
(iii)
if the pension benefit referred to in subparagraph (ii) is reducible by reason of payments under the Canada Pension Plan, the Quebec Pension Plan or the
Old Age Security Act (Canada), a statement to that effect;
(l.1)
for statements provided on or after October 1, 2005, if the plan pays a pension in the form of a joint and survivor pension,
(i)
an estimate of the annual benefit payable under the joint and survivor pension in the circumstances specified in the estimate, or
(ii)
a statement indicating where a member may access the information referred to in subparagraph (i);
(m)
if notice of an amendment to the pension plan that affects the member has been dispensed with by the Superintendent under subsection 24(4) of the Act during the period covered by the statement, an explanation of the amendment;
(n)
for a defined benefit plan established under one or more collective agreements or a trust agreement where the obligation of an employer or a person required to make contributions on behalf of an employer to contribute to the pension fund is limited to a fixed amount set out in a collective agreement or trust agreement, a statement that pension benefits might be reduced if the assets of the plan were insufficient to meet the liabilities of the plan on wind-up; and
(o)
if a pension plan permits optional ancillary contributions, a statement that such contributions may be forfeited to the plan if conditions make it impossible or inadvisable to purchase any of the optional ancillary benefits provided for by the plan.
Information to eligible or required member updated at five year intervals
15(2)Notwithstanding section 14, the administrator of each pension plan shall ensure that
(a)
the explanation of the provisions of the plan and of a person’s rights and obligations in respect of the plan provided under subsection 23(1) of the Act are reviewed and, where necessary, revised
(i)
for a plan established before the commencement of section 10 of the Act, within five years after the date of commencement, or
(ii)
for a plan established on or after the commencement of section 10 of the Act, within five years after the date on which the plan is established,
and subsequently at least once in every five years, so that the explanation includes any amendment made to the plan that is not included in the most recent version of the explanation, and
(b)
a copy of the revised version of the explanation is provided to each member with the next following written statement provided under subsection (1).
Statements re: optional ancillary contributions
15(3)If a pension plan permits optional ancillary contributions, the administrator shall
(a)
before a member makes his or her first optional ancillary contribution, provide the member with a statement that such contributions may be forfeited to the plan if conditions make it impossible or inadvisable to purchase any of the optional ancillary benefits provided for by the plan,
(b)
ensure that the member acknowledges in writing that he or she has received and read the statement referred to in paragraph (
a).
2002, c.12, s.32; 2003-87; 2020-51