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Planning to retire in the near future? You don't have to wait until retirement
to get full and detailed information about your registered pension plan from
your employer.
According to the Financial Services Commission of Ontario (FSCO), the regulator
of registered pension plans in Ontario, your pension plan administrator must
provide:
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A written explanation of the pension plan terms within 60
days of eligibility for membership or your hiring; |
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An annual statement within six months of the plan's year-end; |
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A retirement statement within 30 days of retirement, plus
a description of retirement options at least 60 days in advance of your retirement; |
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A termination statement setting out your options of how to
deal with the accumulated value of your pension, within 30 days of your employment
termination; |
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A death benefit statement setting out options and how to
receive the death benefit, within 30 days of death to your surviving spouse, designated
beneficiary, or estate. |
If requested in writing, the pension plan administrator must also make pension
documents available for you, or for a spouse, beneficiary, trade union representative,
or another person appointed by you. These documents may include correspondence,
statements of investment policies and procedures, annual information returns,
financial statements, actuarial funding reports, and more. The person or party
making the request is not entitled to examine these documents more than once in
a calendar year.
To find out who administers your pension plan, log on to FSCO's website, click
on Pensions and then select Pension Plan Information Access. You will need your
pension plan registration number, or the name of the plan or sponsor. Download
the brochure Your Pension Rights: A Guide for Members of Registered Pension
Plans in Ontario, from FSCO's
website.
- News Canada
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