Annual statement

(1) The annual statement provided to members and former members of a pension plan must include the information set out in subregulations (2) to (4), as applicable. (2) Each plan shall provide the following information– (a) name of the pension plan; (b) administrator’s contact information; (c) member’s name; (d) member’s date of birth; (e) name of beneficiary on record; (f) member’s normal, early and latest retirement date; (g) disclosure of any employer contributions not paid on time during the year; (h) a description of the documents available for inspection under section 17 of the Act and a statement of the member’s right to receive them; CAP. 30:01. (i) amount of plan administration expenses as a percentage of assets, and a statement explaining whether the employer or the members are responsible for paying such expenses; and (j) amount of plan investment expenses as a percentage of assets of the pension fund or, if investment options are offered to the members, the investment funds and a statement explaining whether the employer or 26 Private Pensions the members are responsible for paying such expenses, and disclose any transactional fees, levies and other charges that would be charged to the member on an individual basis. (3) Each plan that provides a defined benefit must provide the following information– (a) amount of pensionable service during the year; (b) total amount of pensionable service for the (c) salary used to determine the estimated annual (d) description of the estimated annual benefit that will be payable at the normal retirement age based on the current age and service of the (e) rate of return for the pension fund; (f) most recently determined transfer ratio for the plan; and (g) explanation of the transfer ratio and its implications if the plan were to be wound up. (4) Each plan that provides a defined contribution benefit must provide the following information– (a) amount of employer contributions to the member’s account; (b) amount of employee contributions to the member’s account; Private Pensions 27 (c) employer and employee contribution rate during the year; (d) account balance at the beginning and end of the year; (e) account transactions during the year; (f) personal rate of return, if there are investment options available to the members; and (g) fund rate of return or credited interest rate, if there are no investment options available to the members. (5) A defined contribution plan that is not a financial institution pension plan must provide each member who is at least 30 years old a projected replacement ratio which is the ratio of the projected annual pension that can be obtained from the projected account balance at normal retirement age to the projected annual salary at pensionable age. (6) The projected replacement ratio shall include a statement that the amount of benefit will depend on the investment performance of the pension fund, how much is contributed to the pension plan, and the member’s salary at retirement, and that the projected replacement ratio is provided only as a retirement planning tool.