Termination statement

(1) The termination statement provided to former members of a pension plan must include the information set out in subregulations (2) to (5), as applicable. Private Pensions 29 (2) Each plan shall provide the following information to a vested former member upon termination of membership– (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) a description of the options available to the (h) deadline for choosing an option; and (i) explanation of consequences of failing to make a choice. (3) The termination statement provided to a non-vested former member shall include the following information– (a) pensionable service at date of termination; (b) explanation of why the former member did not meet the plan’s vesting requirements; (c) amount of member contributions with interest; and (d) options for refund of member contributions with interest. 30 Private Pensions (4) Each defined benefit plan shall provide the following information to a vested former member upon termination of membership– (a) total amount of pensionable service for the (b) salary used to determine the estimated annual (c) description of the estimated annual benefit that will be payable at the normal retirement age based on the current age and service of the (d) description of the method of reduction of benefits for early retirement, if applicable; and (e) restrictions on transfers pursuant to regulation 21 due to the transfer ratio being less than 0.9. (5) Each defined contribution plan shall provide the following information to a vested former member upon termination of membership– (a) account balance in the pension fund; (b) a statement that the final amount of the benefit will depend on investment fluctuations between the effective date of the statement and the date of the election; (c) a description of the options available for converting the account balance into a retirement income in the future, including the option to purchase a prescribed annuity and the option to open a draw down account if one is offered; and Private Pensions 31 (d) annuity purchase rates offered by the pension plan administrator. (6) If the former member has reached the early retirement age under the pension plan, the termination statement shall also include an explanation of the option to retire early, any reduction that would apply due to early commencement, the deadline for choosing an option, and the consequences of not choosing to retire early.