Enrolment

(1) An employer may provide for optional or automatic enrolment of employees into membership of a financial institution pension plan, and subregulations (2) to (6) apply in relation to membership of such a plan. (2) A participation agreement between an employer under the financial institution pension plan and the administrator must provide that an employer is required to contribute at least 1 % of each member’s earnings to the plan. (3) The employer is required to inform the administrator of the employment status and earnings, and any changes thereto, of an employee who is a member of the financial institution (4) The employer may transfer from one financial institution pension plan to another, but shall provide at least 90 days’ prior notice to members. (5) The transfer between plans described in subregulation (4) does not constitute a termination of membership for the purposes of the plan, the Act or the Regulations. (6) The transfer between plans described in subregulation (4) does not constitute an asset transfer for the purposes of the plan, the Act or the Regulations, as long as there is no change in (7) A financial institution pension plan is required to offer a draw down account, whether in relation to a representative group of members or individual members. (8) An individual who is not a member of an employer established financial institution pension plan may transfer from one financial institution pension plan to another, but the administrator may require up to 90 days’ prior notice and may require such transfer to take place on certain specified days. Private Pensions 37