Investment selection

(1) In the allocation of the assets of a pension fund the administrator shall ensure that the selection of investments shall be made with consideration given to the overall context of the investment portfolio without undue risk of loss or impairment and with a reasonable expectation of fair return or appreciation. (2) Subregulation (1) shall not apply to that part of a pension fund in which a member of the pension plan makes his own decisions regarding the selection of investments. (3) A defined contribution pension plan may permit a member to make investment choices with respect to his account. (4) If a pension plan permits a member to make investment choices, the administrator must offer investment options of varying degrees of risk and expected return that would allow a reasonable and prudent person to create a portfolio of investments that is well adapted to his retirement needs. 48 Private Pensions (5) If a pension plan permits a member to make investment choices, the administrator shall provide members with information regarding the investment options to enable the member to make an informed choice. (6) The information provided under subregulation (5) should include– (a) disclosure of all charges, fees, and expenses associated with each investment choice; (b) the portfolio composition and historical investment performance data associated with each investment choice; (c) the default option in the event the member fails to select a specific investment option; (d) the frequency with which the member is allowed to switch from one investment option to another investment option offered by the (7) A pension plan that offers investment choice shall offer the member the option to switch between investment options at least annually.