Information for members of a simplified pension plan

The financial institution that administers the simplified pension plan (SIPP) must provide:

  • a written summary of the plan within 90 days after the member becomes eligible to join the plan, accompanied with: 
    • a brief description of the rights and obligations under the plan and the Supplemental Pension Plans Act
    • a description of the main advantages of plan membership
  • a notice of any amendments to the plan, if the member is affected by the amendment
  • an annual statement of benefits, within 9 months following the end of each fiscal year
  • a statement of cessation of membership, within 60 days following the date on which the financial institution is informed that a person has ended his or her active membership in the plan
  • upon request, a statement of benefits in the event of a breakdown in a conjugal relationship
  • a statement in the event of a pension plan division, within 30 days following the division
  • a statement of benefits in the event of the plan's termination or the withdrawal of the employer.

The annual statement

Each year, within 9 months following the end of each fiscal year, the financial institution must send members a statement indicating, among other things:

  • the amount of the contributions credited to their locked-in and not locked-in accounts during the preceding fiscal year
  • the contributions accumulated, with interest, since they joined the plan

The statement must include a summary of any amendments made to the plan during the preceding fiscal year that affect members.

Consultation of plan documents

Members have access, upon request and free of charge, to various plan documents held by the financial institution, for example, the plan text, the annual information return, financial statements.

The retirement information committee or, failing that, the employer, can provide the documents. Some financial institutions will also provide the documents directly to members.

The retirement information committee

If 50 members or more work for the same employer, a retirement information committee can be set up if a majority of the members request one.

Requests for information

For additional information, members can contact the retirement information committee, the employer or the financial institution.

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