A company seeks bankruptcy protection
Impact on your simplified pension plan (SIPP)
When a company seeks bankruptcy protection under the Bankruptcy and Insolvency Act (Canada) or the Companies' Creditors Arrangement Act (Canada), it continues to do business but must present a restructuring plan. The restructuring plan usually has provisions for the pension plan.
The company's restructuring plan may result in...
If you do not receive any information about the effect of such a business decision on your pension plan and you are concerned, you can contact your employer or the financial institution that administers your plan.
Impact on your benefits
You will be informed if the restructuring of the company has any effect on the benefits that you have accumulated in the pension plan as a member (amounts entered in your accounts). However, your benefits and those of the other members can never be reduced without your consent.
If you have questions
Contact your employer or the financial institution that administers your pension plan.