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pension plan

By Occasional Contributors | 3 Minutes Read May 25, 2017

Plan administrators cannot “undo” negligent representation

It is well established from the case law that a pension plan administrator may be susceptible to legal claims where inaccurate or unclear information has been communicated to plan beneficiaries.

Article by Occasional Contributors / Business, Finance and Accounting, Payroll / Alberta Pension Services Corporation, Management Employees Pension Plan, negligent misrepresentation, pension entitlements, pension plan, pension plan administrator, plan administrators, plan beneficiaries, retirement

By Occasional Contributors | 2 Minutes Read April 25, 2017

Have you amended your pension plan?

The Pension Benefits Act (Ontario) was recently amended. In this communiqué, we briefly review those amendments.

Article by Occasional Contributors / Employee Relations, Payroll, Union Relations / All Families Are Equal Act (Parentage and Related Registrations Statute Law Amendment), Bill 28, Children’s Law Reform Act, employment law, Family Law Act, LGBTQ2+, Ontario Pension Benefits Act, PBA, pension, pension benefits act, pension plan, portability rules

By Occasional Contributors | 7 Minutes Read August 1, 2014

The prodigal pension plan member

It’s one of those pension administration nightmares – someone of pensionable age shows up at your door claiming he was an employee 20 years ago and asks for his pension. There is some evidence of employment, but no record of a pension entitlement. As a fiduciary you cannot pay out benefits unless someone is clearly entitled, so you ask the person for some proof of the pension entitlement. At this point the person may give up; but your sense of relief is overshadowed by concerns that your record keeping did not allow you to be as certain as you might have been in disposing of the claim. On the other hand, if he doesn't give up, it will likely be an even more costly, time-consuming and frustrating exercise.

Article by Occasional Contributors / Business, Finance and Accounting, Payroll / burden of proof, Crown Life pension plan, deferred pension, document retention and destruction policy, evidence of employment, fiduciary duty, Financial Services Commission of Ontario, FSCO, Management and Retention of Pension Plan Records, no record of a pension entitlement, now administered by Canada Life, obligation of loyalty to the beneficiaries, Ontario Superior Court, pay out benefits, pension administration, pension plan, pension plan member, pensionable age, plan membership, proof of the pension entitlement, record keeping, robust record retention policy, Superintendent of Financial Services, what records an administrator should keep

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