Section 22Part 3 — Disclosure of Information
Semi-annual statement of pension benefits
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An administrator shall on a semi-annual basis, or at the shorter period as may be specified in a pension plan, give to each member a written statement setting out —
the prescribed information in respect of the pension plan which shall cover the pension plan's operations since the last report or since registration in the first instance;
in the case of a pension plan that is a defined benefit pension plan, the member's expected pension benefits as at the member's normal pension entitlement date or, in the case of a pension plan that is a defined contribution pension plan, the amount of money standing in the member's account; and
any ancillary benefits for which the member is eligible.
Notwithstanding the requirement for a written statement under subsection (1), a statement may be forwarded to a member electronically or via any other media upon the consent of the member in writing to accept transmission of the statement in that manner.
An administrator shall, where a member terminates employment with an employer or otherwise ceases to be a member of a plan, give to that member or any other person who is, as a result, entitled to a benefit under the pension plan, a written statement setting out the prescribed information in respect of the benefits, rights and obligations of the member or the other person.
Subsection (3) applies in respect of a multi-employer pension plan where a member ceases to be a member but does not apply where a member terminates employment with an employer but continues to be a member.
Defined Terms
defined benefit pension plandefined contribution pension planmulti-employer pension planancillary benefits