Jordan Fremont comments in Benefits Canada on the federal government launching a consultation on draft amendments to pension legislation pertaining to the transfer of unclaimed benefits for missing plan members.
The draft amendments specify who qualifies as a missing member or beneficiary, as well as the information plan administrators must provide to the designated entity regarding unclaimed pension balances. The amendments also clarify the information the designated entity must publish to assist individuals in identifying the pension balances they're owed.
Jordan says, "The government's regulatory impact statement estimates that there are currently more than 500 unclaimed pension balances in terminated federally regulated plans with an estimated value of $10 million dollars. The impact statement further indicates that approximately 25 percent of terminated plans consist wholly of the unclaimed pension balances of unlocatable beneficiaries."
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