iAtoday

As part of the work to implement the recommendations from Guideline No. 3 for Capital Accumulation Plans by the Canadian Association of Pension Supervisory Authorities (CAPSA), we have made improvements to several plan member documents to enhance transparency and regulatory compliance and to make the information easier to understand.

The following is an outline of the changes.

Plan fees document

We made changes to the Fees applicable to your group retirement savings plan document to better explain:

• The different types of fees
• The impact of fees on savings growth
• The real costs associated with investment fees

These improvements will make it easier for plan members to make decisions and better understand the impact of fees on their savings over the long term. The updated document is available in My Client Space.

Group retirement savings statement

We have improved the Group retirement savings statement to make the information clearer and to help plan members better understand how their savings are performing.

Improvements:

• Simplified text
• Details on how the personal rate of return is calculated and where to find fee information in My Client Space
• Understand your group retirement savings statement document updated to align with the revised statement

Plan summaries – appendix added

We have added an appendix to the summaries for certain existing plans, namely, group RRSPs, TFSAs and FHSAs, DPSPs and SPPs.

It does not change plan members’ rights or the plan’s provisions; it is an additional resource intended to improve understanding of how the plan works.

The appendix includes:

• Details about investment options
• Plan members’ responsibilities
• Automatic or default plan mechanisms
• The personalized advice service available from our specialists (if offered)
• Information about decision-making tools, communication and documents available while a member of the plan

Contact your Account Executive for more information about our improved documents.