In 2007, the Capital Pension Plan (CPP) brought forward an application to the Saskatchewan Court of Queen’s Bench requesting advice and direction from the Court on how to distribute reserve funds accumulated in its Retirement Annuity Fund (RAF).
The reserve funds were not associated with account balances of any of the CPP members. The distribution of the reserve funds has no adverse impact on the pensions of any annuitant in the RAF.
The Court of Queen’s Bench ruled that the reserve funds could only be distributed to employees of the employers who contributed to the surplus. There were 27 contributing employers (see below for the list of employers). To be eligible, an individual had to be employed by one of the contributing employers on January 1, 1994. Those who left their employment before January 1, 1994, or who began employment after January 1, 1994 are not eligible. For Cameco and Potash Corporation, alternative dates in 1993 and 1992 respectively, were set as the eligibility dates.
Below is an update on the status of the Court directed distribution of the RAF funds.
Retirement Annuity Fund (RAF) Court Application - Update at April 14, 2016
Since the last update in late 2012, Capital Pension Plan, and now CIC, have made substantial efforts to identify, locate, and provide all beneficiaries with their proportionate share of the RAF surplus funds. These efforts have been largely successful, locating and paying 2,518 out of a total of 2,793 eligible beneficiaries (or 90%).
Despite several follow-up attempts, 275 beneficiaries have not yet been located. Therefore, CIC has made a second application to the Saskatchewan Court of Queen’s Bench to obtain further directions as to how to locate the missing beneficiaries (if possible), and what to do with the remaining funds in the event that those individuals cannot be located. A copy of that Court application is found here: Notice of Application and is supported by an Affidavit.
By Order of Madam Justice Dovell of September 2, 2015, service of the application and affidavit are to be effected by posting the documents on this website, and will not be mailed to each Plan member.
Further, Judge Dovell has ordered that CIC advertise in newspapers across Canada to attempt to locate the remaining beneficiaries, and following that time, CIC will ask the Court for final directions as to what to do with any funds which could not be distributed.
Further updates will be provided on this website when they become available.
For further information contact 306-787-6851, or e-mail: email@example.com