Proposed Changes to "financial hardship un-locking" of Alberta locked-in productsDate de parution : 05/26/2014 Personne(s)-ressource(s) : Ron Sanderson
May 26, 2014
Mr. Paul Owens
Deputy Superintendent of Pensions
Financial Sector Regulation and Policy
Treasury Board and Finance
Government of Alberta
Room 402, Terrace Building
9515 107 Street NW
Edmonton, Alberta T5K 2C3
Dear Mr. Owens:
Proposed Changes to "financial hardship un-locking" of Alberta locked-in products
I am writing on behalf of Canada's life and health insurance industry in respect of the proposed administrative protocols published by your office on March 6, 2014, and which are intended to facilitate the "un-locking" of locked-in entitlements sourced in pension plans subject to Alberta's Employment Pension Plans Act (the "EPPA"). Please accept my apologies for the delay in this reply, which consolidates comments received from multiple financial institutions, many of whom provide services to pension plans, and all of whom administer locked-in products.
While CLHIA members are generally supportive of the proposed approach, there are some areas where we believe further clarification may be warranted. These are summarized below.