Pension reporting requirements

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TomB19
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Pension reporting requirements

Post by TomB19 »

My wife is in a pension with a last statement date of 2015.12.31.

We are told the 2016.12.31 statement will be out at the end of June, 2017. That will be almost 18 months between statements.

Is there a legal requirement for statement frequency?
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adrian2
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Re: Pension reporting requirements

Post by adrian2 »

TomB19 wrote: 16 May 2017 09:53 My wife is in a pension with a last statement date of 2015.12.31.

We are told the 2016.12.31 statement will be out at the end of June, 2017. That will be almost 18 months between statements.

Is there a legal requirement for statement frequency?
Most likely the statement dated 2015.12.31 was issued by the end of June, 2016. It takes time to prepare these statements, especially in a defined benefit plan (lucky for her if she belongs to one!).
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TomB19
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Re: Pension reporting requirements

Post by TomB19 »

It is a DC pension. They have a web portal that provides statements, pension estimators, etc.

The last statement date of 2015.12.31 was issued in early February 2016. Prior to that, they issued a statement for the period ending 2015.06.30 that came out sometime in early August 2015.

The switch to annual statements is a mild annoyance. The six month processing delay (up from previous iterations that were 30-60 days), seems ridiculous.

I was in a DC pension that had a web portal which allowed near real time balance monitoring. The results were more than a full business day old, so on Wednesday you could get Mondays closing balance. Not bad at all. I could use the month end balance for my monthly historic records and charts.

I can estimate the balance of this pension and probably come within a few thousand but it seems ridiculous that it takes so long to get a simple period balance. It is not a sign of transparency, to say the least.
TomB19
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Re: Pension reporting requirements

Post by TomB19 »

I'm trying to find the reporting regulations. In Ontario, it is six months after fiscal year end.

It is probably the same in saskatchewan. But I can't find the guidance.
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