The UNBC pension plan is a defined contribution plan, which is a form of Capital Accumulation Plan (CAP). These guidelines clarify the rights and responsibilities of both CAP sponsors (UNBC) and CAP members (employees who are plan members) and ensure CAP members are provided the information and assistance they need to make investment decisions.
UNBC Responsibilities
- Setting up the Plan.
- Providing investment information and decision-making tools to CAP members.
- Introducing the Plan to members.
- Providing ongoing communication to members.
- Maintaining the Plan.
Employee Responsibilities
- Making investment decisions within the Plan.
- Using the information and decision-making tools made available to assist them in making those decisions.
These guidelines were finalized by the Joint Forum of Financial Market Regulators (comprised of the Canadian Securities Administrators, Canadian Association of Pension Supervisory Authorities, Canadian Council of Insurance Regulators, and Canadian Insurance Services Regulatory Organization).
The UNBC Pension Board of Trustees recommends that all plan members obtain investment advice and financial planning assistance from an appropriately qualified individual.