Pension buy backs are time-sensitive and are considered transfer outs. As such, they follow the same procedures and processing timeframes as all other transfer out requests.
To ensure head office has all the necessary information and to avoid delays due to missing details, please follow these steps before submitting your request:
- Ensure funds are available in the nominee cash account: Representatives should redeem the necessary fund(s) to the client’s CCA prior to uploading the document to head office. This enables us to promptly proceed with the withdrawal of the funds from cash to settle the request. Otherwise, we must process the redemption(s), which adds additional time to the settlement of the request.
- Provide redemption instructions if funds are not available in the nominee cash account: Head office requires the exact funds and amounts to be redeemed.
- Include the full, complete and accurate name and address of the receiver: This is crucial for the successful delivery of the funds. Please note that during the ongoing strike, we cannot process PO box addresses.
