Cooper’s Members: Important info on Manulife funds & UFCW Pension Plan

This information is for Cooper’s members who had pension funds under the  Manulife pension plan.

During the last round of contract negotiations that concluded in 2009, it was agreed that Cooper’s members would become part of the UFCW Pension Plan. Moreover, Cooper’s members with funds in their “defined contribution” Manulife account would be able to move those funds to the UFCW Pension Plan.

The union has been advised that Manulife has sent a letter to Cooper’s members advising they have 90 days to decide where to transfer their Manulife pension funds.

The letter from Manulife did not clearly state that in fact, you have until December 31, 2010, to move Manulife pension funds to the UFCW Pension Plan.

The 90-day deadline referred to in the Manulife letter is only applicable should you opt to transfer your Manulife funds to an existing RRSP, or to open a new RRSP with Manulife.

The administrators of the UFCW Pension Plan have just sent a letter to Cooper’s members explaining what you need to do should you decide to transfer your Manulife funds to the UFCW Pension Plan.

Please remember the option to transfer your funds into the UFCW Pension Plan is available until December 31, 2010.

In addition, if you have already transferred and locked in your funds with an RRSP account or Manulife RRSP but wish to move these funds into the UFCW Pension Plan, please let your Union Representative know as soon as possible.