Canada Life Assurance Pension Surplus and Plan Expenses Class Action

Our lawyers prosecuted a class action against Canada Life Assurance Company (“Canada Life”) and the Trustees of the Canada Life Canadian Employees’ Pension Plan (the “Plan”) on behalf of the certified class of participating pension plan members. This action concerned the rights of plan members to a substantial pension surplus, certain unilateral actions of Canada Life and the Trustees altering the terms of the Plan, and the use of Plan funds to pay for administrative costs and investment fees.

This action was commenced on May 9, 2005 in order to claim a share of the surplus in the pension plan for the benefit of the plan members who were subject to a partial wind-up of the plan and to claim relief for the withdrawal of the Plan’s funds to pay for certain expenses.

Following extensive settlement negotiations and hearings before the Ontario Superior Court of Justice and the Financial Services Commission of Ontario, the settlement obtained final approval after 11 years on July 28, 2016.

A successful notice, claims and distribution process followed resulting in the distribution of the settlement recoveries to class members. Lump sum payments to former active employees who terminated employment were made in January of 2017, and the contribution holiday for active Plan members was completed in December 2018.