Cost recovery fee change for VB withdrawals
The Co-operative Superannuation Society Board approved a change to the Plan’s cost recovery fee structure on February 24, 2017.
The change allows Variable Benefit (VB) recipients to make one free withdrawal per calendar year. Each subsequent withdrawal made within the same year would be subject to a $50 fee.
The change was made to remain consistent with other cost recovery options available to members in the marketplace, and to help ensure members take a considered approach to any lump-sum withdrawals from their accounts.
Previously, VB account holders were entitled to one free withdrawal per lifetime with a $100 charge for each additional withdrawal thereafter.
If you have questions about this change, please contact us.
2017 Cost recovery fee structure
| Investment instructions (allocating your pension funds to all or any of the Plan's four funds) | Two free per calendar year and $75 thereafter |
| Locked-in withdrawals* | One free lifetime and $100 thereafter |
| Variable benefit lump-sum withdrawals | One free per calendar year and $50 thereafter |
| Variable benefit payment changes | One free per calendar year and $50 thereafter |
| Marital split calculations | One free lifetime and $50 thereafter |
| Records investigations | $100 per hour |
*You must no longer be working for any employer member of the Plan to withdraw/transfer any funds out.