The consent forms have been counted and we are pleased to report that more than two-thirds of all CBC pensioners have given their approval for the sharing of pension surplus. While there are still forms coming in that will be counted, as of today 8,922 said yes and only 55 said no. This is a major accomplishment. A direct appeal was made to all pensioners, deferred pensioners and those receiving survivor benefits to support the payout. And the two-thirds support moves us one step closer to finally receiving our fair share.
CBC retirees were asked to give their consent to the distribution of nearly $130 million to more than 20,000 pensioners and employees. The consent triggers a series of important actions.
In the coming days the CBC will seek approval from the Office of the Superintendent of Financial Institutions (OSFI/the regulator) to remove the funds from the pension plan in order to begin distribution. In the meantime, all pension contributors will receive a “second notice” from the CBC inviting anyone with concerns about the payout to contact OSFI directly. Those who wish to do so will be given 30 days to write to the regulator.
Assuming OSFI then grants its approval, there will be another 40-day period before distribution of the funds can begin. Until we reach this stage in the process, it is impossible to give a firm date as to when we might finally receive a payment.
We hope to have more information in the coming days and will keep you informed.