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Liquidating Trust and Restructuring for Non-bank ABCP
This site was created to provide updates regarding the management of the restructured notes received in exchange for the non-bank Asset Backed Commercial Paper that had been held in the Western Retirement Plans.
July 2017 - Liquidating Trust (LT) units have matured and the fund is closed
During the week of July 17, 2017 Sun Life issued a final letter to Western Pension Plan members who had not actively selected a new investment for their Liquidating Trust (LT) holdings. The letter informed members that all remaining holdings of LT units were automatically transferred to the Money Market Segregated Fund at June 7, 2017. The letter to members was the final communication as the fund is now closed.
Beginning Thursday, June 8, 2017, any member whose LT holdings were automatically reallocated to the Money Market fund, gained the ability to select an alternative investment option for their assets. The Money Market Segregated Fund was selected by Western’s Joint Pension Board to be the default investment fund in the event a member did not make a specific selection for their maturing LT holdings. At the time, the underlying assets of the LT fund had similar risk and reward characteristics as the Money Market Segregated Fund. The default fund is not a recommendation and it remains a member's responsibility to actively select investments and allocate contributions. Members may seek investment support from Sun Life by calling the Sun Life Customer Care Centre at 1-866-733-8612 on business days from 8 am to 8 pm ET. Investment changes may be made either online in a member Pension Plan account at sunlife.ca/western or by phone with the Sun Life Customer Care Centre.
Notification to members
On April 20, 2017 Sun Life mailed a letter to all Pension Plan members still holding Liquidating Trust (LT) in their pension account to advise them to make an investment change, because, as anticipated, units held in the Liquidating Trust had substantially matured. Members were given until Monday June 5, 2017 to select another investment for their LT holdings and provided with information on how to make the change online or by phone. Members were informed that LT holdings not reallocated by Monday, June 5, 2017 at 3 p.m. ET would be automatically be moved to the Money Market Segregated Fund.
Value
In July 2011, the LT value was $77.642 and an estimated “optimistic” Liquidating Trust price at maturity was predicted to be $99.90. As at April 5, 2017, the value was $106.3473.
Published on and maintained in Cascade CMS.
