How to get your simplified pension plan changed
You can propose an amendment to your simplified pension plan (SIPP). Consult the written summary of the plan to find out who can amend the plan and under what conditions. Then send your proposal directly to that person.
If the employer has the power to amend the plan, as is generally the case, it can choose whether or not to accept the proposed changes and assume the resulting obligations.
Note that...
The financial institution that administers the
SIPP has the power to amend the provisions common to all the employers connected to the plan. In general, each employer has the power to amend the special provisions that concern it.
Your plan is amended
The financial institution that administers your
SIPP must inform you in writing of any changes made to the plan by means of a notice.
Important
Some amendments may have a cost that would result in an increase in the employer contribution or the member contributions.
If an amendment to the plan reduces your benefits
If an amendment to the plan reduces your benefits or restricts your eligibility, the financial institution that administers the plan must inform you at least 30 days before the amendment comes into effect. As a supervisory agency,
Retraite Québec can provide information about plan administration's conformity with the law.