Thousands of pension plan members in Ontario have lost track of their pension plan, which is estimated to equal over $3 billion in benefits, according to Ontario’s financial services regulator.
Losing track of a pension plan can happen when, for example, plan members earn a small benefit at the start of their career and then after a year or two, change employers and forget about their entitlement.
In the context of a defined benefit pension plan, these individuals become deferred vested members, said Tom Stevenson, partner at Torys LLP.
