This site has been created to update members, former members and retirees, regarding the recommended approach, identified by the Joint Pension Board, for the management of the restructured notes received in exchange for the non-bank Asset Backed Commercial Paper held in the Western Retirement Plans.
To assist members of the Western Retirement Plan in making decisions about whether to hold or sell units of the Liquidating Trust, we provide the following slide presentation updating the various scenarios regarding the possible price of liquidating trust units at maturity.
Effective on May 31, 2010 redemption restrictions on the UWO Liquidating Trust were lifted and plan members with Liquidating Trust units in their pension accounts can now redeem these units in any month if they wish and re-invest the proceeds into another pension fund. If you have Liquidating Trust in your pension account you are encouraged to review the information on this site and take a few minutes to review the web based workshop on the UWO Liquidating Trust.
Members are reminded that if they decide to redeem their UWO Liquidating Trust holdings and re-invest the proceeds to another fund they must do this by submitting a completed form by mail or fax to HR Communications. This investment change cannot be done on the online system. Please see the right side of this page for the forms.
Former plan members who have left the University but who had UWO Liquidating Trust units held in the pension plans due to the redemption restrictions having been in place should have received option election packages to enable these remaining assets to be transferred out. If you are a former pension plan member with UWO Liquidating Trust holdings please make sure you return this paperwork to HR Communications.
The Joint Pension Board has recently updated the mandate of the UWO Liquidating Trust to enable the fund to re-invest proceeds from the sale of Restructured Notes in a variety of specified fixed income funds available within the retirement plans.
The UWO Liquidating Trust is a fixed income fund which holds the Restructured Notes together with cash received as interest payments from notes and from the sale of Notes. Under the revised mandate cash can be re-invested into other fixed income funds. The cash in the UWO Liquidating Trust can be invested in: the TDF funds, the Greystone Money Market Fund and the Canadian Bond Fund. The UWO Liquidating Trust cannot purchase more Restructured Notes or hold equities. Under the mandate when the Joint Pension Board deems it prudent and reasonable it may sell Restructured Notes in the UWO Liquidating Trust. Selling some of the Notes may be done to reduce the risk of the portfolio or increase its liquidity, which facilitates paying members who redeem their units of the Fund. The investment objective of the UWO Liquidating Trust is to maximize value of the UWO Liquidating Trust while preserving capital.
A summary of some selected Third Party Information on the Restructured Notes is available here.