B2B TRUST pulling out of the Individual Pension Plan business! What advisors should do?
Sep 23, 2017
We have been informed that B2B Trust, a subsidiary of the Laurentian Bank group of companies, has decided that effective December 31, 2016, they would cease to act as corporate trustees and custodians of Individual Pension Plans (“IPPs”) and by extension, Personal Pension Plans.
Financial advisors who have clients using B2B Trust might be looking at alternatives. Unfortunately, and except for very limited circumstances, these IPPs cannot use B2B’s main competitor, Canadian Western Trust, because that entity is also pulling out of this segment of the corporate trust marketplace.
Fortunately, there are a few solutions available to these clients including shifting to another corporate trustee, or moving to an insurance platform where no trust is required.
We would invite advisors with clients caught in this situation to contact INTEGRIS by sending an email message to:email@example.com. A member of our Sales team will respond within 24 hours.
In light of the new tax rules that penalize passive investments within CCPCs, advisors must understand how pension legislation can become a powerful tool to deal with wealth succession, business succession, and tax optimization within a corporate environment.Learn more about the ppp101 course
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