Are there penalties for missing a payment?

If we don’t receive your expected contributions within 4 months of the due date we will contact you to encourage you to get back on track with your savings plan.

If this happens and your sales charges have not been fully paid, we will cancel your plan. If your plan goes into default and you have paid your sales charges, we will transfer your plan to either the Individual or Family Savings Plan, which are other plans we offer. When your plan is transferred to the Individual or Family Savings Plan, you will keep your savings but will no longer be entitled to your group plan benefits.

In general, we strongly advise that you contact us to bring your plan back into good standing and discuss your options. While you will need to make up missed contributions and income, you won’t be charged for the process. Once you get back on track, your child will still qualify for the same payments and sales charge refund and there will be no penalties. You have up until the original maturity date to come back to your plan and catch up.

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Plan cancellation