Plan sponsors and participants will see no immediate change to their accounts.
All plan administration and customer service staff in Scotiabank’s retirement business will be offered equivalent positions with Open Access and will continue to serve the clients they serve now.
The management of group retirement plans is Open Access’s sole business. With the acquisition of the Scotiabank portfolio of group retirement business, Open Access will manage assets of more than $315 million on behalf of 29,000 plan participants.
The transaction is expected to close Thursday.