Overview

If you decide to close your group plan, we require written notice as per the terms of your agreement. We don't charge any fees to the plan sponsor or plan members when a plan is terminated.

Once we terminate the plan, we'll suspend plan member accounts, and they can choose how to manage their remaining funds.

Eligibility

• This applies to plan sponsors who wish to end their service agreement with Wealthsimple.
• Individual plan members can't terminate a group plan; they can only manage their personal account transfers after the plan is suspended.

How to close your group plan

Follow these steps to close your group plan:

1. Review your agreement to confirm your required notice period (usually 60 days).

2. Write a formal letter of termination that includes the following:

   • The effective transition date, and
   • The final contribution date at Wealthsimple.

   If transferring the plan to another financial institution, please also include:

   • The transition plan, and
   • The receiving financial institution's contact information.
      
3. Send your notice to your dedicated Client Success Manager. If you don't have a manager, please email our support team.

What happens to employee accounts

Plan member accounts will be suspended on the termination date. After this, employees have the following options:

• Move their funds into personal Wealthsimple accounts, such as managed investing or self-directed investing.
• Transfer their funds to a different financial institution.

Frequently asked questions