16. For the purposes of section 26 of the Act, where the administrator ceases to offer an investment option, the administrator shall notify the affected members as soon as possible.
The notice sent to the affected members must contain the following information:
(1) a description of the investment options offered;
(2) a mention that further information on the investment options is available on a Web site or, where requested by the member, provided in writing;
(3) a mention that the member has 60 days following receipt of the notice to choose another option and, if he fails to do so within the time allotted, a mention of the option that the administrator will retain.
Where, upon the expiry of that 60-day time period, the member has made no choice, the administrator shall place the member’s funds in an option similar to the initial option or in the default investment option.
The transfer of the member’s funds to a new investment option may not be subject to any fees, deductions or other expenses.