The vendor required to provide core banking, custodial, and pension payroll services to the client, ensuring efficiency, security, and compliance with regulatory requirements:
• Safekeeping of assets: the custodian shall be responsible for the safekeeping of all financial instruments and cash held on behalf of corporation and corporation pension fund, ensuring the highest standards of security, segregation, regulatory compliance, and operational efficiency.
• Custody of financial instruments: the custodian shall be responsible for the physical and electronic safekeeping of all financial and non-financial assets entrusted to it by the client.
• Segregated account maintenance: establish and maintain separate custody accounts for corporation and corporation pension fund to ensure that its assets are clearly distinguished from those of the custodian and other clients.
• Maintain records that reflect ownership of the client assets on a real-time basis.
• Asset protection: maintain robust controls and procedures to protect against fraud, loss, cyber threats, or unauthorized access.
• Ensure compliance with applicable national and international safekeeping regulations.
• Record keeping and audit trail: the custodian shall maintain a comprehensive and auditable record of all transactions, holdings, and related activities.
• Records shall be kept in accordance with applicable regulatory requirements and retained for a minimum of [7–10] years unless otherwise specified by the client.
- Corporate actions and income collection processing:
• The custodian shall be responsible for the processing of all investment income—such as dividends, interest, and coupon payments—and that all are accurately tracked, collected, and credited to the client’s account.
• The custodian will notify the client of all corporate actions, such as stock splits, mergers tender offers and process the client’s instructions in a timely manner to ensure compliance with deadlines.
• The custodian may also support tax reclaims and income forecasting to help clients manage cash flow and returns.
- Cash management and currency exchange
• Provide the ability to sweep end of day cash balances to and from corporation and corporation pension fund bank accounts.
• The custodian will offer services to manage cash balances to optimize liquidity and minimize idle funds.
• The custodian will facilitate currency exchanges to support international investments, ensuring timely and cost-effective foreign exchange execution.
• The custodian shall also offer the ability to settle transactions on a contractual basis, governed by terms that define predetermined settlement dates irrespective of actual settlement.
- Available credit facilities
• To further support clients' operational needs, intraday and overnight overdraft protection shall be made available to the client based on predetermined terms.
- Pension payment administration, recordkeeping and other related requirements
1. Requirements for payment of pension benefits:
• The registered defined benefits pension plan payable by the corporation pension fund
• The defined pension benefits supplemental pension plan (SPP) and executive supplemental pension plan (ESPP) payable by corporation.
2. Requirements for monthly pension payments:
• Retirees in receipt of pension payments from the registered and the supplemental plans receive separate deposits in either the same bank account or separate bank accounts.
• For a small number of retirees, the proponent shall produce monthly paper cheques.
3. Pension payment statements:
• For the initial payment
• Each December showing the year-to-date value of the accumulated amount paid
• If there are changes to retirees’ net payment amount.
- Contract Period/Term: 5 years
- Questions/Inquires Deadline: February 2, 2026
