Thank you for your patience as we resolve display errors on some of our segregated funds’ daily unit values. All systems are back up and running as expected.

What happened

A recent update to our fund administration system resulted in preliminary – rather than final – unit values for certain funds being incorrectly uploaded to our systems on Dec. 15. This caused many of our segregated funds, including the Canada Life Real Estate fund, to show incorrect values, both higher and lower.

This issue was identified quickly. We responded by taking many systems offline the morning of Dec. 16 to remedy the issue and restored all systems the morning of Dec. 17. We understand the issue and have contained it through the implementation of additional controls. We have resumed normal daily fund valuation operations on Dec. 16.

What this means for transactions

For transactions completed on Dec. 15:

• We are reviewing impacts to trades that were executed and will be making necessary adjustments as required, as some trades would have used an incorrect unit value.
• Death claims processed will also be reviewed for accuracy.
• For context: There were approximately 17,000 transactions processed for 10,000 clients. The majority of errors were +/- 1% of the amount transacted on that day

For transactions completed on Dec.16:

• For transactions successfully placed on the system prior to the system outage, the transactions were placed successfully and will receive the correct date.
• For transactions that couldn’t be placed on the system yesterday due to the outage and paperwork was sent into head office for processing, those transactions will be placed with the correct date.
• For transactions that should have been placed yesterday and paperwork was not submitted, please submit paperwork to head office today with a coversheet letting us know that the transactions should have been placed on Dec. 16.

We understand the impact this system outage and unit value errors has caused to your business. We sincerely apologize for the inconvenience this has caused you and we are doing everything to prevent this from happening in the future.