TORONTO, March 1, 2012 /CNW/ - Knowledge First Financial, the administrator of the Family Multiple Student Education Savings Plan (the "Multiple Student Plan"), the Family Grandfathered Multiple Student Education Savings Plan and the Family Grandfathered Single Student Education Savings Plan (the "Two Grandfathered Plans") today announced a proposal to transfer the assets of the Multiple Student Plan and the Two Grandfathered Plans into the Family Single Student Education Savings Plan.
Knowledge First Financial is proposing to transfer the plans sold in the Multiple Student Plan and the Two Grandfathered Plans into a larger plan with a similar mandate. The proposed transfer will result in the majority of assets in and subscribers to the Multiple Student Plan and the Two Grandfathered Plans (the "Subscribers") becoming subscribers to the Family Single Student Education Savings Plan.
The transfer is subject to the approval of: (i) the Subscribers and (ii) court approval. If approved, the transfer is expected to be completed on or before April 30, 2012.
Knowledge First Financial has been helping to make post-secondary education possible for Canadian families since 1965. Over the years it has paid out over $2.3 billion and manages almost half a million education savings plans for Canadians as at its last fiscal year end.
For further information:
Paul Renaud, Corporate Secretary and General Counsel, Knowledge First Financial (905) 281-4973