Change to payment date for SWP and income plan payouts
Effective July 31, 2017, the payment date on SWPs and Income plan payouts will be changed to ensure that clients receive their payment on or before their requested date. This will ensure their cash flow is not adversely impacted by payment dates that would otherwise fall on a non-business day and is reflective of the industry payout process.
Currently, when the payment date of a SWP or Income Plan payout falls on a non-business day (i.e. weekend or a statutory holiday), funds are withdrawn on either the previous business day or the next business day.
As of July 31, 2017, when the payment date falls on a non-business day (i.e. weekend or a statutory holiday), funds will be processed on the previous business day.
Year-end Income plan payments will payout a few business days in advance of the scheduled payment date to ensure all payments are received within the current year, and payments scheduled for January 1, will payout the next business day.
For more information on these changes, please contact your Mackenzie Investments representative.