Evidence of meeting #103 for Citizenship and Immigration in the 44th Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was kongers.
A video is available from Parliament.
Global Head, Government Relations, The Manufacturers Life Insurance Company
I don't have in front of me the U.K. processing numbers, I can get them for you, but in the case of Canada, the BNO designation is not relevant, actually, in whether an application is processed or not processed. It's based on other criteria, including permanent residency or citizenship in Canada.
I'd be happy to get the information and the data on the U.K. for the member.
NDP
Jenny Kwan NDP Vancouver East, BC
Thank you. If we could get that, it would be appreciated. For Sun Life, can we get that data as well?
Vice-President and Head, Global Government Affairs and Public Policy, Sun Life Financial Services of Canada Inc.
Yes, so my 14,590 applications, that is worldwide that I'm speaking to with the 97.5% approval rate, but then when I specifically speak about approving all Canadian permanent residents and Canadian citizens, that's Canada-specific.
NDP
Jenny Kwan NDP Vancouver East, BC
The requirement for permanent resident status or citizenship in another country.... Is that a requirement internal to the bank or is that legislated in law? That's for both witnesses.
Global Head, Government Relations, The Manufacturers Life Insurance Company
In the financial services sector we're highly regulated, and nearly everything we do is set forth in laws and regulations. The evidence of permanent departure is something that is in the regulations in each of the jurisdictions in which we operate, including this one.
Vice-President and Head, Global Government Affairs and Public Policy, Sun Life Financial Services of Canada Inc.
Yes, so the criteria are outlined by the regulator and we must follow those criteria as outlined. Each country obviously has a different form of permanent departure, and obviously in the Canadian case, I'm speaking to the permanent residency and citizenship.
NDP
Jenny Kwan NDP Vancouver East, BC
Have any of you been instructed or directed by the Hong Kong government or the Chinese government to not process BNO visa holders' requests for early pension withdrawal?
Vice-President and Head, Global Government Affairs and Public Policy, Sun Life Financial Services of Canada Inc.
The regulator has set out the criteria and set out what constitutes permanent departure, so in this case the BNO visa on its own is not considered permanent departure, but once a person has permanent residency, that is considered permanent departure.
Global Head, Government Relations, The Manufacturers Life Insurance Company
If I understand the question correctly, when a customer wants to access their pension early, they apply to us and we do the first processing.
NDP
Jenny Kwan NDP Vancouver East, BC
Thank you. I think my question was a simple yes or no question. It's whether or not the Hong Kong authority or the Chinese government has spoken with any of your agencies about withholding early withdrawal pension funds for BNO visa holders. It's a yes or no question.
Global Head, Government Relations, The Manufacturers Life Insurance Company
The answer to that is no. We interact with governments around the world and regulators, but no. I think the direct answer to your question is no, if I understand it properly.
Vice-President and Head, Global Government Affairs and Public Policy, Sun Life Financial Services of Canada Inc.
No. They've set out the criteria, and that's what we're following, but they have not directed us.
NDP
Jenny Kwan NDP Vancouver East, BC
What's the processing time for the applications? What's your average processing time?
Vice-President and Head, Global Government Affairs and Public Policy, Sun Life Financial Services of Canada Inc.
That is a good question. I don't have that information in front of me, but I do know that we are processing them expeditiously. It's not a very long wait time for those who are eligible.
Global Head, Government Relations, The Manufacturers Life Insurance Company
I don't know the answer to the processing time. It assumes that all the documentation is complete and that your application is ready to go. I can absolutely get that for the member.
NDP
Jenny Kwan NDP Vancouver East, BC
Thank you very much.
I would appreciate it if we could get that information from both of the witnesses. I just want to reconfirm that request.
How much more time do I have?
NDP
Jenny Kwan NDP Vancouver East, BC
Okay. Perhaps I'll just make a quick comment.
I think the problem lies here. If the requirement is that people have to show that they have a PR application or have received their PR card before they can get their pension.... Those who are fleeing Hong Kong right now are actually in desperate need of access to their funds in order to survive before they get their PR. It brings us back to the point that this interim program that the federal government has announced—and we don't know how long it's going to take—is not going to help people, because they will not be able to access their pension funds. That means they have to expedite the PR application process. That's the only way they can access their funds.
Liberal
The Chair Liberal Sukh Dhaliwal
Thank you very much, Madam Kwan.
We will go to the second round: four minutes, four minutes, two minutes, two minutes.
Mr. Kmiec seems to be ready.
Please go ahead for four minutes.