What is one responsibility of the administrator in pooled RESPs?

The administrator in pooled Registered Education Savings Plans (RESPs) plays a crucial role in managing the funds within the plan. One of their primary responsibilities is to determine the amount paid to the beneficiaries when they are ready to withdraw funds for educational purposes. This involves verifying eligibility, calculating the total contributions and earnings, and ensuring that the proper amounts are disbursed according to the terms of the plan and in compliance with relevant regulations.

This task is vital as it directly affects the financial resources available to beneficiaries for funding their education, thereby impacting their ability to attend post-secondary institutions. The administrator must also keep detailed records and provide accurate statements to ensure transparency and accountability in this process.