IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c. P.8 (PBA);
AND IN THE MATTER OF a Proposal by the Superintendent of Financial Services to make an Order under section 78(4) of the PBA consenting to a payment out of the Retirement Income Plan of Falconbridge Limited and Associated Companies (the Plan), Registration Number 215046.
100 King Street West
Suite 7050, P.O. Box 404
Toronto ON M5X 1E3
No Notice requiring a hearing was delivered to the Financial Services Tribunal by the Applicant or any other party within the time prescribed by section 89(6) of the PBA.
IT IS THEREFORE ORDERED to consent to the payment, out of the Plan, to Xstrata Plc, as at December 31, 2007 in the amount of $11,152,700 plus interest to the date of payment for the following reasons:
Xstrata Plc is the employer as defined in the Plan.
- The Employer contributed to the Plan on the basis of an actuarial report for which the effective date had passed. When the new actuarial report was filed, the contributions actually made exceeded those that would otherwise have been required in accordance with the new report.
- Evidence of the overpayment to the fund has been submitted to the Financial Services Commission of Ontario.
DATED at Toronto, Ontario, this 27th day of August, 2008.
Director(Acting), Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services