S.I. Guttman Limited - August 25, 2006

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(1) of the PBA consenting to a payment out of the S.I. Guttman Limited Executive Pension Plan, Registration Number 901082.

TO:

Stephen I. Guttman Holdings Limited
Receiver of 647688 Ontario Limited
c/o Basman Smith LLP
111 Richmond Street West, Suite 1400
Toronto, ON M5H 2G4

Attention: Muni Basman

Applicant

CONSENT

On or about June 2, 2006, the Superintendent of Financial Services caused to be served on Stephen I. Guttman Holdings Limited, Receiver of 647688 Ontario Limited a Notice of Proposal dated June 2, 2006 to consent, pursuant to section 78(1) of the PBA, to the payment out of the S.I. Guttman Limited Executive Pension Plan, Registration Number 901082, to Stephen I. Guttman Holdings Limited, Receiver of 647688 Ontario Limited in the amount of $257,135.50 (representing 50% of the surplus in the Plan of $514,271.00 determined as at August 1, 1992, the wind up date of the Plan), plus 50% of the interest, earnings and experience gains (net of all investment and experience losses thereon) on the surplus from August 1, 1992 to the date of distribution of the said payment, less 50% of all costs and expenses of the Plan inclusive of all legal fees incurred by the Receiver relating to the implementation of the Surplus Settlement Agreement and the distribution of the surplus.

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.

THE SUPERINTENDENT OF FINANCIAL SERVICES THEREFORE CONSENTS to the payment out of the S.I. Guttman Limited Executive Pension Plan, Registration Number 901082, to Stephen I. Guttman Holdings Limited, Receiver of 647688 Ontario Limited in the amount of $257,135.50 (representing 50% of the surplus in the Plan of $514,271.00 determined as at August 1, 1992, the wind up date of the Plan), plus 50% of the interest, earnings and experience gains (net of all investment and experience losses thereon) on the surplus from August 1, 1992 to the date of distribution of the said payment, less 50% of all costs and expenses of the Plan inclusive of all legal fees incurred by the Receiver relating to the implementation of the Surplus Settlement Agreement and the distribution of the surplus.

THIS CONSENT IS EFFECTIVE ONLY AFTER the Applicant satisfies me that
all benefits, benefit enhancements (including benefits and benefit enhancements pursuant to the Surplus Settlement Agreement described in paragraph #6 of the Notice of Proposal dated June 2, 2006) and any other payments to which the members, former members, and any other persons are entitled under the Plan have been paid, purchased or otherwise provided for.

DATED at Toronto, Ontario, this 25th day of August, 2006

Tom Golfetto,
Director, Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services

Copy to:

PricewaterhouseCoopers Inc.
Mississauga Executive Centre
One Robert Speck Parkway, Suite 1100
Mississauga, ON L4Z 3M3

Attention:

Ms. Sharon Carew
Director, Global Human Resources
Plan Administrator

Copy to:

Blake, Cassels & Graydon LLP
Box 25, Commerce Court West
199 Bay Street
Toronto ON M5L 1A9

Attention:

Mr. Paul Dimitriadis
Counsel to the Applicant


 
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