IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c. P.8, as amended (the Act);
AND IN THE MATTER OF a Proposal by the Superintendent of Financial Services to make an Order under subsection 78(4) of the Act consenting to a payment out of the Pension Plan for Employees of Compass Group of Canada (Beaver) Ltd. (the “Plan”), Registration Number 567354.
Mr. Bruce Tavender, CA
Vice President, Finance
Compass Group Canada (Beaver) Ltd.
493 Dundas Street
London ON N6B 1W4
NO NOTICE requiring a hearing was delivered to the Financial Services Tribunal by the Applicant or any other party within the time prescribed by subsection 89(6) of the Act.
IT IS THEREFORE ORDERED to consent to the payment, out of the Pension Plan for Employees of Compass Group of Canada (Beaver) Ltd., to Compass Group Canada (Beaver) Ltd., as at September 29, 2005, and October 31, 2005, in the amount of $741, 492 at each date, plus interest to the date of payment for the following reasons:
- Compass Group Canada (Beaver) Ltd. is the employer as defined in the Plan.
- As a result of a misinterpretation of the minimum amount of monthly special payments, contributions as set out in the December 1, 2004, actuarial valuation report were remitted incorrectly. Instead of remitting the monthly amount, the annual amount of special payments was remitted twice (once for August contributions and once for September contributions).
- Evidence of the overpayment to the fund has been submitted to the Financial Services Commission of Ontario.
- The application appears to comply with section 78(4) of the Act.
DATED at Toronto, Ontario, this 19th day of April, 2006.
Director, Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services