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 Nissan Canada Inc. Retirement Plan (the Plan), Registration Number 563247.
James P. Higgins
Nissan Canada Inc.
5290 Orbitor Drive
Mississauga ON L4W 4Z5
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 Nissan Canada Inc. Retirement Plan , to Nissan Canada Inc., as at December 31, 2005 in the amount of $57,176 plus interest to the date of payment for the following reasons:
- Nissan Canada Inc. is the employer as defined in the Plan.
- As a result of the new Actuarial Valuation Report as at December 31, 2004, the employer contribution requirements for the year 2005 are less than the contribution requirements set out in the Actuarial Valuation Report as at December 31, 2003. Therefore, the 2005 employer contributions made up to September 2005 which were based on the December 31, 2003 Actuarial Valuation Report, exceed the amount required to be made by the employer.
- 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. The application was made in the same fiscal year in which the overpayment occurred.
DATED at Toronto, Ontario, this 21st day of April, 2006.
Director, Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services