St. Anne-Nackawic Pulp Company Ltd. - February 2, 2007

IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c. P.8, as amended (the “PBA”);

AND IN THE MATTER OF a Proposal of the Superintendent of Financial Services to make a Declaration under section 83 of the PBA, respecting the Pension Plan for Non-Union Salaried Employees of St. Anne-Nackawic Pulp Company Ltd., Registration Number 569632.

TO:

Mike O'Connell FIA, FCIA
Partner
Morneau Sobeco Limited Partnership
CIBC Building, Suite 701
1809 Barrington Street
Halifax NS B3J 3K8

Administrator

AND TO:

Michael Connell
Vice-President Finance & Administration
St. Anne-Nackawic Pulp Company Ltd.
PO Box 1000
Nackawic NB E0H 1P0

Employer

AND TO:

Paul Stehelin
A. C. Poirier & Associates Inc.
133 Prince William Street, Suite 401
Saint John NB E2L 2B5


Trustee in Bankruptcy


AND TO:

Angela Mazerolle
Superintendent of Pensions
Office of the Superintendent of Pensions
P.O. Box 6000
Fredericton NB E3B 5H1

NOTICE OF PROPOSAL

I PROPOSE TO MAKE A DECLARATION under section 83 of the PBA that the Pension Benefits Guarantee Fund applies to the Pension Plan for Non-Union Salaried Employees of St. Anne-Nackawic Pulp Company Ltd. (the “Plan”), Registration Number 569632.

REASONS:

  1. The Plan is registered under the New Brunswick Pension Benefits Act, and

  2. The Plan provides defined benefits for certain Ontario members that are not exempt from the application of the Pension Benefits Guarantee Fund by the PBA or the Regulations made thereunder, and

  3. The plan was wound up effective September 14, 2004, and

  4. There are reasonable and probable grounds that the funding requirements of the PBA and regulations cannot be satisfied. The administrator has estimated the deficit in the Ontario portion of the Plan at the wind up date to be $572,415. Based on the latest actuarial certification, there is an estimated claim against the Pension Benefits Guarantee Fund of $257,822. If funds become available from the estate of the employer, the administrator will be required to make an appropriate refund of any allocation amount received by the Plan from the Pension Benefits Guarantee Fund.

  5. Such further and other reasons as may come to my attention.


YOU ARE ENTITLED TO A HEARING by the Financial Services Tribunal (the “Tribunal”) pursuant to section 89(6) of the PBA. To request a hearing, you must deliver to the Tribunal a written notice that you require a hearing, within thirty (30) days after this Notice of Proposal is served on you.*


YOUR WRITTEN NOTICE must be delivered to:

Financial Services Tribunal
5160 Yonge Street
14th Floor
Toronto, Ontario
M2N 6L9

Attention: The Registrar

FOR FURTHER INFORMATION on a Form for the written notice, please see the Tribunal website at www.fstontario.ca or contact the Registrar of the Tribunal by phone at 416- 590-7294, toll free at 1-800-668-0128, ext. 7294, or by fax at 416-226-7750.

IF YOU FAIL TO REQUEST A HEARING WITHIN THIRTY (30) DAYS, I MAY CARRY OUT THE PROPOSAL AS DESCRIBED IN THIS NOTICE.

DATED at Toronto, Ontario, this 2nd day of February 2007

K. David Gordon
Deputy Superintendent, Pensions

 

*NOTE - Pursuant to section 112 of the PBA any Notice, Order or other document is sufficiently given, served or delivered if delivered personally or sent by regular mail and any document sent by regular mail shall be deemed to be given, served or delivered on the seventh day after the date of mailing.

 
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