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 by the Superintendent of Financial Services to make an Order under section 78(1) of the PBA consenting to a payment out of the Assa Abloy of Canada Ltd. Pension Plan for Salaried Employees, Registration Number 0982207.
Assa Abloy of Canada Ltd.
6940 Edwards Blvd.
Mississauga, ON L5T 2W2
Attention: André Gougeon
Chief Financial Officer
NOTICE OF PROPOSAL
I PROPOSE TO MAKE AN ORDER under section 78(4) of the PBA, consenting to the payment, out of Assa Abloy of Canada Ltd. Pension Plan for Salaried Employees (the “Plan”), Registration Number 0982207 to Assa Abloy of Canada Ltd., in the amount of $179,414 as at December 31, 2005 plus interest and adjustments to the actual date of payment.
- Assa Abloy of Canada Ltd. is the employer as defined in the Plan.
- The Plan was partially wound up, effective March 31, 1998.
- As at December 31, 2005, the surplus in the Plan was estimated at $179,414.
- The Plan provides for the appropriate portion of the Fund, in the case of a partial discontinuance, to be paid to the Company.
- The application discloses that by written agreement made by the Employer and the eleven members affected by the partial wind up that the surplus in the Plan at the date of payment, after deduction of wind up expenses is to be distributed to the Employer.
- The Employer has applied, pursuant to section 78 of the PBA, and section 8(1)(b) of Regulation 909, R.R.O. 1990, (the “Regulation”), for consent of the Superintendent of Financial Services to the payment of 100% of the surplus in the Plan.
- The application appears to comply with sections 78 and 79(3) of the PBA and with sections 8(1)(b), 28(5), 28 (5.1) and 28(6), of the Regulation.
- Such further and other reasons as 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
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 22nd day of September , 2006.
K. David Gordon
Deputy Superintendent, Pensions
Copy: Jeffrey P. Sommers, Blake Cassels & Graydon LLP
*NOTE—PURSUANT to section 112 of the Act any notice, order or other document is sufficiently given, served, or delivered if delivered personally or sent by first class mail and any document sent by first class mail shall be deemed to be given, served, or delivered on the seventh day after mailing.