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(4) of the PBA consenting to a payment out of the Retirement Income Plan of Falconbridge Limited and Associated Companies (the Plan), Registration Number 215046.
100 King Street West
Suite 7050, P.O. Box 404
Toronto ON M5X 1E3
Attention: Michel Tremblay
Manager, Retirement Programs
NOTICE OF PROPOSAL
I PROPOSE TO MAKE AN ORDER under section 78(4) of the PBA, consenting to the payment out of the plan to Xstrata plc, as at December 31, 2007 in the amount of $11,152,700 plus interest to the date of payment.
- Xstrata plc is the employer as defined in the Plan.
- The Employer contributed to the Plan on the basis of an actuarial report for which the effective date had passed. When the new report was filed, the contributions actually made exceeded those that would otherwise have been required in accordance with the new report.
- Evidence of the overpayment to the fund has been submitted to the Financial Services Commission of Ontario.
- 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
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 27th day of June, 2008.
K. David Gordon
Deputy Superintendent, Pensions