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
NOTICE OF PROPOSAL
I PROPOSE TO MAKE AN ORDER under s. 78(4) of the Act, consenting 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 and such further reasons that may come to my attention:
- 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.
YOU ARE ENTITLED TO A HEARING by the Financial Services Tribunal (the Tribunal) pursuant to subsection 89(6) of the Act if, within thirty (30) days after this Notice of Proposal is served on you, you deliver to the Tribunal a written notice that you require a hearing.
Your written notice requiring a hearing must be delivered to:
Financial Services Tribunal
14th Floor, 5160 Yonge Street
North York ON M2N 6L9
Attention: The Registrar
IF YOU DO NOT DELIVER TO THE TRIBUNAL, WITHIN THIRTY (30) DAYS FROM THE DATE THIS NOTICE OF PROPOSAL IS SERVED ON YOU, A WRITTEN NOTICE THAT YOU REQUIRE A HEARING, I MAY MAKE THE ORDER PROPOSED HEREIN.
DATED at Toronto, Ontario, this 7th day of March, 2006
K. David Gordon
Deputy Superintendent, Pensions
*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.