Alexander Metal Products (1965) Limited - September 21, 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 by the Superintendent of Financial Services to Require a New Report under Sections 87 and 88 of the PBA in respect of the Pension Plan for Employees of Alexander Metal Products (1965) Limited, Registration Number 533273.

 

TO:               

Alexander Metal Products (1965) Limited
D W Irving
President
1550 Lapierre Avenue
Ottawa, ON    
K1Z 7T2


AND TO:

Alexander Metal Products (1965) Limited
D W Irving
101 – 1190 Richmond Avenue
Ottawa, ON    
K2B 8J3         

Employer and Administrator of the Plan       

 

AND TO:       

Low Murchison LLP
Barristers and Solicitors
200 – 441 MacLaren Street
Ottawa, Ontario
K2P 2H3

Attention:  Timothy Kennedy

Lawyers for the Employer and Administrator

 

 

ORDER

 

ON OR ABOUT June 25, 2003, Alexander Metal Products (1965) Limited (the “Company”) filed a wind up report relating to a wind up effective October 31, 2002 of the Pension Plan for Employees of Alexander Metal Products (1965) Limited (the “Plan”)  with the Superintendent of Financial Services (the “Superintendent”), which report stated that there was no surplus in the Plan.

ON OR ABOUT July 4, 2003, the Superintendent approved the wind up report.

ON OR ABOUT December 12, 2003, the Company filed an application to withdraw surplus under section 78 of the PBA with the Superintendent, which included a letter dated November 27, 2003 from Manulife Financial to Low Murchison LLP stating that there was surplus in the Plan in the amount of $99,048.20 which arose from a Plan conversion in 2002.

ON OR ABOUT July 14, 2005, the Superintendent issued a Notice of Proposal refusing to consent to the surplus withdrawal application.  The Company did not request a hearing by the Financial Services Tribunal with respect to this Notice of Proposal.

ON OR ABOUT May 11, 2006, the Superintendent issued an Order confirming the Notice of Proposal refusing to consent to the surplus withdrawal application.

ON OR ABOUT July 27, 2007, the Superintendent issued a Notice of Proposal requiring a new wind up report to be prepared and filed, within thirty (30) days from the date an Order is issued confirming the Notice of Proposal, which report shall deal with the distribution of surplus related to the wind up of the Plan effective October 31, 2002, pursuant to sections 70, 87, and 88 of the PBA.

 

NO REQUEST FOR A HEARING has been filed with the Financial Services Commission of Ontario with respect to the July 27, 2007 Notice of Proposal.

I, THEREFORE, for the reasons set out in the Notice of Proposal, order that a new wind up report be prepared and filed, within thirty (30) days from the date of this Order, and that the new wind up report shall deal with the distribution of surplus related to the wind up of the Plan effective October 31, 2002, pursuant to sections 70, 87, and 88 of the PBA.

 

 

 

DATED at Toronto, Ontario, this 21st  day of September, 2007

 

 


_________________________________

Tom Golfetto
Director, Pension Plans Branch
By Delegated Authority from
the Superintendent of Financial Services

 
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