Carnarvon Building Supplies Ltd. - July 6, 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 an Order under section 69 of the PBA, respecting the Retirement Plan for the Employees of Carnarvon Building Supplies Ltd.  Registration Number 1040518.

 

 

TO:                        

Darlene Sundercock
Wind-up Customer Service Specialist
London Life Insurance Company
255 Dufferin Avenue
London, ON N6A 4K1

 

Administrator        

 

 

AND TO:           

Rick Bailey
Vice President
Carnarvon Building Supplies Ltd.
General Delivery
Carnarvon, ON K0M 1J0

 

Employer

 

 

AND TO:    

Hanson Lam
Deloitte & Touche Inc.
181 Bay Street, Siute 1400
BCE Place
Toronto, ON M5J 2V1

 

Receiver                

 


ORDER

 

NO request requiring a hearing was delivered to the Financial Services Tribunal within the time prescribed by subsection 89(6) of the PBA respecting a Notice of Proposal to make an Order to wind up the Retirement Plan for the Employees of Carnarvon Building Supplies Ltd. (the “Plan”).

 

IT IS THEREFORE ORDERED that the Plan be wound up in full effective May 17, 2002 for the following reasons:

 

There was a cessation or suspension of employer contributions to the pension fund.

 

The employer failed to make contributions to the pension fund as required by the PBA.

 

A significant number of members of the pension plan ceased to be employed by the    employer as a result of the discontinuance of all or part of the business of the              employer or as a result of the reorganization of the business of the employer.

 

DATED at Toronto, Ontario, this  6th day of July 2007.

 

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

 
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