IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c. P.8 (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 Crown Metal Packaging Canada LP Pension Plan for Hourly Employees
Registration Number 0474213.
Crown Metal Packaging Canada LP
7900 Keele Street
Concord ON L4K 2A3
No Notice requiring a hearing was delivered to the Financial Services Tribunal by the Applicant or any other party within the time prescribed by section 89(6) of the PBA.
IT IS THEREFORE ORDERED to consent to the payment, out of the Plan, to Crown Metal Packaging Canada LP, as at December 28, 2005 in the amount of $1,651,000 plus interest to the date of payment for the following reasons:
- Crown Metal Packaging Canada LP is the employer as defined in the Plan.
- As a result of the employer pre-funding the 2006 contributions in December of 2005 on the basis of estimates provided by the Plan actuary, when the new valuation report as at December 31, 2005 was filed, such contributions exceeded those required by the new report.
- Evidence of the overpayment to the fund has been submitted to the Financial Services Commission of Ontario.
DATED at Toronto, Ontario, this 28th day of May, 2007
Director, Pension Plans Branch by Delegated Authority from the Superintendent of Financial Services