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 Partial Plan Wind Up Report submitted by Schering-Plough Healthcare Products Canada Inc. in respect of the Schering-Plough Healthcare Products Canada Inc./Produits Pour Soins de Santé Schering-Plough Canada Inc. Salaried Employees Pension Plan, Registration No. 297903 (the “Plan”).
Schering Canada Inc.
Daniel S. Fetzer, Director of Finance
Employer and Administrator of the Plan
ON or about October 14, 1999, the Superintendent of Financial Services (the “Superintendent”) issued a Notice of Proposal (the “Notice of Proposal”) to the Employer and Administrator of the Schering-Plough Healthcare Products Canada Inc./Produits Pour Soins de Santé Schering-Plough Canada Inc. Salaried Employees’ Pension Plan, Registration Number 297903 (the “Plan”), wherein she proposed to make an Order on the basis of sections 70(5), 87(2)(c), and 88(2)(c) of the Act requiring the Employer and Administrator to prepare and submit within 60 days of the Order, a report amending that portion of the partial wind up report dated February 19, 1997 on the Partial Wind-Up of the Plan as at August 31, 1996 (the “Report”) dealing with surplus attributable to the partial wind up group, to comply with the requirements of the Act.
ON or about November 10, 1999, Schering-Plough Healthcare Products Canada Inc. (the “Employer”) requested a hearing before the Financial Services Tribunal (the “Tribunal”).
ON or about February 2, 2000, the Tribunal adjourned the proceeding sine die
on consent of all parties, subject to the term that the parties were to contact the Registrar of the Tribunal by April 17, 2000 to schedule a telephone conference with the Chair of the panel presiding in the proceeding.
ON or about April 14, 2000 and May 12, 2000, the parties jointly requested that the proceeding be adjourned sine die to await the appeal in the Monsanto Canada Inc. case (“Monsanto”).
ON or about May 18, 2000, the Tribunal agreed to adjourn the proceeding sine die to await the decision in Monsanto.
ON or about January 1, 1999, the Plan was effectively amended to change the name of the Employer from Schering-Plough Healthcare Products Canada Inc./Produits Pour Soins de Santé to Schering Canada Inc.
ON or about July 29, 2004, the Supreme Court of Canada released its decision
in Monsanto, holding that the Act requires a distribution of surplus on partial wind up.
ON or about October 21, 2004, the Tribunal issued a Notice of Pre-Hearing Conference scheduling the pre-hearing conference for December 15, 2004.
ON or about December 10, 2004, the Tribunal adjourned the pre-hearing conference at the Employer’s request, on the consent of the Superintendent.
ON or about March 9, 2005, the Employer filed an Appendix to the Partial
Wind-Up Report as at August 31, 1996.
ON or about September 27, 2005, the Tribunal conducted the pre-hearing
ON or about January 9, 2006, the Tribunal conducted the hearing and reserved
ON or about April 12, 2006, the Tribunal issued its decision, in which it held
that the Superintendent may proceed with the Notice of Proposal.
NO Notice of Appeal has been filed respecting the Tribunal’s decision.
THEREFORE THE SUPERINTENDENT ORDERS that Schering Canada Inc. file with the Superintendent within 60 days of the date of this Order, a report amending that portion of the Report dealing with the surplus attributable to the partial wind up group, to comply with the requirements of the Act.
DATED at Toronto, Ontario, this 19th day of May, 2006.
K. David Gordon
Deputy Superintendent, Pensions