Disclaimer
This is a reproduction of an NOID as issued and is provided for reference purposes only. In the event of an inconsistency, the NOID as issued takes precedence over this reproduction.

 

 
Superintendent of
Financial
Services
 
Ontario Coat of Arms
 
Surintendant des
services
financiers
 

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 Notice of Intended Decision of the Superintendent of Financial Services to consent, under section 78(1) of the PBA, to a payment out of the pension fund for the Cascades Canada ULC, Registration Number 0592360.

 

TO:

Cascades Canada ULC
100-1061 Parent Street
Saint-Bruno  ON  J3V 6R7

Attention: Caroline Tremblay
Corporate Director, Human Resources

Applicant and Employer

AND TO:

Isabelle Trudeau
Mercer (Canada) Limited

 

NOTICE OF INTENDED DECISION


I INTEND TO CONSENT, under section 78(1) of the PBA, to the payment out of the pension fund for the Cascades Canada ULC, Registration Number 0592360 (the “Plan”), to Cascades Canada ULC, in the amount of $5,449,353 as at September 30, 2012 plus adjustments to the actual date of payment.

I INTEND TO MAKE THE CONSENT effective only after the Applicant satisfies me that all benefits pursuant to the surplus distribution agreement set out in paragraph 4 blow have been paid or otherwise provided for.

I INTEND TO CONSENT FOR THE FOLLOWING REASONS:

  1. Cascades Canada ULC is the employer and administrator as defined in the Plan (the “Employer”).


  2. The Plan was wound up in part effective December 31, 1993.


  3. As indicated in the report provided with the Employer’s application for payment of surplus as at December 31, 1993, the surplus in the Plan was estimated at $1,905,030.


  4. The application discloses that by written agreement among:

    1. the Employer; and

    2. 94% of the former members and other persons who are affected by he partial wind up and who are entitled to payments under the Plan as of the date of the partial wind up (which percentage  represents a number of former members and other persons enetitled to apyment under the Plan that the Superintendent considers appropriate in the circumstances);

    the surplus in the Plan at the date of payment, after deduction of  expenses, is to be distributed:

    1. 60% to the Employer; and

    2. 40% to the beneficiaries of the Plan as defined in the Surplus Distribution agreement.

  5. The Employer has applied, pursuant to section 78 of the PBA, for consent of the Superintendent of Financial Services to the payment of 60 % of the surplus to be distributed from the Plan (after adding investment earnings and deducting the expenses related thereto.)

  6. The application appears to comply with sections 78, 79(3.1) and all other applicable requirements under the PBA and Regulation 909, R.R.O 1990, as amended.

  7. Such further and other reasons as may come to my attention.


YOU ARE ENTITLED TO A HEARING by the Financial Services Tribunal (the “Tribunal”) pursuant to section 89(6) of the PBA. To request a hearing, you must deliver to the Tribunal a written notice that you require a hearing, within thirty (30) days after this Notice of Intended Decision is served on you.1

YOUR WRITTEN NOTICE must be delivered to:

Financial Services Tribunal
5160 Yonge Street
14th Floor
Toronto, Ontario
M2N 6L9

Attention: The Registrar

FOR FURTHER INFORMATION on a Form for the written notice, please see the Tribunal website at www.fstontario.ca or contact the Registrar of the Tribunal by phone  at 416- 590-7294,  toll free at 1-800-668-0128, ext. 7294, or by fax at 416-226-7750.

IF YOU FAIL TO REQUEST A HEARING WITHIN THIRTY (30) DAYS, I MAY CARRY OUT THE INTENDED DECISION AS DESCRIBED IN THIS NOTICE.

 

DATED at Toronto, Ontario, this   9th  day of  July, 2013.  

Original Signed By

Brian Mills
Deputy Superintendent, Pensions (Acting)

 

1NOTE - Pursuant to section 112 of the PBA any Notice, Order or other document is sufficiently given, served or delivered if delivered personally or sent by regular mail and any document sent by regular mail shall be deemed to be given, served or delivered on the fifth day after the date of mailing.


© Queen's Printer for Ontario, 2013