IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c. P.8, as amended (the “PBA”);
AND IN THE MATTER OF an Intended Decision of the Superintendent of Financial Services to Refuse to Make an Order under section 87 of the PBA relating to the Pension Plan for Crown Life Insurance Company of Canada Employees, Registration Number 1047653
The Canada Life Assurance Company
c/o London Life Insurance Company
255 Dufferin Ave.
London ON N6A 4K1
Attention: Cathy Macdonald
Administrator of the Plan
ON OR ABOUT August 27, 2012, the Superintendent of Financial Services (the “Superintendent”) issued a Notice of Intended Decision (the “NOID”) in respect of the Pension Plan for Crown Life Insurance Company of Canada Employees, Registration Number 0346601 (the “Crown Life Staff Plan”).
THE NOID WAS AMENDED by the Financial Services Tribunal (the “Tribunal”) in its decision dated September 26, 2013 to make the NOID in respect of the Pension Plan for Crown Life Insurance Company of Canada Employees, Registration Number 1047653 (the “Plan”), to reflect the fact that effective November 1, 1998, assets and liabilities of former Crown Life employees with entitlements under the Crown Life Staff Plan were transferred to the Plan. The Crown Life Staff Plan was wound up effective December 31, 1998 and shortly thereafter The Canada Life Assurance Company (“Canada Life”) became the administrator and successor sponsor of the Plan.
A REQUEST FOR HEARING dated September 25, 2012 was received by the Tribunal on September 25, 2012 in connection with this matter.
THE TRIBUNAL granted full party status to Canada Life on December 13, 2012.
THE TRIBUNAL held a hearing on July 30 and 31, 2013.
THE TRIBUNAL, in its Reasons for Decision dated September 26, 2013 (the “Decision”), directed the Superintendent to make the decision reflected in the NOID.
AN APPEAL was taken from the Decision under section 91 of the PBA by Carl Hunte to the Divisional Court.
THE APPEAL was heard by the Divisional Court on February 26, 2014 and dismissed on February 26, 2014, with written reasons delivered on March 5, 2014.
NO MOTION FOR LEAVE TO APPEAL from the Divisional Court’s decision has been made, and therefore the decisions of the Divisional Court and the Tribunal are final.
For the reasons set out in the Decision, I REFUSE TO ORDER that Canada Life pay a deferred pension from the Plan to Carl Hunte.
Original Signed By
Deputy Superintendent, Pensions