Disclaimer
This is a reproduction of an ORDER as issued and is provided for reference purposes only. In the event of an inconsistency, the ORDER 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 make an Order under section 69 of the PBA, respecting The Pension Plan for Employees of PRACS Institute Canada, Registration Number 1151976


TO:

Rose Marie Webb
Manulife Financial
Group Retirement Solutions
25 Water Street South
P.O. Box 396, Stn. KC 6
Waterloo, ON N2J 4A9

Administrator

AND TO:

Sandro Conte
Plan Administrator
PRACS Institute Canada
1290 Ellesmere Road
Scarborough ON M1P 2X9

Employer

AND TO:

Tracey Weaver
Vice President, Consulting & Deals
PricewaterhouseCoopers
PWC Tower
2600-18 York Street
Toronto ON M5J 0B2

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 Intended Decision to make an Order to wind up The Pension Plan for Employees of PRACS Institute Canada, Registration Number 1151976 (the “Plan”).

IT IS THEREFORE ORDERED that the Plan be wound up in full effective April 1, 2013, for following reasons:

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

Failure of employer to make contributions to the pension fund as required by the Act or the Regulations.

The employer is bankrupt within the meaning of the Bankruptcy and Insolvency Act (Canada).

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

All or a significant part of the business has been discontinued at a specific location.

DATED at Toronto, Ontario, this 25th day of June, 2014

Original Signed By

John Avgeris
Director, Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services

 

© Queen's Printer for Ontario, 2014