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 Pension Plan For Salaried Employees of Corby Distilleries and Affiliated Companies, Registration Number 0413880.
Corby Distilleries Limited
2072 Riverside Drive East
Windsor ON N8Y 4S5
Attention: Cathy Duquette
Applicant and Employer
Osler, Hoskin & Harcourt LLP
Box 50, 1 First Canadian Place
Toronto ON M5X 1B8
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 Pension Plan For Salaried Employees of Corby Distilleries and Affiliated Companies, Registration Number 0413880 (the “Plan”), to Corby Distilleries Limited, in the amount of $334,122 as at August 31, 2010 plus adjustments to the actual date of the payment being made pursuant to the terms of the surplus sharing agreement between Corby Distilleries Limited and Koskie Minsky LLP dated September 23, 2011 (the “Surplus Sharing Agreement”).
I INTEND TO MAKE THE CONSENT effective only after:
(a) the Applicant satisfies me that all payments to the Affected Members (as such term is defined in the Surplus Sharing Agreement) which are set out in paragraph 4 below have been paid or otherwise provided for; and
(b) The Applicant withdraws its Request for Hearing filed with the Financial Services Tribunal in FST File No. P0342-2009.
I INTEND TO CONSENT FOR THE FOLLOWING REASONS:
- Corby Distilleries Limited is the employer and administrator as defined in the Plan (the “Employer”).
- The Plan was wound up in part effective August 31, 1988 (the “1988 Partial Wind Up”) and wound up in part effective September 30, 1989 (the “1989 Partial Wind Up”).
- As indicated in the reports provided with the Employer’s application for payment of surplus, as at August 31, 1988 and September 30, 1989 the estimated surplus attributable to the 1988 Partial Wind Up was equal to $308,749 and the estimated surplus attributable to the 1989 Partial Wind Up was equal to $317,519. As at August 31, 2010, the surplus, net of Partial Wind Up Expenses (as such term is defined in the Surplus Sharing Agreement), was estimated at $1,002,367.
- The application discloses that by written agreement among:
(a) the Employer; and
(b) 96.15 % of the Affected Members (or by Koskie Minsky LLP, as authorized to act on the Affected Members’ behalf in settling and implementing the Surplus Sharing Agreement );
the surplus in the Plan at the date of payment, after deduction of expenses, is to be distributed:
(a) 33.33% to the Employer; and
(b) 66.67% to the Affected Members of the Plan.
- The Employer has applied, pursuant to section 78(1) of the PBA, for consent of the Superintendent of Financial Services to the payment of 33.33% of the surplus to be distributed from the Plan to the Employer.
- The application appears to comply with sections 78, 79(3.1), and 77.11(7) of the PBA, and all other applicable requirements under the PBA and Regulation 909, as amended.
- Such further and other reasons as 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.
YOUR WRITTEN NOTICE must be delivered to:
Financial Services Tribunal
5160 Yonge Street
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 2nd day of December, 2011.
K. David Gordon
Deputy Superintendent, Pensions
NOTE - 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.