IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c. P.8, (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 Allied Conveyors Limited Employee Pension Plan #1242, Registration Number 0360511.
Allied Conveyors Limited
32 Waterhouse Way
Richmond Hill ON L4C 9H7
Attention:Emery A. Danko
Officer Secretary Treasurer
Applicant and Employer
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 Allied Conveyors Limited Employee Pension Plan #1242, Registration Number 0360511 (the “Plan”), to Allied Conveyors Limited, in the amount of $55,271 as at September 20, 2011 plus adjustments to the actual date of payment.
I INTEND TO CONSENT FOR THE FOLLOWING REASONS:
1. Allied Conveyors Limited is the employer and administrator as defined in the Plan.
2. The Plan was wound up effective August 1, 2008.
3. As indicated in the report provided with the Employer’s application for payment of surplus as at August 1, 2008, the surplus in the Plan was estimated at $584,400.
4. The application discloses that by written agreement among:
(a) the Employer;
(b) 100% of the members; and
(c) 83% of the former members entitled to a payments under the Plan as of the date of wind up;
the surplus in the Plan at the date of payment, after deduction of expenses, is to be distributed:
(a) 70% to the Employer; and
(b) 30% 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 70% of the surplus to be distributed from the Plan to the Company, adjusted for interest and expenses.
6. The application appears to comply with sections 78, 79(3) and all other applicable requirements under the PBA and Regulation 909, R.R.O 1990, as amended.
7. 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.(1)
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 12th day of April, 2012.
K. David Gordon
Deputy Superintendent, Pensions
(1) 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.