St. Anne-Nackawic Pulp Company Ltd. - March 20, 2007

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 Proposal of the Superintendent of Financial Services to make an Order under section 83 and 89 of the PBA, respecting the Pension Plan for Non-Union Salaried Employees of St. Anne-Nackawic Pulp Company Ltd.  Registration Number 569632.

TO:                        

Mike O’Connell FIA, FCIA
Partner
Morneau Sobeco Limited Partnership
CIBC Building, Suite 701
1809 Barrington Street
Halifax  NS   B3J 3K8

Administrator

AND TO:              

Michael Connell
Vice-President Finance & Administration
St. Anne-Nackawic Pulp Company Ltd.
PO  Box 1000
Nackawic  NB  E0H 1P0

Employer

AND TO:             

Paul Stehelin
A. C. Poirier & Associates Inc.
133 Prince William Street, Suite 401
Saint John  NB  E2L 2B5

Trustee in Bankruptcy       

AND TO:              

Angela Mazerolle
Superintendent of Pensions
Office of the Superintendent of Pensions
P.O. Box 6000
Fredericton NB  E3B 5H1

Superintendent of Pensions, New Brunswick

 

DECLARATION

No request requiring a hearing was delivered to the Financial Services Tribunal within the time prescribed by subsection 89(6) of the PBA regarding a Notice of Proposal to make a Declaration that the Pension Benefits Guarantee Fund applies to Pension Plan for Non-Union Salaried Employees of St. Anne Nackawic Pulp Company Ltd.  (the “Plan”).

I DECLARE pursuant to sections 83 and 89 of the Act  that the Pension Benefits Guarantee Fund (Guarantee Fund) applies to the Plan for the following reasons:

1. The Plan is registered under the PBA, and
   
   
2. The Plan provides defined benefits for certain Ontario members that are not exempt from the application of the Pension Benefits Guarantee Fund by the PBA or the Regulations made thereunder, and
   
    
3. The plan was wound up effective September 14, 2004, and
   
   
4. There are reasonable and probable grounds that the funding requirements of the PBA and   regulations cannot be satisfied.  Based on the latest actuarial certification, there is an estimated claim against the Pension Benefits Guarantee Fund of $257,822. If funds become available from the estate of the employer, the administrator will be required to make an appropriate refund of any allocation amount received by the Plan from the Pension Benefits Guarantee Fund.

DATED at Toronto, Ontario, this 20 day of March, 2007

 

___________________________
Tom Golfetto
Director, Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services