Ivaco Inc. - May 15, 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 Designated Hourly Rated Employees of Ivaco Inc. Registration Number 407130

TO:                 

Tony Karkheck
Senior Vice-President
PricewaterhouseCoopers Inc.
One Robert Speck Parkway, Suite 1100
Mississauga ON L4Z 3M3                

Administrator

AND TO:        

Andre Cromp, Director
Employees Benefits
1 Place Alexis Nihon, Suite 1501
3400 de Maisonneuve Ouest
Montreal PQ H3Z 3B8       

Employer

AND TO:        

Jeff Kerbel
Ernst & Young
Ernst & Young Tower
222 Bay Street, P.O. Box 251
Toronto, ON M5K 1J7                    

Court Appointed Monitor

AND TO:        

Ken Neumann
United Steelworkers of America
234 Eglinton Avenue East, Suite 800
Toronto, ON M4P 1K7

Union Representative

DECLARATION

No request requiring a hearing was delivered to the Financial Services Tribunal within the time prescribed by subsection 89(6) of the PBA in respect of a Notice of Proposal to make a Declaration that the Pension Benefits Guarantee Fund applies to Pension Plan for Designated Hourly Rated Employees of Ivaco Inc. (the “Plan”).

I DECLARE pursuant to sections 83 and 89 of the PBA  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 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 December 1, 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 estimate provided by the administrator, there is an estimated claim against the Pension Benefits Guarantee Fund of $155,000 as at December 31, 2006. 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 15th day of May, 2007                          

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