Lindsay Electronics Inc. - July 10, 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 Salaried Employees of Lindsay Electronics Inc., Registration Number 397836.

 

 

TO:                        

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

 

Administrator

 

 

AND TO:              

Dave Atman
President
Lindsay Electronics Inc.
50 Mary Street West
Lindsay   ON  K9V 2N6

 

Employer

 

 

AND TO:              

Ira Smith
Ira Smith Trustee & Receiver Inc.
4711 Yonge Street,  Suite 1105
Toronto  ON  M2N 6K8     

 

Trustee in Bankruptcy

 

 


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 Salaried Employees of Lindsay Electronics Inc. (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 that are not exempt form 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 2, 2005 , and

  4. There are reasonable and probable grounds that the funding requirements of the PBA and    regulations cannot be satisfied. The administrator has estimated the deficit in the Plan at the wind up date to be  $1,581,200, and

  5. Based on the latest actuarial certification, there is an estimated claim against the Pension Benefits Guarantee Fund of $1,356,000 as at October 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 10th day of July 2007.                   

 

 

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

 
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