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 by the Superintendent of Financial Services to make an Order under section 78(1) of the PBA consenting to a payment out of the Ripley’s Canada Pension Plan (Formerly The Revised Pension Plan for Employees of Ripley’s Believe It Or Not!, A Division of Jim Pattison Industries Ltd.), Registration Number 0387225.
Jim Pattison Entertainment Ltd.
7576 Kingspointe Parkway, Suite 188
Orlando, FL 32819 USA
Chief Financial Officer
NOTICE OF PROPOSAL
I PROPOSE TO MAKE AN ORDER under section 78(1) of the PBA, consenting to the payment, out of Ripley’s Canada Pension Plan (Formerly The Revised Pension Plan for Employees of Ripley’s Believe It Or Not!, A Division of Jim Pattison Industries Ltd.) (the “Plan”), Registration Number 0387225 to Jim Pattison Entertainment Ltd. (Formerly Jim Pattison Industries Ltd.), in the amount of $66,617 as at August 30, 1993, the date of the partial wind up, plus investment earnings thereon to the date of payment and net of investment management fees and custody fees in the form of a transfer to the continuing portion of the Plan.
- Jim Pattison Entertainment Ltd. (Formerly Jim Pattison Industries Ltd.) is the employer as defined in the Plan.
- The Plan was partially wound up, effective August 30, 1993.
- As at August 30, 1993 the surplus in the Plan was estimated at $94,651.
- The Plan provides for payment of surplus to the Employer on the partial wind up of the Plan.
- The application discloses that by written agreement made by the Employer, and 90.9% of the Partial Wind-Up Members, the surplus in the Plan at the date of payment, after deduction of partial wind up expenses is to be distributed:
a) 70.4% to the Employer; and
b) 29.6 % to the beneficiaries of the Plan as defined in the Surplus Distribution Agreement.
- The Employer has applied, pursuant to section 78 of the PBA, and section 8(1)(b) of Regulation 909, R.R.O.1990 (Regulation), for consent of the Superintendent of Financial Services to the payment of 70.4% of the surplus in the Plan (after adding investment earnings net of investment management fees and custody fees related to the partial wind up of the Plan) in the form of a transfer to the continuing portion of the Plan.
- The application appears to comply with sections 78 and 79(3) of the PBA and with sections 8(1)(b), 28(5), 28(5.1) and 28(6) of the Regulation.
- 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 Proposal 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 PROPOSAL AS DESCRIBED IN THIS NOTICE.
DATED at Toronto, Ontario, this 24th day of April, 2007.
K. David Gordon
Deputy Superintendent, Pensions
Copy: Ian Blatchford, Alan Smart Services Ltd.
* 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 seventh day after the date of mailing.