Pension Plan for Staff Employees of Canadian Shipbuilding & Engineering Ltd. and Associated Companies - March 24, 2009

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 69 of the PBA, respecting the Pension Plan for Staff Employees of Canadian Shipbuilding & Engineering Ltd. and Associated Companies Registration  Number 938894

TO:

Hamish Dunlop
Principal
Morneau Sobeco Limited Partnership
895 Don Mills Road, Suite 700
One Morneau Sobeco Centre
Toronto, ON M3C 1W3

Administrator

AND TO:

Douglas G. Stones
Vice President, Finance
Canadian Shipbuilding & Engineering Ltd.
340 Lakeshore Road East
St. Catherines, ON L2R 7C1

Employer

AND TO:

David Sierdzki
RSM Richter Inc.
200 King Street West
Suite 1100, Box 48
Toronto, ON M5H 3T4

Trustee in Bankruptcy


NOTICE OF PROPOSAL

I PROPOSE TO MAKE AN ORDER under section 69 of the PBA  that the Pension Plan for Staff Employees of Canadian Shipbuilding & Engineering Ltd. and Associated Companies (the “Plan”) be wound up effective March 1, 2007 and include the class of members whose employment or Staff Plan membership terminated during the period of November 17, 2006 to March 1, 2007.

 

REASONS:

There was a cessation or suspension of employer contributions to the pension fund.

The employer failed to make contributions to the pension fund as required by the PBA.

The employer is bankrupt within the meaning of the Bankruptcy and Insolvency Act (Canada).

A significant number of members of the pension plan ceased to be employed by the employer as a result of the discontinuance of all or part of the business of the employer or as a result of the reorganization of the business of the employer.

All or a significant portion of the business carried on by the employer at a specific location was discontinued.

Such further and other reasons as may 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
14th Floor
Toronto, Ontario
M2N 6L9

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 March, 2009.        

____________________________________________

K. David Gordon
Deputy Superintendent, Pensions

* 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.


 
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