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 consenting to a payment out of the Pension Plan for Robert Vaughan Glover, Registration No.1015056.
1091850 Ontario Ltd.
4 Arthur Street
Arnprior, ON K7S 1A2
Attention: Robert Vaughan Glover
Applicant and Employer
NOTICE OF PROPOSAL
I PROPOSE TO MAKE AN ORDER under s. 78(1) of the Act, consenting to the payment, out of the Pension Plan for Robert Vaughan Glover (the Plan), Registration No.1015056, to 1091850 Ontario Ltd. in the amount of $13,963.00 as at December 31, 1998, plus adjustments thereto for investment returns and expenses.
I PROPOSE TO MAKE THIS ORDER FOR THE FOLLOWING REASONS:
- 1091850 Ontario Ltd. is the employer as defined in the Plan (the Employer)
- The Plan was wound up, effective December 31, 1998
- As at December 31, 1998 the surplus in the Plan was estimated at $13,963.
- The Plan provides for payment of surplus to the Employer on the wind up of the Plan.
- The application discloses that by written agreement made by the Employer, and member, the surplus in the Plan at the date of payment, after deduction of wind up expenses is to be distributed to the Employer.
- The Employer has applied, pursuant to section 78 of the Act, and clause 8(1)(b) of the Regulation, for consent of the Superintendent of Financial Services to the payment of 100% of the surplus in the Plan after adding investment earnings and deducting the expenses related to the wind up of the Plan.)
- The application appears to comply with section 78 and subsection 79(3) of the Act and with clause 8(1)(b) of the Regulation, the plan administrator and member are one and the same individual and Mr. Robert Vaughan Glover has signing authority to determine the distribution of all assets.
- 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 7th day of July, 2008
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.