Pension Plan for Participating Unions of St. Marys Paper Ltd. - April 18. 2008.

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 Participating Unions of St. Marys Paper Ltd., Registration Number 487686;

TO:

Sharon Carew
Senior Consultant
PricewaterhouseCoopers Inc.
Mississauga Executive Centre
One Robert Speck Parkway, Suite 1100
Mississauga   ON  L4Z 3M3

Administrator

AND TO:

Gerald Henson
Corporate Controller
St. Marys Paper Ltd.
75 Huron Street
Sault Ste. Marie ON   P6A 5P4

Employer

AND TO:

Robert Kofman
Senior Vice-President
RSM Richter Ltd.
200 King Street West, Suite 1100
P.O. Box  48
Toronto  ON  M5H 3T4

Trustee in Bankruptcy and Receiver

AND TO:

Cecil Makowski
Vice-President, Ontario Region
Communications, Energy and Papermakers Union of Canada,
(Locals 133, 67,69 and 47)
5915 Airport Road, Suite 510
Mississauga   ON  L4V 1T1

Union Representative

 

ORDER

No request requiring a hearing was delivered to the Financial Services Tribunal within the time prescribed by subsection 89(6) of the PBA respecting a Notice of Proposal to make an Order to wind up the Pension Plan for Participating Unions of St. Marys Paper Ltd., (the “Plan”).

IT IS THEREFORE ORDERED that the Plan be wound up in full effective from March 20, 2007 to April 27, 20007 for the following reasons:

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.

DATED at Toronto, Ontario, this 18th day of April, 2008.           

 

__________________________________________

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

                                                                                                                                               

 

 



 
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