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 the Employees of Waffles Electric Limited Registration Number 330290.
Wind-up Customer Service Specialist
London Life Insurance Company
255 Dufferin Avenue
London, ON N6A 4K1
Waffles Electric Limited
400 Erie Street East
Windsor, ON N9A 6K1
Senior Vice President
BDO Dunwoody Limited
3630 Rhodes Drive
Windsor, ON N8W 5A4
Trustee in Bankruptcy
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 the Employees of Waffles Electric Limited (the “Plan”).
IT IS THEREFORE ORDERED that the Plan be wound up in full effective December 31, 2007 for the following 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.
DATED at Toronto, Ontario, this 3rd day of September, 2008
Director, Pension Plans Branch (Acting)
by Delegated Authority from
the Superintendent of Financial Services