Jane Parker Bakery Limited - June 6, 2007

IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c. P.8, as amended (the “Act”);

 

AND IN THE MATTER OF an Application under section 78(4) of the Act submitted by The Great Atlantic & Pacific Company of Canada, Limited in respect of  the Jane Parker Bakery Limited Retirement Plan for Full-time Bargaining Employees, Registration Number 0400325.

TO:                

The Great Atlantic & Pacific Company of Canada, Limited
P.O. Box 68 Station ‘A’
Toronto, Ontario
M5W 1A6

Attention:         

Terry Howard
Vice President, Tax and Treasury Services

ORDER

ON or about October 2, 2001, the Great Atlantic & Pacific Company of Canada, Limited (the “Applicant”) applied to the Superintendent of Financial Services (the “Superintendent”) for consent to the payment of a refund to the Applicant from the fund for the Jane Parker Bakery Limited Retirement Plan for Full-time Bargaining Employees, Registration Number 0400325 (the “Plan”) in respect of an overpayment in the amount $145,361 as of July 31, 2001 (the “Application”).

ON OR ABOUT March 24, 2003 the Superintendent issued a Notice of Proposal to refuse to consent to the Application (the “NOP”).

A REQUEST FOR HEARING dated April 22, 2003 was received by the Financial Services Tribunal (the “Tribunal”) in connection with this matter and a hearing was held on February 27, 2007.

THE TRIBUNAL, in its Reasons for Decision dated March 27, 2007 (the “Decision”), ordered the Superintendent to:

 

  • refrain from carrying out the NOP;

 

  • extend the time limit for the Applicant making an application under section 78(4) of the Act, in respect of its overpayment of $145,361 into the pension find for the Plan, to October 2, 2001, the date of the Application; and

 

  • to consent to the request contained in the Application for the payment of $145,361 to the Applicant, the amount of its overpayment determined as of July 31, 2001, out of the pension fund for the Plan plus investment earnings thereon from July 31, 2001 to the date of payment.     

 

NO APPEAL has been taken from the decision of the Tribunal by the Superintendent and, therefore, the decision of the Tribunal is final.

I, THEREFORE, for the reasons set out in the Decision,

 

  • extend the time limit for the Applicant making an application under section 78(4) of the Act, in respect of its overpayment of $145,361 into the pension find for the Plan, to October 2, 2001, the date of the Application; and

 

  • consent to the request contained in the Application for the payment of $145,361 to the Applicant, the amount of its overpayment determined as of July 31, 2001, out of the pension fund for the Plan plus investment earnings thereon from July 31, 2001 to the date of payment.

DATED at Toronto, Ontario, this June 6th day of June, 2007.

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

 

CC:                 

David Vincent
Ogilvy Renault LLP
Barristers & Solicitors
Suite 3800
Royal Bank Plaza, South Tower
200 Bay Street
Toronto, ON   M5J 2Z4                       

Solicitors for The Great Atlantic & Pacific Company of Canada, Limited

 
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