IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c. P.8, (the “PBA”);
AND IN THE MATTER an Intended Decision of the Superintendent of Financial Services to Refuse to Make an Order under section 87 of the PBA relating to the University of Toronto Pension Plan, Registration Number 312827.
150 Alderbrae Avenue, Unit 5
Toronto, ON M8W 4K3
ON OR ABOUT March 30, 2012, the Superintendent of Financial Services (the “Superintendent”) issued a Notice of Intended Decision (the “NOID”) in respect of the University of Toronto Pension Plan, Registration Number 312827, (the “Plan”) to E.O.
A REQUEST FOR HEARING dated April 19, 2012 was received by the Financial Services Tribunal (the “Tribunal”) on April 25, 2012 in connection with this matter.
THE TRIBUNAL granted full party status to the University of Toronto on July 4, 2012.
THE TRIBUNAL granted full party status to the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union, Local 1998 on September 6, 2012.
THE TRIBUNAL held the hearing on May 7, 8, and 9, 2013.
THE TRIBUNAL,in its Reasons for Decision dated June 26, 2013 (the “Decision”), upheld the NOID.
A REQUEST FOR REVIEW of the Decision was made by E.O. on July 8, 2013.
THE TRIBUNAL, in its Reasons for Decision dated July 22, 2013 (the “Review Decision”), denied the Request for Review.
NO APPEAL has been taken from the Decision or the Review Decision under section 91 of the PBA by E.O. and, therefore, the Decision and the Review Decisions are final.
For the reasons set out in the Decision and the Review Decision, I REFUSE TO ORDER the University of Toronto to amend the Plan to extend the early retirement window that expired on June 30, 2008 beyond its expiry date to permit E.O. to receive an unreduced pension and other benefits on early retirement and to retire effective July 1, 2008.
DATED at Toronto, Ontario, this 23rd day of September, 2013.
Original Signed By
Deputy Superintendent, Pensions
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