Disclaimer
This is a reproduction of a Consent as issued and is provided for reference purposes only. In the event of an inconsistency, the Consent as issued takes precedence over this reproduction.

 

 
Superintendent of
Financial
Services
 
Ontario Coat of Arms
 
Surintendant des
services
financiers
 

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

AND IN THE MATTER OF a Notice of Intended Decision of the Superintendent of Financial Services to consent under section 62.1(5) of the PBA to a payment out of the pension fund for the Pension Plan for Cambridge Hourly Employees of Canlyte Inc, Registration Number 983171 (the “Plan”).

 

TO:

Philips Electronics Ltd.
c/o Canlyte ULC
3015 rue Louis Amos
Lachine QC  H8T 1C4

Attention:

Lawrence Singerman
Vice-President of Finance

Applicant and Employer

 

CONSENT

ON OR ABOUT May 28, 2014, the Superintendent of Financial Services issued a Notice of Intended Decision in respect of the Pension Plan for Cambridge Hourly Employees of Canlyte Inc, Registration No. 983171, to consent, pursuant to section 62.1(5) of the PBA, to payment out of the Plan to Philips Electronics Ltd., in the amount of $205,500, as at April 6, 2011 plus investment earnings thereon to the date of payment.

NO REQUEST FOR HEARING was delivered to the Financial Services Tribunal by the Applicant or any other party within the time prescribed by section 89(6) of the PBA.

THE SUPERINTENDENT OF FINANCIAL SERVICES THEREFORE CONSENTS, for the reasons set out in the Notice of Intended Decision, to the payment out of the Pension Plan for Cambridge Hourly Employees of Canlyte Inc to Philips Electronics Ltd., in the amount of $205,492, as at April 6, 2011, with interest thereon.

DATED at Toronto, Ontario, this  31st day of July, 2014.

Original Signed By

John Avgeris
Director Pension Plans Branch
by Delegated Authority from the
Superintendent of Financial Services

© Queen's Printer for Ontario, 2014