Disclaimer
This is a reproduction of a NOID as issued and is provided for reference purposes only. In the event of an inconsistency, the NOID 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, as amended (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 0983171 (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

COPY:

Ariella Fuhrmann
Mercer (Canada) Limited
161 Bay Street
PO Box 501
Toronto ON  M5J 2S5


NOTICE OF INTENDED DECISION

I INTEND TO CONSENT, under section 62.1(5) of the PBA, to the payment out of the pension fund for 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.

I INTEND TO CONSENT FOR THE FOLLOWING REASONS:

  1. Philips Electronics Ltd. (the “Company”) is the employer and administrator of the Plan.

  2. The Plan was wound up effective September 30, 2009. 

  3. The Plan had a liability under section 75 of the PBA on wind up.

  4. The Company has been funding the liability under section 75 of the PBA.

  5. The latest report prepared by an actuary and filed by the Company as administrator of the Plan under section 32(1) of Regulation 909, R.R.O. 1990, as amended (the “Regulation”) shows that there is no further amount to be funded.  It also shows that there is money remaining in the pension fund in the amount of $205,500.

  6. In these circumstances, section 32(4) of the Regulation states that the money remaining in the pension fund may be paid to the employer in accordance with section 62.1 of the PBA as if that money was an overpayment into the pension fund by the Company within the meaning of section 62.1(1)(b) of the PBA.

  7. Such further and other reasons as may come to my attention.

YOU ARE ENTITLED TO A HEARING by the Financial Services Tribunal (the “Tribunal”) pursuant to section 89(6) of the PBA. To request a hearing, you must deliver to the Tribunal a written notice that you require a hearing, within thirty (30) days after this Notice of Intended Decision is served on you.1

YOUR WRITTEN NOTICE must be delivered to:

Financial Services Tribunal
5160 Yonge Street
14th Floor
Toronto, Ontario
M2N 6L9

Attention: The Registrar

FOR FURTHER INFORMATION on a Form for the written notice, please see the Tribunal website at www.fstontario.ca or contact the Registrar of the Tribunal by phone at 416- 590-7294, toll free at 1-800-668-0128, ext. 7294, or by fax at 416-226-7750.

IF YOU FAIL TO REQUEST A HEARING WITHIN THIRTY (30) DAYS, I MAY CARRY OUT THE INTENDED DECISION AS DESCRIBED IN THIS NOTICE.


DATED at Toronto, Ontario, this 27th day of May, 2014

Original Signed By

Brian Mills
Deputy Superintendent, Pensions


1NOTE - Pursuant to section 112 of the PBA any Notice, Order or other document is sufficiently given, served or delivered if delivered personally or sent by regular mail and any document sent by regular mail shall be deemed to be given, served or delivered on the fifth day after the date of mailing.

© Queen's Printer for Ontario, 2014