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 Black & Decker Canada Inc. Key Executive Employees' Pension Plan, Registration Number 0583997 (the Plan).
Black & Decker Canada Inc.
c/o Stanley Black & Decker Canada Corp.
6275 Millcreek Drive
Mississauga ON L5N 7K6
Attention: Jennifer Le Donne
Vice President, Human Resources
Applicant and Employer
NOTICE OF INTENDED DECISION
I INTEND TO CONSENT, under section 62.1(5) of the PBA, to the payment from the pension fund for the Plan to Black & Decker Canada Inc., in the amount of $9,872.12 plus investment earnings thereon to the date of payment.
Si vous désirez recevoir cet avis en français, veuillez envoyer votre demande immédiatement à: Adjointe, audiences, Greffe, Commission des service financiers de l’Ontario, 5160 rue Yonge, boîte 85, Toronto ON M2N 6L9.
YOU ARE ENTITLED TO A HEARING by the Financial Services Tribunal (the Tribunal) pursuant to section 89(6) of the PBA. A hearing before the Tribunal about this Notice of Intended Decision may be requested by completing the enclosed Request for Hearing (Form 1) and submitting it to the Tribunal within thirty (30) days after this Notice of Intended Decision is served on you.1
Additional copies of the enclosed Form 1 can be obtained by visiting the Tribunal’s website at www.fstontario.ca.
If a Request for Hearing (Form 1) is submitted to the Tribunal within thirty (30) days after this Notice of Intended Decision is served on you, subsection 89(8) and 89(9) of the PBA provide that the Tribunal shall appoint a time for and hold a hearing, and by order may direct the Superintendent of Financial Services (Superintendent) to make or refrain from making the intended decision indicated in this notice and to take such action as the Tribunal considers the Superintendent ought to take in accordance with the PBA and the regulations, and for such purposes, the Tribunal may substitute its opinion for that of the Superintendent.
IF NO WRITTEN REQUEST FOR A HEARING IS MADE within thirty (30) days after this Notice is served on you, TAKE NOTICE THAT the Superintendent will carry out the ORDER pursuant to section 89(7) of the PBA.
A completed Request for Hearing form must be received by the Tribunal within 30 days of this Notice is served on you. The Request for Hearing form may be mailed, faxed or delivered to:
Financial Services Tribunal
5160 Yonge Street
Attention: The Registrar
The hearing before the Tribunal will proceed in accordance with the Rules of Practice and Procedures for Proceedings before the Financial Services Tribunal made under the authority of the Statutory Powers Procedure Act, R.S.O. 1990, c.S.22. Those Rules are available at the website of the Tribunal: www.fstontario.ca. Alternatively, a copy can be obtained by telephoning the Registrar of the Tribunal at 416-590-7294, or toll free at 1-800-668-0128 ext 7294.
REASONS FOR DECISION:
Black & Decker Canada Inc. is the employer and administrator as defined in the Plan (the Employer).
The Plan was wound up effective December 31, 2012.
The Plan had a liability under section 75 of the PBA on wind up.
The Employer has been funding the liability under section 75 of the PBA.
The latest report prepared by an actuary and filed by the Employer 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 under section 75 of the PBA, and that there is money remaining in the pension fund in the amount of $9,872.12 after all benefits have been settled.
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 the money was an overpayment into the pension fund by the Employer within the meaning of section 62.1(1)(b) of the PBA.
Section 62.1(4) of the PBA states that if an employer makes an overpayment into the pension fund, the application to the Superintendent for reimbursement for the payment must be made before the later of: (a) 24 months after the date on which the employer made the overpayment; and (b) six months after the date on which the administrator, acting reasonably, becomes aware of the overpayment.
The Employer’s application for reimbursement of the overpayment was made on November 30, 2015. The Employer has indicated that this date is within 24 months of the overpayment.
I am satisfied that the Employer’s application for reimbursement of the overpayment has been filed within the time limits set out in section 62.1(4) of the PBA.
Such further and other reasons as may come to my attention.
DATED at Toronto, Ontario, this 21st day of December, 2015.
Original Signed By
Lester J. Wong
Deputy Superintendent, Pensions
By delegated authority from the
Superintendent of Financial Services