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 78(1) of the PBA relating to the payment out of the pension fund for The Canada Life Canadian Employees’ Pension Plan, Registration Number 0354563.
The Canada Life Assurance Company
c/o London Life Insurance Company
255 Dufferin Avenue
London ON N6A 4K1
Director, Corporate Benefits Financial Management
Applicant and Employer
I INTEND TO MAKE AN ORDER CONSENTING to the surplus withdrawal application (the “Application”) filed by The Canada Life Assurance Company in respect of The Canada Life Canadian Employees’ Pension Plan, Registration Number 0354563, (the “Plan”) under section 78(1) of the PBA.
Si vous désirez recevoir cet avis en français, veuillez envoyer votre demande immédiatement à: Adjointe, audiences, Greffe, Commission des services financiers de l’Ontario, 5160 rue Yonge, boîte 85, Toronto ON M2N 6L9.
I INTEND TO CONSENT effective only after the Applicant satisfies me that any payments pursuant to the Surplus Sharing Agreement to which the members, former members and any other persons are entitled, and any other payments to which the members, former members and any other persons are entitled, have been paid, purchased, or otherwise provided for.
I INTEND TO CONSENT FOR THE FOLLOWING REASONS:
the surplus in the Plan related to the partial wind ups to be distributed at the date of payment, after deduction of expenses as follows:
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 30 days after this Notice of Intended Decision is served on you.1 A copy of that form is included with this Notice of Intended Decision. Additional copies 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 30 days after this Notice of Intended Decision is served on you, subsections 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 (the “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 30 days after this Notice is served on you, TAKE NOTICE THAT the Superintendent will carry out the INTENDED DECISION AS DESCRIBED IN THIS NOTICE pursuant to section 78(1) of the PBA).
A completed Request for Hearing form must be received by the Tribunal within 30 days after this Notice is served on you. They 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 Procedure 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.
DATED at Toronto, Ontario, this 17th day of July, 2015.
Original Signed By
Lester J. Wong
Deputy Superintendent, Pensions
By delegated authority from the
Superintendent of Financial Services
Koskie Minsky LLP
20 Queen Street West, Suite 900
Toronto ON M5H 3R3
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Barristers & Solicitors
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Toronto ON M5L 1A9
Osler, Hoskin & Harcourt LLP
Box 50, 1 First Canadian Place
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Suite 1100, Box 180
Toronto ON M5G 2A8
Hicks Morley Hamilton Stewart Storie LLP
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Toronto Dominion Tower
30th Floor Box 371 TD Centre
Toronto ON M5K 1K8
1 NOTE - 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, 2015