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 78(1) of the PBA, to a payment out of the pension fund for the Retirement Plan for Hourly-Rated Bargaining Employees of Colgate Palmolive Canada Inc., Registration Number 505875.
Colgate-Palmolive Canada Inc.
Two Morneau Shepell Centre, 5th Floor
895 Don Mills Road
Toronto ON M3C 1W3
Attention: Kathy Conneely
Applicant and Employer
Canadian Benefits Law
66 Wellington Street West
PO Box 1159
Toronto ON M5K 1P2
Attention: J. David Vincent
Counsel for the Employer
Sack Goldblatt Mitchell LLP
1100-20 Dundas Street West
Toronto ON M5G 2G8
Attention: Doug LeFaive
Counsel for the PWU Members
NOTICE OF INTENDED DECISION
I INTEND TO CONSENT, under section 78(1) of the PBA, to the payment out of the pension fund for the Retirement Plan for Hourly-Rated Bargaining Employees of Colgate-Palmolive Canada Inc., Registration Number 505875 (the “Plan”), to Colgate- Palmolive Canada Inc., in the amount of $275,000, as at September 30, 2014, plus adjustments to the actual date of payment.
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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.
I INTEND TO MAKE THE 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, have been paid, purchased or otherwise provided for.
REASONS FOR THE DECISION:
Colgate-Palmolive Canada Inc. is the employer and administrator as defined in the Plan (the “Employer”).
The Plan was partially wound up effective October 2, 1992.
As indicated in the report provided with the Employer’s application for payment of surplus as at September 30, 2014, the surplus in the Plan was estimated at $550,000.
The Plan provides for payment of surplus to the Employer on wind up of the Plan.
The applicant discloses that by written agreement made by the Employer and 80% of the affected PWU Members, as defined in the Surplus Sharing Agreement, the surplus related to the affected PWU Members in the Plan at the date of payment, after adjustment for investment earnings and expenses, is to be distributed:
a) 50% to the Employer; and
b) 50% to the affected PWU Members.
The application appears to comply with sections 78, 79(3) and all other applicable requirements under the PBA and Regulation 909, R.R.O 1990, as amended.
Such further and other reasons as may come to my attention.
DATED at Toronto, Ontario, this 8th day of October, 2015.
Original Signed By
Lester J. Wong
Deputy Superintendent, Pensions
By delegated authority from the
Superintendent of Financial Services