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 Refuse to Make an Order under subsection 22(1), clause 42(1)(b) and subsection 87(2) of the PBA relating to the Public Service Pension Plan, Registration Number 0208777 (the “Plan”).
Ontario Pension Board
2200-200 King Street West
Toronto ON M5H3X6
Mark J. Fuller, President & CEO
NOTICE OF INTENDED DECISION
I INTEND TO REFUSE TO MAKE AN ORDER under subsection 22(1), clause 42(1)(b) and subsection 87(2) of the PBA that the Plan administrator, the Ontario Pension Board (“OPB”), transfer the commuted value of plan member PB’s pension benefits under the Plan to PB’s prescribed retirement savings arrangement.
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 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 Refusal to make an Order pursuant to subsection 22(1), clause 42(1)(b) and subsection 87(2) 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.
REASONS FOR INTENDED DECISION
42. (1) A former member of a pension plan is entitled to require the administrator to pay an amount equal to the commuted value of the former member’s deferred pension,
(b) into a prescribed retirement savings arrangement;
(3) Subsection (1) does not apply to a former member who is entitled to immediate payment of a pension under the pension plan or under section 41 unless the pension plan provides such an entitlement.
41. (1) A former member is entitled to elect to receive an early retirement pension under the pension plan if he or she has terminated employment and is within 10 years of reaching the normal retirement date.
(6) A former member who is entitled to a [deferred pension] and who has not attained fifty-five years of age… may require the commuted value of the pension to be paid, subject to section 42 of the Pension Benefits Act and to the regulations made under that Act,
(b) into a retirement savings arrangement prescribed under the Pension Benefits Act…
(a) that the pension plan or pension fund is not being administered in accordance with this Act, the regulations or the pension plan;
(b) that the pension plan does not comply with this Act and the regulations; or
(c) that the administrator of the pension plan, the employer or the other person is contravening a requirement of this Act or the regulations.
DATED at Toronto, Ontario, this 14th day of June, 2016.
Original Signed By
Lester J. Wong
Deputy Superintendent, Pensions
By delegated authority from the
Superintendent of Financial Services