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 Consent under section 79(3) of the PBA to a Payment of Money that is Surplus from the Pension Plan for Employees of Mechanics Choice of Canada Limited, Registration Number 0567925
TO: Avnet International (Canada) Ltd.
6950 Creditview Road, Unit 2
Mississauga, ON L5N 0A6
Attention: Ray Sadowski
Administrator of the Plan
COPIED Fraser Milner Casgrain LLP
TO: 77 King Street West, Suite 400
Toronto, ON M5K 0A1
Attention: Paul Baston
COPIED Fasken Martineau DuMoulin LLP
TO: 333 Bay Street, Suite 2400
Toronto, ON M5H 2T6
Attention: Peggy McCallum
ON OR ABOUT September 6, 2011, the Superintendent of Financial Services (the “Superintendent”) issued a Notice of Intended Decision dated September 1, 2011 in respect of the Pension Plan for Employees of Mechanics Choice of Canada Limited, Registration
Number 0567925, (the “Plan”), intending to refuse to consent to a payment of money that is surplus from the Plan under section 79(3) of the PBA.
NO REQUEST FOR HEARING was delivered to the Financial Services Tribunal by the Applicant or any other person within the time prescribed by section 89(6) of the PBA.
THE SUPERINTENDENT OF FINANCIAL SERVICES THEREFORE REFUSES TO CONSENT, for the reasons set out in the Notice of Intended Decision, to the payment of money that is surplus related to the partial wind up of the Plan effective April 1, 1988 and the full wind up of the Plan effective April 30, 1992.
DATED at Toronto, Ontario, this 16th day of December, 2011.
K. David Gordon
Deputy Superintendent, Pensions