The appellant appealed a decision of the Financial Services Tribunal confirming the Superintendent's consent to merge two pension plans following a corporate amalgamation.
The appellant argued the merger and subsequent use of the actuarial surplus from one plan to fund contribution holidays for the merged plan constituted a revocation of trust.
The Divisional Court dismissed the appeal, finding the Tribunal's decision reasonable and correct.
The court held that the plan documents permitted the merger and that using actuarial surplus to fund contribution holidays while a plan is ongoing does not constitute a revocation of trust.
