The employer applied to the Superintendent of Pensions to transfer pension assets to a consolidated plan.
Simultaneously, retired employees requested a partial wind-up of the plan to distribute an accumulated surplus following a plant closure.
The Superintendent approved the transfer without formally deciding or adequately considering the retirees' wind-up request.
The Divisional Court set aside the Superintendent's consent and ordered the assets returned.
On appeal, the Court of Appeal upheld the Divisional Court's decision, finding the Superintendent's failure to consider the wind-up request rendered the transfer consent unreasonable.
The Court of Appeal only set aside the Divisional Court's order mandating an automatic referral of any future wind-up decision to the Financial Services Tribunal.
