Karen Shaver

The Superintendent of Financial Services proposed an order requiring Dustbane Enterprises Limited to fund a deficit arising from the partial wind-up of its pension plan.

Dustbane argued that the plan was a multi-employer pension plan and that its distributors were separate employers liable for their respective shares of the deficit.

The Financial Services Tribunal held that the plan did not meet the statutory requirements for a multi-employer pension plan, as there were no written participation agreements and the plan was not administered as such.

The Tribunal directed the Superintendent to carry out the proposed order, making Dustbane solely liable for the deficit.

The applicant brought a preliminary motion for an order directing the Superintendent of Financial Services to respond to interrogatories regarding the delay in processing a partial wind-up application for a pension plan.

The Superintendent refused to answer, arguing the reasons for delay were irrelevant.

The Financial Services Tribunal applied the Monsanto test and ordered the Superintendent to answer the interrogatories, finding that the issue of delay was arguably relevant as it had been included in the agreed Pre-Hearing Conference Memorandum.