The applicant employer sought a hearing before the Financial Services Tribunal regarding the Superintendent's proposal to refuse approval of a partial wind-up report for a pension plan.
The report failed to provide for special early retirement pensions under section 7.3 of the plan.
The Tribunal found that the special early retirement pension was an 'ancillary benefit' under the Pension Benefits Act, and that the employer's consent required by the plan was deemed to be given upon partial wind-up pursuant to subsection 74(7) of the Act.
The Tribunal directed the Superintendent to carry out the proposal to refuse approval of the report.
