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An insolvent university was permitted to apply a reduced transfer ratio to pending pension transfers.
Laurentian University sought orders under the CCAA to apply a 65.8% Transfer Ratio to commuted value pension transfers for 27 individuals and to confirm a stay on pre-filing Pension Benefits Guarantee Fund (PBGF) assessments.
The court granted the application to apply the Transfer Ratio, finding it necessary to preserve pension plan assets and ensure equitable treatment among beneficiaries, despite objections from some affected individuals who argued they relied on a 100% transfer ratio.
The court also confirmed the stay on PBGF assessments, characterizing them as pre-filing obligations based on when the amount was determined.
Motion to correct a misstatement in a previous Tribunal decision granted.
The Society of Energy Professionals brought a motion to correct an alleged misstatement in the Tribunal's previous decision regarding the partial wind up of the Hydro One Pension Plan.
The Tribunal accepted that it had misunderstood counsel's position during argument and agreed to correct the decision.
The Tribunal also corrected a typographical error, replacing the word 'interlocutory' with 'interrogatory'.
