The Superintendent of Financial Services proposed a partial wind up of the employer's pension plan following a corporate reorganization in 1996 that resulted in the involuntary termination of 384 administrative employees.
The employer requested a hearing, arguing that the number of terminations was not significant.
The Financial Services Tribunal found that 384 terminations, representing approximately 12.8% to 14.9% of the active administrative plan members, constituted a significant number under section 69(1)(d) of the Pension Benefits Act.
The Tribunal directed the Superintendent to order the partial wind up for the period from January 1, 1996 to December 31, 1996.
