OFST 2004

The applicant requested a hearing before the Financial Services Tribunal after the Superintendent of Financial Services proposed to refuse consent for a financial hardship withdrawal from a locked-in retirement account.

The applicant sought the withdrawal based on low income and the need to meet personal obligations.

The Tribunal affirmed the Superintendent's refusal, finding that the applicant's expected income of $30,000 exceeded the prescribed maximum of $27,000 (66 2/3 per cent of the Year's Maximum Pensionable Earnings).

The application was dismissed.

The Financial Services Tribunal approved the Minutes of Settlement between Enbridge Gas Distribution Inc., the Superintendent of Financial Services, and a group of former employees regarding the partial wind-up of a pension plan.

The settlement provided for the distribution of wind-up surplus and 'grow-in' benefits to affected members.

Upon approval of the revised report, the applicant's request for a hearing was withdrawn, and the Superintendent's Notice of Proposal was withdrawn.

The Applicant requested a hearing regarding the Superintendent's Notice of Proposal to Refuse to Consent to an application for withdrawal of funds from a locked-in account based on financial hardship.

The Tribunal found that under the formula in subsection 88(2) of Regulation 909, the Applicant was not entitled to withdraw any funds because the net assets of the Applicant and her spouse exceeded the maximum withdrawal amount.

The Tribunal affirmed the Superintendent's decision and dismissed the application.