FINANCIAL SERVICES TRIBUNAL
2012 ONFST 22
Decision No. P0470-2011-1
IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c.P.8, as amended (the “Act”);
AND IN THE MATTER OF a Notice of Intended Decision of the Superintendent of Financial Services, under section 69(1) of the Act, to partially wind up the Mine Safety Appliances Company Canadian Pension Plan, Registration Number 0287441 (the “Plan”);
AND IN THE MATTER OF a Hearing in accordance with subsection 89(8) of the Act.
BETWEEN
MINE SAFETY APPLIANCES COMPANY
Applicant
-and-
SUPERINTENDENT OF FINANCIAL SERVICES
Respondent
ORDER
THIS REQUEST FOR HEARING, filed by Mine Safety Appliances Company was heard before the Financial Services Tribunal (the “Tribunal”) on Monday, August 20, 2012.
ON READING the Agreed Statement of Facts and Agreed Book of Documents and upon hearing the submissions of counsel for the Applicant and counsel for the Respondent, and upon being advised by both counsel that the requested order is upon the consent of both parties, and noting that none of the individuals listed in paragraph 1(b) were present despite being served with notice of this hearing, and upon being advised that the Superintendent of Financial Services’ (the “Superintendent”) actuarial staff have conducted a preliminary review of the draft partial wind up report prepared by Eckler, dated June 2012, and filed in these proceedings (the “Partial Wind Up Report”),
- THE TRIBUNAL ORDERS the Superintendent of Financial Services (the “Superintendent”) to issue an order partially winding up the Mine Safety Appliances Company Canadian Pension Plan, Registration Number 0287441 (the “Plan”) as set out in the Superintendent’s Notice of Intended Decision (the “NOID”) of July 6, 2011, except that:
(a) the effective date of the partial wind up for the purposes of calculating the funded position of the Plan shall be August 1, 2000; and
(b) the following four individuals, who were initially to be included in the partial wind up group under the NOID, are to be excluded from the partial wind up group:
(i)
(ii)
(iii)
(iv)
THE TRIBUNAL ORDERS that Applicant shall file a Partial Wind Up Report for the Plan, updated to August 1, 2012, substantially in the form as filed with the Tribunal, pursuant to Section 70 of the Act within seven business days following the issuance of this Order;
THE TRIBUNAL ORDERS that provided the Partial Wind Up Report is in substantially the form as filed, the Superintendent will approve the Partial Wind Up Report pursuant to Section 70 of the Act within 10 business days of the filing of the Partial Wind Up Report;
THE TRIBUNAL ORDERS that upon receipt of the Superintendent’s approval of the Partial Wind Up Report, the Applicant shall make a contribution to the Plan in order to fully fund the partial wind up as recommended in the Partial Wind Up Report. The contribution shall be made by the last day of the month following the month in which the Superintendent approves the Partial Wind Up Report and shall include appropriate interest adjustments from the date of determination to the date of payment;
THE TRIBUNAL ORDERS that no costs of the Application are to be payable by either party; and
THE TRIBUNAL ORDERS that the version of this Order and the materials filed on this application (including the draft Partial Wind Up Report) which appear on the public record shall be redacted to remove reference to the names of the Plan members and any other personal information.
Dated at Toronto, Ontario, this 28th day of August, 2012.
“John Solursh” John Solursh Chair of the Panel and the Tribunal
“Jennifer Brown” Jennifer Brown Member of the Panel and the Tribunal
“Jeffrey Richardson” Jeffrey Richardson Member of the Panel and the Tribunal