Financial Services Tribunal & Pension Commission of Ontario Case Summaries/
Summaires des dcisions du Tribunal des services financiers et de la Commission des rgimes de retraite de l'Ontario

Case Name/nom du dossier:Samsonite Canada Inc. v. Ontario - P0166-2001 & P0175-2001

Type/type:Pensions/Rgime de retraite

Decision Date/Date de la dcision:2002-10-21

Tribunal/tribunal:FST/TSF

 



Franais

Samsonite Canada Inc. v. Ontario (Superintendent of Financial Services)

FST File Nos.: P0166-2001
P0175-2001

Date of decision: October 21, 2002

Panel members: Martha Milczynski, Chair, David Short, William Forbes

Parties to hearing: Samsonite Canada Inc.
The Superintendent of Financial Institutions

ISSUE: SURPLUS ENTITLEMENT

Summary:

Samsonite Canada Inc. requested a hearing with respect to two Notices of Proposal issued by the Superintendent in relation to the Company's surplus withdrawal application.

It was held that although each of the current versions of the Hourly and Salaried Plans contained provisions that provided for the company’s entitlement to surplus on plan termination, such provisions were the product of amendments made to the Plans in 1980 that were contrary to the terms of the original Hourly and Salaried Plans and Trust documents in 1969. The original Plan documents expressly and irrevocably restricted the scope of the Company’s authority or ability to amend the terms of the Hourly and Salaried Plans and to receive payment of surplus upon plan termination.

The Tribunal affirmed the Notices of Proposal of the Superintendent and directed the Superintendent to dismiss the company’s applications for surplus withdrawal pursuant to s. 79(3) of the PBA.

Cases referred to:

Schmidt v. Air Products Canada Limited, [1994] 2 S.C.R. 611
Kent v. Tecsyn International Inc. (2000), 133 O.A.C. 312


This summary is offered as a public service and should not be relied upon as legal advice. Many factors unknown to us may affect the applicability of any statement or comment made in the summary to your particular circumstances.

Samsonite Canada Inc. c. l’Ontario (Surintendante des services financiers)

Nos de dossier du TSF : P0166-2001
P0175-2001

Date de la dcision : Le 21 octobre 2002

Groupe d’experts : Martha Milczynski, prsidente, David Short, William Forbes

Parties B l’audience : Samsonite Canada Inc.
Surintendante des institutions financiPres

QUESTION : ADMISSIBILIT A L’EXCDENT

Sommaire :

Samsonite Canada Inc. a demand une audience concernant deux avis d’intention mis par la Surintendante au regard de la demande de retrait de l’excdent prsente par la Socit.

Le Tribunal a tabli que, bien que chacune des versions courantes des rgimes de retraite horaire et salari comportent des dispositions prvoyant le paiement de l’excdent B la socit B la cessation du rgime de retraite, ces dispositions dcoulaient de modifications apportes au rgime en 1980 qui contredisaient les modalits des documents des rgimes et de la fiducie datant de 1969. Les documents originaux limitaient expressment et irrvocablement la porte de l’autorit ou de la capacit de la socit B modifier les modalits des rgimes horaire et salari et B recevoir l’excdent B la cessation du rgime.

Le Tribunal a confirm les avis d’intention de la Surintendante et a enjoint B celle-ci de rejeter les demandes de la socit visant le retrait de l’excdent en vertu du paragraphe 79(3) de la Loi sur les rgimes de retraite.

Jurisprudence :

Schmidt v. Air Products Canada Limited, [1994] 2 S.C.R. 611
Kent v. Tecsyn International Inc. (2000), 133 O.A.C. 312


Ce sommaire est offert B titre de service public et ne saurait constituer des avis juridiques. Nombreux sont les facteurs que nous ignorons et qui peuvent avoir une incidence sur l’application de nos commentaires B votre cas particulier.