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:Hawker Siddeley Canada Inc. - XDEC-43

Type/type:Pensions/Rgime de retraite

Decision Date/Date de la dcision:99-02-17

Tribunal/tribunal:PCO/CRRO




Franais

Hawker Siddeley Canada Inc.

Index No.: XDEC-43

Date of decision: February 17, 1999

Panel members: Moore, Chair, Forbes, Robinson, Stephenson, Wires

Parties to hearing: Hawker Siddeley Canada Inc.
Entitlement Group
Certain other Annuitants

SUBJECT: SURPLUS WITHDRAWAL
CONSENT REQUIREMENTS

Summary:

This was a hearing in relation to an application by Hawker Siddeley Canada Inc. to the Commission for the Commission's consent to a payment of surplus to Hawker Siddeley Canada Inc. and CGTX INC. from the Hawker Siddeley Canada Inc. Pension Plan for Salaried Employees, Registration Number 0344192.

The application was made pursuant to a surplus sharing agreement under which surplus at June 17, 1996 plus gains (net of losses) to the date of payment less certain expenses and fees relating to the wind-up of the Plan and distribution of surplus assets would be shared 50% with an Entitlement Group of members, former members, annuitants and beneficiaries, as set out in the surplus sharing agreement. The remaining 50%, would be shared between Hawker and CGTX Inc. and adjusted in the same way for net gains and losses, expenses and fees.

The Commission granted its consent to a payment of surplus to Hawker from the pension plan in the amount of 50% of the surplus. The members of the entitlement group were offered the opportunity obtain individual legal advice and since the requisite number of informed consents were obtained and a relatively high percentage of the entitlement group consented, Hawker was entitled to the surplus.

This consent was not be effective until Hawker satisfies the Commission that all benefits, benefit enhancements, including enhancements pursuant to the surplus sharing agreement, and any other payments to which the members, former members and any other persons entitled to such payments have been paid, purchased or otherwise provided for.

Cases referred to:

PCO decision: Pension Plan for Employees of the Corporation of the City of Etobicoke, October 4, 1997, XDEC-36
PCO decision: Ferro Canadian Employees’ Pension Plan , December 19, 1995 XDEC-32
PCO decision: United Dominion Industries Limited, March 24, 1994, XDEC-20
Schmidt v. Air Products (1994), 115 D.L.R. (4th) 631

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.

Hawker Siddeley Canada Inc.

Numro d’index : XDEC-43

Date de la dcision : Le 17 fvrier 1999

Groupes d’experts : C.S. (Kit) Moore, prsident, William M. Forbes, Judith Robinson, Joyce A. Stephenson, David E. Wires

Parties B l’audience : Hawker Siddeley Canada Inc.
Groupes de personnes admissibles
Certains autres rentiers

OBJET : RETRAIT DU SURPLUS
EXIGENCES RELATIVES AU CONSENTEMENT

Sommaire :

Cette audience portait sur une requLte prsente B la Commission par Hawker Siddeley Canada Inc. en vue d’obtenir l’autorisation de verser B Hawker Siddeley Canada Inc. et B CGTX INC. le surplus de la caisse du rgime de retraite des employs salaris de Hawker Siddeley Canada Inc., numro d’enregistrement 0344192.

La demande a t prsente en vertu d’un accord de partage de l’excdent selon lequel la moiti du surplus au 19 juin 1996 et les gains (aprPs dfalcation des pertes) jusqu’B la date de paiement moins certains frais et dpenses associs B la liquidation du rgime et B la distribution de l’excdent seraient partags B parts gales entre un groupe de personnes admissibles compos de participants, d’anciens participants, de rentiers et de bnficiaires, tel qu’nonc dans l’accord de partage de l’excdent. L’autre moiti serait partage entre Hawker et CGTX Inc. et ajuste de la mLme faon pour les gains et pertes nets, les dpenses et les frais.

La Commission a accord son consentement au paiement de la moiti du surplus de la caisse B Hawker. Les membres du groupe de personnes admissibles ont pu obtenir un avis juridique individuel et, tant donn que le nombre requis de consentements clairs ont t obtenus et qu’un pourcentage relativement lev de personnes admissibles ont consenti, Hawker a eu droit B l’excdent.

Ce consentement ne devait pas entrer en vigueur avant que Hawker n’tablisse B la satisfaction de la Commission que toutes les prestations, prestations amliores, y compris les amliorations prvues dans l’accord de partage de l’excdent ainsi que les autres paiements auxquels avaient droit les participants, anciens participants et autres personnes admissibles, avaient t pays, achets ou autrement prescrits.

Jurisprudence :

Dcision de la Commission des rgimes de retraite de l’Ontario : Pension Plan for Employees of the Corporation of the City of Etobicoke, 4 octobre 1997, XDEC-36
Dcision de la Commission des rgimes de retraite de l’Ontario : Ferro Canadian Employees’ Pension Plan , 19 dcembre 1995 XDEC-32
Dcision de la Commission des rgimes de retraite de l’Ontario : United Dominion Industries Limited, 24 mars 1994, XDEC-20
Schmidt v. Air Products (1994), 115 D.L.R. (4th) 631

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.