The Financial Services Commission of Ontario says that its pension fight may be going to the Supreme Court.
The Financial Services Commission of Ontario advises that Monsanto and the Association of Canadian Pension Management are seeking leave to appeal the decision of the Ontario Court of Appeal issued on November 22, 2002.
The November 22 decision reaffirms an earlier decision by the Ontario Divisional Court supporting the position of the Superintendent of Financial Services that the partial wind up of a pension plan under the Ontario Pension Benefits Act requires the distribution of any surplus related to the partial wind up.
A decision to grant or deny leave to appeal will be made by the Supreme Court of Canada later this year.
FSCO says that, until court proceedings are final, the Superintendent will not be taking any specific action to require the distribution of the surplus related to a partial wind up. “Accordingly, a plan administrator must ensure that adequate assets remain in the pension plan to meet its partial wind up obligations,” it says.
Monsanto seeking appeal to Supreme Court of Canada
Distribution of pension surplus on hold says FSCO
- By: IE Staff
- February 7, 2003 February 7, 2003
- 14:45
IE Staff