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ARTICLE · 07 DECEMBER 2009

Partial Plan Wind Ups In Ontario: FST Decision That Annuitization Not Required

Blake, Cassels & Graydon LLP
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On Wednesday, December 2, 2009, the Ontario Financial Services Tribunal (FST) released its decision in Imperial Oil Limited v. Superintendent Financial Services, Dyer, Rose, et al., intervenors, and determined that in the context of a partial wind up under the Pensions Benefits Act Ontario (PBA), a plan administrator could meet its obligations to provide pensions for members affected by a partial plan wind up by providing those pensions through the on-going plan, i.e., not being required to annu

CanadaEmployment and HR
Pension & Employee Benefits Group
Pension & Employee Benefits Group
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Copyright 2009, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Pension & Employee Benefits, December 2009

On Wednesday, December 2, 2009, the Ontario Financial Services Tribunal (FST) released its decision in Imperial Oil Limited v. Superintendent Financial Services, Dyer, Rose, et al., intervenors, and determined that in the context of a partial wind up under the Pensions Benefits Act Ontario (PBA), a plan administrator could meet its obligations to provide pensions for members affected by a partial plan wind up by providing those pensions through the on-going plan, i.e., not being required to annuitize benefits of affected members who have chosen a deferred pension.

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