AND IN THE MATTER of a Proposal by the Superintendent of Financial Services to make an Order under subsection 78(4) of the Act consenting to a payment out of the Pension Plan for Employees of Compass Group of Canada (Beaver) Ltd. (the Plan), Registration Number 567354.
TO:
Mr. Bruce Tavender, CA
Vice President, Finance
Compass Group Canada (Beaver) Ltd.
493 Dundas Street
London ON N6B 1W4
NOTICE OF PROPOSAL
I PROPOSE TO MAKE AN ORDER under s. 78(4) of the Act, consenting to the payment, out of the Pension Plan for Employees of Compass Group of Canada (Beaver) Ltd., to Compass Group Canada (Beaver) Ltd., as at September 29, 2005, and October 31, 2005, in the amount of $741,492 at each date plus interest to the date of payment for the following reason and such further reasons that may come to my attention:
- Compass Group Canada (Beaver) Ltd. is the employer as defined in the Plan.
- As a result of a misinterpretation of the minimum amount of monthly special payments, contributions as set out in the December 1, 2004, actuarial valuation report were remitted incorrectly. Instead of remitting the monthly amount, the annual amount of special payments was remitted twice (once for August contributions and once for September contributions).
- Evidence of the overpayment to the fund has been submitted to the Financial Services Commission of Ontario.
- The application appears to comply with section 78(4) of the Act.
YOU ARE ENTITLED TO A HEARING by the Financial Services Tribunal (the Tribunal) pursuant to subsection 89(6) of the Act if, within thirty (30) days after this Notice of Proposal is served on you, you deliver to the Tribunal a written notice that you require a hearing.
Your written notice requiring a hearing must be delivered to:
Financial Services Tribunal
14th Floor, 5160 Yonge Street
North York ON M2N 6L9
Attention: The Registrar
IF YOU DO NOT DELIVER TO THE TRIBUNAL, WITHIN THIRTY (30) DAYS FROM THE DATE THIS NOTICE OF PROPOSAL IS SERVED ON YOU, A WRITTEN NOTICE THAT YOU REQUIRE A HEARING, I MAY MAKE THE ORDER PROPOSED HEREIN.
DATED at Toronto, Ontario, this 27th day of February, 2006
K. David Gordon
Deputy Superintendent, Pensions
*NOTE—PURSUANT to section 112 of the Act any notice, order or other document is sufficiently given, served, or delivered if delivered personally or sent by first class mail and any document sent by first class mail shall be deemed to be given, served, or delivered on the seventh day after mailing.
Financial Services Commission of Ontario