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Monsanto Ruling:
Surplus Must be Distributed on Partial Pension Wind Up
On July 29, 2004, the Supreme Court of Canada (SCC) released its long-awaited decision in Monsanto Canada Inc. v. Ontario (Superintendent of Financial Services). As expected, the SCC held that Ontario’s Pension Benefits Act requires the distribution of surplus on a partial pension plan wind up. The ruling did not address the question of to whom the surplus must be distributed. This InfoFlash summarizes the facts that led this case to Canada’s highest court and the SCC’s decision, and provides a series of Q&As outlining the implications of the decision both in Ontario and across Canada.
2004 Ontario Budget Follow-up: The OHP, Delisting and You
In the wake of the 2004 Ontario Budget, there were many unanswered questions about the new Ontario Health Premium (OHP) and the delisting of chiropractic, optometry and physiotherapy services from the Ontario Health Insurance Plan. The Q&As in this publication address many common questions about the OHP, the delisted services and Bill 106, and show how employers who responded to a Watson Wyatt survey are planning to respond to these changes to the Ontario health care system.
Supreme Court Dismisses ING Appeal:
Surplus Pension Assets Belong to Members
The Supreme Court of Canada recently dismissed ING Canada Inc.’s appeal of an Ontario Court of Appeal (OCA) decision that surplus pension assets transferred to another pension plan must be maintained for the benefit of the members of the plan in which the surplus originated. Ontario’s Superintendent of Financial Services has indicated that it is reviewing the implications of the Supreme Court’s decision. Hopefully, the Superintendent will provide some clear direction on the application of the OCA decision to pension plan mergers and asset transfers that occur in the course of business restructuring.
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