FST Hearing - Volkswagen Canada Inc.

On May 25, 2007, Volkswagen Canada Inc. (the “Applicant”), requested a hearing regarding the Notice of Proposal of the Deputy Superintendent, Pensions, dated April 24, 2007,  relating to the Retirement Plan for the Employees of Volkswagen Canada Inc. Registration Number 0315226 (the “Plan”), proposing to:

1. refuse to approve the actuarial report on the partial wind up of the Plan as at December 31, 1994,

2. on the basis of sections 70 and 88 of the Pension Benefits Act (the "Act"), require a new report to be prepared and filed within 60 days from the date of the Notice of Proposal, which shall deal with the distribution of surplus related to the partial wind up of the Plan as at December 31, 1994.

The Superintendent has taken the position that since the actuarial report on the partial wind up indicates that there was an excess of partial wind up assets over liabilities, the report must provide for the distribution of the surplus on the partial wind up. The Applicant's position before the Superintendent was that it intended to leave the surplus, in respect of the partial wind up, in the Plan because that surplus was too small to justify the expense of determining its precise amount and its ownership and distributing it accordingly.

A pre-hearing conference is scheduled for September 6, 2007.

Updated to June 14, 2007

On September 4, 2007, the Superintendent advised the Tribunal that it does not intend to pursue the proposed orders set out in the Notice of Proposal in this matter, and withdrew its Notice of Proposal.  On September 5, 2007, the Applicant withdrew its Request for Hearing.  The Tribunal cancelled the pre-hearing conference scheduled for September 6, 2007 and closed its file.

Updated to September 18, 2007

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