skip to main content skip to footer
Koskie Minsky LLP

Koskie Minsky LLP

Honeywell ASCa Pension


Overview

This proceeding concerns the ownership of surplus upon the partial wind-up of a pension plan.

As a result of the closure of the London, Ontario facilities of Bendix Heavy Vehicle Systems and Garrett Canada in 1992, a partial wind-up of the Allied Signal Canada Inc. Retirement Plan for Salaried Employees (the “Plan”) was declared. The partial wind-up affected 43 Plan members.

At the time of the wind-up, the Plan had accumulated a surplus. In July, 1998, the then Ontario Superintendent of Pensions (the “Superintendent”) requested that the company file an application to distribute surplus. The company did not respond.

In 1999, a group of former Plan members formed the Honeywell ASCa Employee Pension Surplus Committee (the “Committee”) for the purpose of making inquiries regarding the surplus in the Plan at the time of the partial wind-up. The Committee retained the law firm of Koskie Minsky LLP to advise them and represent affected members before the provincial pension regulator.

As a result of the 2004 Supreme Court decision in Monsanto Canada Inc. v. Ontario (Superintendent of Financial Services), the Committee continued to pursue proceedings before the regulator, who in December, 2005, issued a ruling proposing to order a distribution of surplus to affected members. The company commenced an appeal of this proposal.

In 2006, an agreement was reached between the parties, pursuant to which the surplus in the Plan attributable to the partial windup would be shared, with 66.6% of the distributable surplus, net of certain expenses, payable to affected members, and 33.3% payable to the company. The implementation of the agreement is subject to regulatory approval.

The surplus distribution to members was finalized during the month of February, 2009

Completed



Latest Developments

March 12, 2010Distribution of surplus was made to members of the Honeywell ASCa Pension in 2009.
March 23, 2009The surplus distribution to members was finalized during the month of February, 2009.

Important Note: This website is intended to provide general information only. Despite our best efforts, it is not always completely up to date and should not be relied upon to make important legal decisions. This website does not offer legal advice and is not designed to answer questions about your individual situation or entitlement. It does not eliminate the need to obtain independent legal advice. Communications through this website will not be treated as private, privileged or confidential. It does not create a solicitor-client, fiduciary or other relationship. Whether you are a class member or not in a particular class action or not depends upon the court order made in that particular case. This website will be updated from time to time with information as it becomes available.