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National Trust
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For more information call us at 1.800.451.3225 |
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Update as at March 04, 2005
AFTER Negotiating and Advisory Committee members, along with our legal team at
Koskie Minsky, are very pleased to announce that an agreement in principle has
been reached with National Trust establishing the framework for the negotiation
of a formal surplus sharing agreement under which the actuarial surplus in The
Pension Plan for Employees of National Trust Company, renamed Scotiabank
Pension Plan for Former Employees of National Trust Company (the "Plan") can be
shared.
By reviewing the archived updates on this website (click
here to view), you will see that this process began in 1999, and was
highlighted by the favourable Monsanto case judgment rendered by the Supreme
Court of Canada on July 29th, 2004.
While the agreement in principle contains a broad formula for surplus sharing,
the lawyers and actuaries need to process more detailed data before we can
quantify what this means for individuals and complete the negotiation of the
formal agreement. In very basic terms, the agreement in principle calls for a
50/50 sharing of the surplus after various provisions for future obligations
and costs.
Eligible members will include all members affected by the 1999 partial plan
wind-up, and all active Plan members and pensioners and deferred vested members
entitled to a pension from the Plan as of June 24, 1997 (the day Scotiabank
announced its purchase of National Trust) and any applicable surviving spouses,
beneficiaries and estates.
It is expected a next step will be a formal joint mailing, confirming this
important announcement, at which time, all eligible members will be asked to
show their support by completing and returning a retainer/authorization form to
our lawyers. Ultimately, once any final surplus sharing agreement has been
negotiated all eligible members will be informed of its terms and what it means
to them individually and will be asked to vote in support of putting it into
effect. We will require a very high percentage of support within each category
of member, in order to obtain regulatory and court approval for any surplus
distribution. No financial contribution is necessary with this form.
We wish to thank all of our supporters, for without your financial
contributions, we would not be where we are today. Please do not contact Koskie
Minsky at this time. We will provide timely updates via this website as we can.
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