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National Trust
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For more information call us at 1.800.451.3225 |
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Updated as at November 10, 2006
Pour consulter cette page en français, veuillez
cliquez ici.
INTRODUCTION
As a result of negotiations with National Trust Company ("NT") regarding the
surplus assets in the Scotiabank Pension Plan for Former Employees of National
Trust Company (the "Plan"), your Committee is pleased to announce that a
mailing has been sent out to all eligible sharing group members (the "Surplus
Sharing Group"). The mailing provides pertinent information in regard to the
proposed Plan termination and surplus sharing arrangement (the "Proposal") and
includes the following documents:
To view these documents in French, please
click here.
This package also contains two copies of a Personal Information Statement,
which provides an estimate of your surplus share (note that this is an estimate
only - the final amount of surplus that might ultimately be payable to you,
should the Proposal proceed, may be higher or lower than the amount that will
be shown on your Personal Information Statement). One copy of the Personal
Information Statement is to be returned in the envelope provided, so that you
can confirm your address and other information shown on the form.
You will also receive an Authorization and Retainer form in the package (click here to view a sample) that allows you to vote on the
Proposal. Please check the "YES" box to support the Proposal and retain
Koskie Minsky LLP, and return the Authorization and Retainer form to
Koskie Minsky LLP in the envelope provided.
Please also review the Local Information Session Schedule for information on
the sessions that will be held in certain major cities across Canada. We
encourage you to attend an information session, if one is being held in your
area, to learn more about the Proposal from representatives of NT and Koskie
Minsky LLP and your Committee. At that time, you will have an opportunity to
ask questions of the lawyers, actuaries and Committee members. (If you cannot
attend an information session, but have questions about the Proposal, feel free
to contact us by email or telephone. Contact information is set out below.)
PAST WEBSITE UPDATES
In our website updates of June 27, 2006 (click
here to view), September 27, 2005 (click
here to view), August 12, 2005 (click
here to view) and January 16, 2006 (click
here to view), you were advised that your Committee and NT had reached
an agreement in principle establishing a framework for the negotiation of a
formal pension surplus sharing agreement, under which the surplus in the Plan
could be shared between eligible members and NT. The terms of the full,
detailed surplus sharing proposal have now been successfully agreed upon, and
the Surplus Sharing Agreement is currently being finalized.
YOUR COMMITTEE RECOMMENDS THE PROPOSAL AND NEEDS YOUR POSITIVE
SUPPORT
The Proposal is beneficial to all members of the Surplus Sharing Group. Your
Committee recommends that all Surplus Sharing Group members vote "YES" to the
Proposal and asks that you return your Authorization and Retainer form to
Koskie Minsky LLP by December 15, 2006.
NT supports the efforts of your Committee to reach a mutually-acceptable
resolution to this matter, and assures that Scotiabank and NT will take no
action against you for joining the member group.
Failing to return your Authorization and Retainer form, with a checked off
"YES" box, is tantamount to not supporting the Proposal.
NO DIRECT COST TO YOU
There is no cost to you for the services of Koskie Minsky LLP.
NT and your Committee have agreed that the legal and actuarial costs of your
Committee and the members of the Surplus Sharing Group who retained
Koskie Minsky LLP will be paid from the surplus as part of the
implementation of the Proposal. As well, reimbursement (from the members'
surplus share) will be made to those who contributed to the legal fees earlier
in the surplus sharing negotiation process and the Monsanto litigation.
NEXT STEPS
Once we have received a sufficient number of signed Authorization and Retainer
forms, we will enter into the formal Surplus Sharing Agreement with NT. This
Agreement, and the associated request to withdraw the surplus after the Plan is
terminated, must then be approved by the applicable courts and regulators.
Please note that even if the Proposal is accepted by the Surplus Sharing Group,
we do not expect that the surplus distribution will occur before the end of
2007.
Your positive support is required to share in surplus monies that you would not
have necessarily received without litigation, but for the efforts of your
Committee. It is actually your initial and ongoing support that has allowed the
Committee to reach the point we are at today.
PAST MEMBER COMMUNICATIONS
On August 11, 2005, eligible Plan members were mailed, to their latest address
of record, a package containing two letters and an Authorization and Membership
Form (click here
to read in English and
click here to read in French). We are pleased to report that
approximately 75% of the Member Group has returned their green "Authorization
and Membership Form". In a letter dated January 11, 2006, non-responding
eligible Plan members were mailed a Reminder Notice (click
here to read in English,
click here to read in French) because a high level of member consent
must be achieved in order to ensure that the surplus funds can be distributed. Please
note that even if you previously returned the green Authorization and
Membership Form, you must return the "Authorization and Retainer Form" included
in the November 2006 information package sent to you (the orange document), in
order to consent to the Proposal.
If you believe you are an eligible member, and did not receive a package, or if
you have moved since returning your form, please notify Koskie
Minsky LLP at 1-800-451-3225.
Contact Us
Please feel free to contact the Koskie Minsky LLP toll-free
telephone hotline (1-800-451-3225) and
e-mail address that have been established to allow you to direct any
questions you may have to Koskie Minsky LLP. If you would like to update your
address, please do so in writing. You can send this information via fax to
416-204-2897 / or mail to National Trust Pension, c/o Koskie Minsky LLP, 20
Queen Street West, Suite 900, Box 52, Toronto, ON, M5H 3R3 (attention:
Communications Department).
Also, you may wish to discuss less technical matters with your Regional
Negotiating or Advisory Committee Member (click
here for a full listing).
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