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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 June 27, 2006
In our website updates of 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 National Trust
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 Scotiabank Pension Plan for Former Employees of National Trust
Company (the "Plan") could be shared between eligible members and National
Trust. We are pleased to announce that the terms of the full, detailed surplus
sharing proposal have now been successfully concluded and the surplus sharing
agreement is currently being finalized.
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 around 72%
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 and
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.
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.
NEXT STEPS
We anticipate to mail out by early Fall a detailed information package which
will include a summary of the Proposal, and an estimate of your surplus share
(note that this will be 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 in your package). This material is
currently being prepared by Hewitt Associates (the Plan actuaries), and
Koskie Minsky LLP (our lawyers) with involvement by our actuary and
the lawyers for National Trust. You will also receive an authorization form in
the package, which will ask you to vote on the Proposal. Following the
mailing, we anticipate that by the late Fall, we will be holding information
meetings in certain major cities across Canada, along with representatives of
National Trust, to explain the Proposal. At that time, you will have an
opportunity to ask questions of the lawyers, actuaries and committee members.
You will also be able to contact us at our toll-free number after the meetings
with questions, and a separate toll-free number for the Plan actuaries will
also be available.
Contact Us
You will notice that committee member contact information has been omitted from
recent mailings. Due to the magnitude of these mailings a Koskie
Minsky LLP toll-free telephone hotline (1-800-451-3225) and an
e-mail address have been established to allow you to direct any
questions you may have to Koskie Minsky LLP.
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