National Trust

• October 23, 2012

  If you contributed financial support to this matter and have not received a refund of your initial retainer, please contact us at 1-800-451-3225 or by email to nationaltrustpension@kmlaw.ca.

• March 30, 2012

  Those Surplus Sharing Group members who financially supported the protracted process will shortly be receiving a refund of their initial financial retainer directly from Koskie Minsky LLP, as originally promised.  Along with this refund, such members will receive an enclosure from members of the Surplus Sharing Group who are not on the negotiating committee, who are asking Surplus Sharing Group members to consider making a voluntary financial contribution to recognize the Negotiating Committee’s efforts over the past 13 years.  Interested Surplus Sharing Group members who did not make a retainer payment at the outset of this matter can also access this letter, by clicking on the “Documents” link below.

• July 4, 2011

  This brief update is to advise those Surplus Sharing Group members who completed and returned their surplus payment election forms plus all necessary documentation to National Trust by January 31, 2011 that they should now, or will shortly, be in receipt of their surplus share payment. If you completed your election form and returned it to National Trust along with all necessary documentation by January 31, 2011, and you do not receive your surplus payment within the next two weeks, please contact the Pension Services Call Centre for Former National Trust Employees at 1-888-895-9933.

• May 6, 2011

  This brief update is to advise those Surplus Sharing Group members who completed and returned their surplus payment election forms plus all necessary documentation to National Trust by January 31, 2011 that they will shortly receive a personalized letter from National Trust, setting out the final amount of surplus to be paid to them, and confirming the election they made regarding the manner in which they wish to receive their surplus payment. If you completed your election form and returned it to National Trust along with all necessary documentation by January 31, 2011, and you do not receive your letter within the next two weeks, please contact the Pension Services Call Centre for Former National Trust Employees at 1-888-895-9933.

• January 31, 2011

  We are pleased to advise that the Superintendent has issued his consent to the surplus withdrawal application in this matter. Now that all formal regulatory approvals have been received, the surplus distribution can proceed. As was set out in our update dated December 22, 2010, once the accrued pension benefits that members have earned under the Plan are completely paid or provided for, then the surplus distribution will be able to proceed. We have been advised that this is scheduled to take place by June 30, 2011. For further information regarding the remaining steps to surplus distribution, please click the FAQ tab below.

• December 22, 2010

  We are pleased to advise that, on December 3rd, 2010, Ontario’s pension regulator indicated that he intends to consent to the Surplus Withdrawal Application. Interested parties have thirty days to request a hearing before the Financial Services Tribunal. If no hearing is requested within that time, then this proposal will become effective, and the final regulatory approval will have been obtained. Once the accrued pension benefits that members have earned under the Plan are completely paid or provided for, then the surplus distribution will be able to proceed. We have been advised that this is scheduled to take place no later than June 30, 2011. For further information regarding the remaining steps to surplus distribution, please click the FAQ tab below.

• October 1, 2010

  As we have advised in previous postings, in order for the surplus sharing distribution to proceed, regulatory approval is required. That approval consists of three parts:

  1. approval for the proposed transfer of a portion of the assets of the Scotiabank Plan for Former Employees of National Trust Company (the National Trust Plan) into the Scotiabank Pension Plan;

  2. approval of the National Trust Plan wind-up report; and

  3. approval of the surplus withdrawal.

  We are pleased to advise that on August 31, 2010 the first of these approvals was obtained: the Superintendent of Financial Services of Ontario (the “Superintendent”) approved the transfer of assets from the National Trust Plan to the Scotiabank Pension Plan. We are still awaiting regulatory approval from the Superintendent of the wind-up report and the surplus withdrawal application in this matter, and will advise sharing group members as soon as the results are known.

  Virtually all members of the sharing group should now be in receipt of their surplus payment election package. If you have not yet received your package, please contact the call centre for former employees of National Trust, at 1-888-895-9933.

• July 30, 2010

  Members of the surplus sharing group have been receiving, or will soon receive from National Trust, their surplus election package which provides an updated estimate of their individual surplus share, and requests that they make an election as to how they wish to receive their share. We are advised that approximately 80% of the packages will be in the mail by July 31, 2010, with the balance (primarily retirees) to follow by August month-end.

  Applications for asset transfer and surplus withdrawal have been filed with the regulators and we are now awaiting approval. If regulatory approval is received, members will receive their payment of surplus in accordance with the Surplus Sharing Agreement.

  Members who have questions regarding the wind-up of the Plan can consult the document prepared by National Trust, under the “Documents” link below, entitled “Frequently Asked Questions Regarding the Wind-up of the National Trust Plan.”

• June 1, 2010

  The benefit election mailing to those Plan members with pension benefits still in the Plan is now complete.

  On March 18, 2010, National Trust filed the application for surplus withdrawal with the Ontario Superintendent of Financial Services. We are now awaiting approval, following which members will receive their payment of surplus in accordance with the Surplus Sharing Agreement.

  Members of the surplus sharing group will be receiving a package in the next month or so, from National Trust, providing an estimate of their surplus share, and requesting that they make an election as to how they wish to receive their share.

  Members who have questions regarding the wind-up of the Plan can consult the document prepared by National Trust, under the “Documents” link below, entitled “Frequently Asked Questions Regarding the Wind-up of the National Trust Plan.”

• March 15, 2010

  Members who have questions regarding the wind-up of the National Trust Plan are encouraged to consult the document prepared by National Trust, under the “Documents” tab below, entitled “Frequently Asked Questions Regarding the Wind-up of the National Trust Plan.”

• March 12, 2010

  On February 25, 2010, National Trust issued the Notice of Surplus Withdrawal Application to Koskie Minsky LLP, who accepted service of this document on behalf of all Sharing Group Members who have voted in favour of the Surplus Sharing Agreement. A copy of this document is accessible through our “Documents” link below.

  The purpose of this document is to advise Plan members of the upcoming surplus withdrawal application, which is scheduled to be filed with the pension regulator by the end of March.

  The only individuals who will be directly mailed this document are those Plan members who have not retained Koskie Minsky LLP.

  This is good news, as the process of seeking regulatory approval to the Surplus Sharing Agreement is advancing.

  Further updates regarding this process will be posted on our website as they occur.

• February 1, 2010

  National Trust has confirmed that Plan members who are not already in receipt of a pension and who have pre-integration benefits in the Plan (that is, for most members, benefits related to service with National Trust prior to August 2, 1999) have been, or shortly will have been, sent an information package explaining their options regarding their pre-integration Plan benefits, and requesting that they make an election regarding how they wish those benefits to be paid.

  As advised in the December 23, 2009 update, the above pertains only to pension entitlements which must be dealt with before the surplus can be distributed. For this reason, not all surplus sharing group members will receive this mailing.

  In light of the concerns expressed by members regarding the delay in finalizing the anticipated distribution of surplus, our legal counsel and the Committee have been in discussions with National Trust and its legal advisors regarding the timing of steps going forward. On February 2, 2010, National Trust reaffirmed its commitment to the Surplus Sharing Agreement, and advised that the delays recently encountered were associated with their preparation of applicable regulatory filings. However, they have assured us that they have the best interests of Plan members in mind, and that any regulatory delays if encountered are out of the control of National Trust and the Committee.

  Your Committee will continue to work closely with National Trust and its advisors in the hopes of achieving the earliest possible distribution. If no unforeseen regulatory obstacles are encountered, it is hoped that the surplus distribution will take place in October or November of this year.

• December 23, 2009

  The Wind-up Report in respect of the National Trust Plan has been filed with the Superintendent of Financial Services. As is indicated in the Wind-up Report, the surplus in the Plan available for sharing has not materially changed from what was reported to Plan members in 2006.

  National Trust has advised us that early in 2010, Plan members who are not already in receipt of a pension and who have pre-integration benefits in the Plan (that is, for most members, benefits related to service with National Trust prior to August 2, 1999) will be sent an information package explaining their options regarding their pre-integration Plan benefits, and requesting that they make an election regarding how they wish those benefits to be paid.

  The above pertains only to pension entitlement which must be dealt with before the surplus can be established. For this reason, not all surplus sharing members will receive this mailing. More information on surplus will be made available in due course.

• November 17, 2009

  National Trust has advised us that the purchase of annuities has been completed for pensioners, in furtherance of the Surplus Sharing Agreement. Persons in receipt of a pension ought to have received, or will shortly be receiving, information packages from the annuity providers.

• August 13, 2009

  As required under pension legislation, the National Trust Plan administrator wrote to all National Trust Plan members entitled to benefits under the National Trust Plan to advise of the April 30, 2009 National Trust Plan wind-up. This is the letter referenced in the May 8, 2009 update below. We have received inquiries from other sharing group members (cash-outs after June 24, 1997) who were concerned that they did not receive a copy of the letter. The letter was not sent to them because they no longer have benefit entitlements under the pension plan, and therefore it was not required by law to be sent to them. We want to assure all sharing group members, however, that they will receive their share of surplus as previously advised, provided the proposal receives all necessary regulatory approvals.

  Further information regarding the implementation of the Surplus Sharing Agreement can be obtained by clicking on the “FAQ” link below.

  Matters are proceeding well and we have been advised by National Trust that major Canadian insurance company providers have been selected for the purchase of annuities for National Trust Plan members currently in receipt of a monthly pension from the pension plan, and that the purchase of annuities is being concluded. All pensioners for whom an annuity is being purchased will be receiving individual information from National Trust regarding the annuity purchase.

  While the distribution of surplus is not expected to occur until mid-to-late 2010, a further personalized statement showing the surplus payout estimate should be in your hands by Q1/Q2 2010.

• May 8, 2009

  The next significant step in implementing the Surplus Sharing Agreement, namely, the wind-up of the Scotiabank Pension Plan for Former Employees of National Trust Company (the “Plan”), proceeded, effective April 30, 2009.

  All sharing group members with entitlements in the Plan (i.e. Active Members, Deferred Members, or Pensioners) should have received, by mail, a notice of the Plan wind-up (this notice is contained in a document entitled “Notice of Proposal to Wind up the Plan Effective April 30, 2009” (the “Notice”)). As there is no legal requirement to do so, the Plan administrator has not sent the notice to members who no longer have an entitlement to benefits under the Plan (i.e. Cash-outs).

• April 9, 2009

  We are pleased to advise that, following the release of the decision of the Financial Services Tribunal in the Montreal Trust Case, and after further discussions with National Trust concerning the final implementation of the Surplus Sharing Agreement, we have been advised by National Trust that they intend to wind up the National Trust Plan within the coming months. While the steps going forward are subject to regulatory approval, we are optimistic that this matter is now set to proceed through the final stages to distribution. Many members have contacted the Committee and Koskie Minsky LLP concerning the impact of recent events in international financial markets on the surplus in the National Trust Plan. We have been advised by National Trust that steps have been taken to ensure the Plan’s surplus assets are not exposed to high risk investments, such as equities, and that as such, the surplus available for sharing between National Trust and members has not been materially impacted by these recent events, and remains, as of December 31, 2008, comparable to the amounts previously provided to you at the time of our information sessions.

• January 7, 2009

  The Financial Services Tribunal of Ontario released its decision in the Montreal Trust case. The Financial Services Tribunal allowed the appeal in the Montreal Trust case, and directed the Superintendent to consent to the distribution of surplus in that case. As a result, the necessary applications in the National Trust case may now proceed.

• July 11, 2008

  Madam Justice Lax issued an Order revising the terms of the Settlement Order. This amendment was sought by the parties to ensure that regulatory obstacles faced in the Montreal Trust case were not encountered in this case.

• March 10, 2008

  In light of the Notice of Proposal by the Superintendent of Financial Services of Ontario on March 10, 2008 in a separate matter (the Montreal Trust case), refusing to consent to a distribution of surplus, National Trust elected to delay the wind up of the National Trust Plan pending the outcome of an appeal of the Montreal Trust decision to the Financial Services Tribunal of Ontario.

• December 13, 2007

  By Order dated December 13, 2007, the Honourable Madam Justice Lax approved the settlement of this Application and the terms of the Surplus Sharing Agreement.

• October 5, 2007

  The Honourable Madam Justice Lax of the Ontario Superior Court of Justice certified this application as a class proceeding.

• June 21, 2007

  An agreement to share surplus between National Trust and Plan members was entered into.

• May 21, 2004

  The Supreme Court of Canada released its decision in the case of Monsanto Canada Inc. v. Ontario (Superintendent of Financial Services), [2004] 3 S.C.R. 152, in which members of the Plan intervened. In its decision, the Supreme Court held that, on a partial wind-up of a pension plan, Ontario’s legislation requires a portion of surplus assets to be paid out of the pension plan.

Show All

• May 8, 2009 Mis à jour, 8 mai, 2009
• April 23, 2009 Notice of Proposal to Wind-up the Plan, effective April 30,
• January 14, 2009 Mis à jour, 14 janvier,
• January 14, 2009 Full Update January 14, 2009
• December 5, 2008 Mis à jour, 5 décembre, 2008
• December 5, 2008 Full Update December 5, 2008
• October 22, 2008 Mis à jour, 22 octobre, 2008
• October 22, 2008 Full Update October 22, 2008
• April 2, 2008 Full Update April 2, 2008
• October 30, 2007 Full Update October 30, 2007
• October 30, 2007 Mis à jour, 30 octobre, 2007
• July 9, 2007 Mis à jour, 9 juillet, 2007
• July 9, 2007 Full Update July 9, 2007
• December 4, 2006 Mis à jour, 4 décembre, 2006
• December 4, 2006 Full Update December 4, 2006
• November 10, 2006 Full Update November 10, 2006
• October 30, 2006 Communications Package of October 30, 2006
• October 30, 2006 Trousse du 30 octobre, 2006
• June 27, 2006 Full Update June 27, 2006
• January 16, 2006 Full Update January 16, 2006
• August 12, 2005 Full Update August 12, 2005
• March 4, 2005 Full Update March 04, 2005
• August 24, 2004 Full Update August 24, 2004
• July 26, 2004 Full Update July 26, 2004
• February 2, 2004 Full Update February 2, 2004
• February 18, 2003 Full Update February, 2003
• December 4, 2002 Full Update December, 2002
• November 15, 2002 Full Update November, 2002
• November 12, 2002 Press Release, November 12, 2002
• July 1, 2002 Legal Update July, 2002
• March 1, 2002 Press Release, March 1, 2002
• March 1, 2002 Press Release, March 1, 2002
• October 1, 2001 Legal Update October, 2001
• March 2, 2001 Press Release, March 2, 2001
• March 2, 2001 Communiqué de presse, 2 mars, 2001
• December 11, 2000 Legal Update December 11, 2000
• September 12, 2000 AFTER’s Intervention in the Monsanto Case – September 12, 2000
• February 25, 2000 Press Release, February 25, 2000
• January 1, 2000 Mis à jour, 2 avril, 2008

Show All

• July 4, 2011 Negotiating Committee Recognition Letter
• March 14, 2010 Frequently Asked Questions Regarding the Wind-up of the National Trust Plan.
• February 25, 2010 Notice of Surplus Withdrawal
• July 10, 2008 Order of Madam Justice Lax, dated July 11, 2008 (Amendment of Settlement Order)
• December 12, 2007 Order of Madam Justice Lax, dated December 13, 2007 (Settlement Approval)
• October 4, 2007 Notice of Certification
• October 4, 2007 Order of Madam Justice Lax, dated October 5, 2007 (Certification)
• October 4, 2007 Endorsement of Madam Justice Lax, dated October 5, 2007 (Certification)
• June 20, 2007 Notice of Application, dated June 21, 2007

Frequently Asked Questions

1. Are there any further formal regulatory approvals that must be obtained prior to surplus distribution?

No.

2. What needs to take place before surplus is distributed to sharing group members?

Before surplus can be distributed to sharing group members, Plan members’ basic benefits have to be settled. In the spring of 2010, Plan members with benefits in the Plan were forwarded an election form to indicate how they wanted to settle these benefits. National Trust and its actuaries are processing these requests. We have been advised that this process, which includes the payment of commuted values to certain members, and the bulk purchase of annuities for other members, is expected to be largely completed by mid-March, 2011.

Once Plan members’ basic benefits have been settled, National Trust will inform the Superintendent, who will then give his approval for the surplus distribution to proceed.

3. Once Plan members’ basic benefits have been settled, how long will it take for surplus to be distributed to sharing group members?

The processing of surplus election forms by the Plan administrator and the Plan trustee is expected to take approximately three months to complete, and it is anticipated that surplus payments will be made to sharing group members by the end of June, 2011.

 

Email: nationaltrustpension@kmlaw.ca